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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million