February 2018 – Newcastle CBD Office Market Overview

19 February, 2018 / Vanessa Rader and Lee Follington

It is an exciting period for the Newcastle CBD the completion of the NeWSpace campus during 2017 bringing a high volume of students into the CBD (as well as interesting and green architecture).

This together with the positive residential development in the city has aided in the feeling of vibrancy in the CBD with greater food options, support services seeking office accommodation and increase use of public transport systems into the city.

Adding to this the Council is in high planning phases with the release of the draft plan for the West End precinct which will see some activation of public spaces to the West. Also encouraging is the development of the Better Together 2030 Plan. This community plan will address economic issues also for the local economy, business including jobs, built environment, public spaces, public transport and due for release in draft early this year.

For the second consecutive year, Newcastle CBD has yielding a positive net absorption result. Recorded at 2,471sqm this continued improvement in take up has resulted in another year of vacancy decline. This period we have seen only limited new supply additions, with the only completion being the refurbishment at Brent House, 450-454 Hunter Street of 1,250sqm, yet there have been three buildings withdrawn. These small properties include 59 Darby Street, 470-472 Hunter Street and 480 Hunter Street all of which removed for residential conversion given the robust results achieved for residential stock in the city; this has resulted in a negative net supply position of -1,145sqm.

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Vanessa Rader (Head of Research)
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