Sydney office squeeze worsens as buildings are torn down for Metro

Sydney

AUSTRALIA'S infrastructure boom has kept Sydney's office rents the world's fastest growing for a second year. Prime office rents in Sydney surged 30 per cent in the 12 months ended Sept 30, according to Jones Lang LaSalle.

Commercial space in the city is being squeezed as buildings are torn down to make way for a A$12.5 billion (S$13 billion) metro line, while developers are cashing in on the housing boom by converting harbourside towers into luxury apartments.