Office vacancy rates continue to decline as Chatswood offices get filled
Colliers International and Cadigal Leasing have backfilled 6,000 sqm of office space in Chatswood, as vacancy rates in the area continue to decline.
The office tower at 475 Victoria Ave Chatswood, owned by Cromwell Property Group has been one of the most recent buildings to benefit from the lack of good quality stock on the North Shore.
Lisa Treble, director of office leasing at Colliers International and Marcus Pratley of Cadigal office leasing, have successfully back filled the 6,000 sqm vacancy left by Leightons following their move to North Sydney.
The space has been filled with tenants including Pronovate, Filtered Media, Trend Wealth and Venita with rents of $535 per square meter net.
The leasing agents said “Chatswood is seen by tenants on the North Shore as a great business hub where there is no disruption on the streets from developments. Tenants are drawn to this location as it is well equipped with the large retail precinct so close to the CBD core.”
Chatswood will continue to attract tenants whilst the surrounding office markets are continuing to undergo major developments. A large take up of office space from tenants will likely cause vacancy rates in the area to drop once again.
Chatswood will benefit greatly from the new Metro Rail line with the Chatswood to Rouse Hill section due to open 2019. This Metro station is the only one which has a direct access to the Train line without having to leave the immediate station to cross over with different transport links.
Chatswood also benefits from the large parking ratios and ease to get in and out of with it being such central catchment area for staff.
