悉尼市边缘办公市场2025年10月

•Solid economic drivers in the Fringe•Under-supply of prime stock•Vacancy tracks below major CBD markets Sustained demand from occupiers and investors in the fringe Marco MascitelliDirector, Research and Consulting An undersupply of prime office stock across the cityfringe, despite growing demand for high-qualityaccommodation. Prime-grade space represents lessthan 40% of total fringe stock—significantly belowthe CBD’s 66%. The fringe office market has benefited from sustainedpopulation growth and economic expansion over thepast decade, outperforming Greater Sydney. Thesefundamentals provide a solid platform for continuedgrowth and evolution. Over the past decade, Sydney CBD net face rents havegrown by 65%, whereas fringe markets have seenhigher growth, in particular Surry Hills has grownover 100%. Sustained occupier demand and constrained newsupply over the past decade have resulted inconsistently lower vacancy rates across major fringemarkets compared to the Sydney CBD andmetropolitan markets. Inner city Sydney has a relatively young and highlyeducated workforce. According to the 2021 census, 42% ofthe population in Sydney’s CBD and city fringe were agedbetween 20 to 34, nearly doubled the 22% share for GreaterSydney. Locations such as Pyrmont-Ultimo, Redfern-Chippendale, and CBD have particularly highconcentrations of people within this age cohort, rangingbetween 38% and 50%. Sydney’s CBD and inner fringe have experiencedparticularly strong economic growth in recent decades.Gross Regional Product in the City of Sydney localgovernment area—including the CBD and surroundingsuburbs such as Darlinghurst, Surry Hills, Pyrmont, Ultimo,Chippendale, and Redfern—totalled $154.7 billion in 2024,representing a 1.5% annual increase. It has more thandoubled over the past two decades, growing at an averagerate of 3.3% per annum. Economic growth in inner Sydneyhas significantly outpaced that of Greater Sydney, whichgrew by 55% (or 2.2% per annum) over the same period. In addition to being younger, Sydney’s inner-city populationis relatively highly educated. Around 50% of the residents inthe CBD and fringe hold a bachelor’s degree, compared to44% in Greater Sydney. Precincts such as Darlinghurst,Pyrmont-Ultimo, Redfern-Chippendale, and Surry Hillsreport tertiary attainment rates between 47% and 51%. Strong population growth has supported Australia’s majorcities and underpinned sustained increases in employmentand economic output. Over the past two decades, Sydney’sCBD and inner fringe have experienced population growthof 64%, compared to 35% for Greater Sydney. Sydney’s city fringe suburbs continue to attract a highlyskilled and educated population, reflected in their above-average income levels. This reinforces the markets’ appealnot only as employment hubs, but also as desirableresidential locations.This is particularly true in Darlinghurst and Surry Hills, Sydney’s economy continues to shift toward highly skilledservice industries, in line with national trends. In 2024,Financial and Professional services accounted for 24.7%Gross Value Added (GVA), compared with 20.3% in 2004. Bycontrast, the share of manufacturing output has declinedsignificantly over the same period. This structural shift,combined with sustained long-term population growth willfacilitate white-collar employment expansion and demandfor office space, particularly in submarkets well-positionedto attract professional service firms. where lead with 20.0% and 17.6% of residents earning$3,000 or more per week, more than double the GreaterSydney average of 7.5%. Pyrmont-Ultimo and Redfern-Chippendale also have a greater than average share of high-income earners, with 12.7% and 10.6% of residents in thehigh-income bracket. There is a notable undersupply of prime office stockacross the city fringe, despite growing demand for high-quality accommodation. Prime-grade space represents lessthan 40% of total fringe stock—significantly below theCBD’s 66%—indicating substantial opportunity for uplift.Surry Hills, the largest fringe market, has just 12% primespace, with Ultimo at 20%, and Darlinghurst andChippendale at 30%, underscoring the potential for futuredevelopment and repositioning. City Fringe market developments have historicallyperformed well, with past and present developmentsreinforcing this trend. The Brewery Yard achieved a full pre-commitment toAfterpay, while Oxford & Foley inDarlinghurst secured major tenants including Sony andDovetail. Additionally, 29–41 Hutchinson Street in SurryHills has attracted broad occupier interest. Beyond these,the development pipeline remains limited—comprising onlyboutique-scale projects and Mirvac’s two-stage harboursidescheme, which will deliver 27,000 sqm of premium officeand 7,000 sqm of retail space by 2027. This constrainedpipeline presents a compelling opportunity for newentrants, with limited competition and strong marketappetite for quality space. The persistent undersupply of prime space, coupled