Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Sydney's North Shore

Dominic Brown • 11/12/2017
Office markets in Sydney’s North Shore comprise the powerhouse suburbs of North Sydney and Macquarie Park, in addition to the smaller hybrid markets of Chatswood, and Crows Nest/St Leonards.

Office markets in Sydney’s North Shore comprise the powerhouse suburbs of North Sydney and Macquarie Park, in addition to the smaller hybrid markets of Chatswood, and Crows Nest/St Leonards. Collectively they amount to 2,289,125 sq m – roughly 45% the size of the Sydney CBD. 

Suburb by suburb as of July 2017 the PCA (Property Council of Australia) recorded 873,693sq m in Macquarie Park, 822,496sq m in North Sydney, 314,017sq m in Crows Nest/St Leonards and 278,919sq m in Chatswood. Collectively these markets comprise of 51% Prime grade office space (Premium and A Grade) and 49% Secondary grade. (Grade B, C and D).

Five Quick Stats from Sydney's North Shore

1. The year to December 2017 was characterised by Sydney's strong CBD leasing market spilling over to the North Shore. North Sydney remains attractive as its Prime grade rents have been recorded at a 25% discount to equivalent Sydney CBD stock.

2. The construction of two new towers (which will add 103,000 sq m) is leading a precinct rejuvenation in North Sydney. Both towers are well positioned to benefit from the Sydney Metro in 2024.

3. There are approximately 1,700 apartments either planned or under construction within the North Sydney and Crows Nest/St Leonards precincts. The smaller hybrid markets of Chatswood and Crows Nest/St Leonards are facing somewhat of an identity crisis as residential developers have continued to purchase and redevelop secondary grade stock in order to take advantage of Sydney's booming housing market.

4. Over the year there were 26 asset transactions totalling $1.6 billion on the North Shore and in Macquarie Park. Strong demand from both domestic and foreign investors should continue due to the long-term low interest rate environment.

5. Yield spreads between Prime and Secondary grade stock compressed over the year as residential developers made plays to acquire sites with development upside. We anticipate yield compression to continue, albeit at a slower rate.

Related Insights

Rethinking the office sector
Research • Workplace

Rethinking the office sector in Asia Pacific

Our report takes a deeper dive into the underlying dynamics and drivers across The APAC region’s major markets and provides a roadmap for asset optimisation.
Dominic Brown • 21/06/2023
A Day in the Life of a Tenant Advisor

A Day in the Life of a Tenant Advisor

Whether you want to streamline your portfolio, navigate a rent review, or relocate your company, getting the right property advice from the right people can make all the difference.
Jess Freeman • 27/02/2023

Related Stories

Southern Cross Towers
Southern Cross Towers • Office
Learn More
1 Bligh Street
1 Bligh Street • Office
Learn More
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All