ProfileNorth Sydney is conveniently located on the north shore of Sydney Harbour. With total stock of around 823,000 sqm North Sydney is NSW’s third largest business precinct behind the CBD and Macquarie Park.
From an industry perspective, North Sydney begins around McLaren Street in the north and runs between Arthur Street and a block west of Miller Street, all the way down to Luna Park.
North Sydney is an illustrious and in demand location to rent an office. The area’s convenient access to transport, lively dining and bar scene, quality retail options and all-important harbor views make it a magnet to corporate powerhouses like MLC, NAB, Zurich Insurance, Cisco, Worley Parsons, Virgin and Symantec. In recent years the precinct has witnessed a ‘changing of the guard’ as energetic IT &T companies replace the once dominant advertising industry.
North Sydney’s popularity is reflected by its relatively low vacancy rates. Overall vacancies stand at around 8% whilst the Premium and A grade categories are tightly held with availability of 1.3% and 3.7% respectively.
Here are five reasons why established corporate players and young tech upstarts alike are choosing to lease office space in North Sydney.
1. Availability of public transport – North Sydney’s public transport infrastructure is a major drawcard. The precinct is already easily accessible by rail, bus and even ferry. Its connectivity to the rest of Sydney is set to improve with the NSW State Governments ongoing railway extension. The Metro North West will link North Sydney directly to the rapidly growing Hills District. Importantly the area will benefit from a second railway station at Victoria Cross and a second Harbour tunnel .
2. Proximity to CBD – In a recent survey conducted by Ubris for the North Sydney Council, 76% of respondents cited ‘proximity to the CBD’ as a reason for renting office space in North Sydney . With the Sydney CBD only moments away, a North Sydney office puts businesses within easy reach of important clients.
By the same token, North Sydney has good proximity to Sydney’s second largest business district – Macquarie Park, as well as the smaller precincts of Chatswood, St Leonards and Crows Nest.
3. Desirable location for attracting new staff – Renting an office in North Sydney is viewed as a strategic move in the war for talent. The affluent North Shore is a highly sought after residential address for upwardly mobile professionals, many of whom want to work on their side of the bridge. In the North Sydney municipality alone some 53% of residents hold a degree or post graduate qualification which is well above the NSW average.
4. Prestigious location - Some 44% of Ubris survey respondents stated that renting an office in North Sydney ‘fitted with their corporate image.’ With the likes of Coca Cola, NAB and NBN Co all jostling for a harbor view, North Sydney is seen as a prestigious location giving local tenants that extra bit of credibility in the eyes of their clients and peers.
5. Enviable lifestyle – North Sydney is a municipality where people want to live and work. The precinct has similar level of amenity to the CBD and its glorious harbor vistas give it an enviable ambience. There’s an embarrassment of high quality dining options like Sails on Lavender Bay as well as plenty of watering holes. The Greenwood Hotel and the Blues Point Hotels for example, are popular venues where thirsty workers congregate.
North Sydney will not disappoint shoppers. It offers ample retail options with The Greenwood Plaza and Berry Plaza within walking distance.
A rosy outlook for the financial services and IT sectors should keep demand for North Sydney commercial property running hot. At the same time stock is being withdrawn for residential conversion and vacancies are expected to remain tight – particularly in the Premium and A grade categories. Despite the competitive conditions, North Sydney’s convenience, prestige and high level of amenity make it well worth gaining entrée to.