Cushman & Wakefield are today releasing research looking at the impact on commercial real estate of $50bn in infrastructure projects, and $62 billion in development activity, in Sydney’s CBD.
The report maps out the major projects that will ultimately support office tenant demand and tourism and retail growth over the next ten years.
- The Sydney CBD is currently experiencing an unprecedented level of development activity with a value of over $62 billion that encompasses government infrastructure development, office, hotel and residential projects.Projects outlined include the $2.1bn light rail. $16.8bn WestConnex, $200m Circular Quay Upgrade, and $3.4 bn darling harbour/revitalisation project.
- Sydney is experiencing a wave of hotel developments with around 3,000 additional rooms and an estimated value of over $4 billion – all new projects outlined in the attached.
- Sydney’s next CBD office supply cycle is due to begin from 2021 with significant proposed developments: Quay Quarter Tower at 50 Bridge Street, Circular Quay Tower at 180 George Street and Darling Park 4.
Cushman & Wakefield’s research here.