New research indicates that demand for office space within the Chatswood CBD is returning. After the large floor plan sites in the Macquarie area opened, demand for the small sized office floors in Chatswood waned. The recent upswing in demand has been described as a “perfect storm of demand for commercial space“.
Commercial leasing is heating up as population grows. New residents means new workers, this then generates demand for office space.
In Chatswood over the past five years, commercial vacancies bottomed around at 21%. Now the figure is 12%. It is expected that more businesses will move to Chatswood from St Leonards where residential conversion is taking over commercial spaces.
Over the past five years on the Chatswood CBD, the State Government approved many conversions of commercial buildings to residential use. It was argue at the time that such a move was very short-sighted.Maybe the next news we will here is that there is an undersupply of office space in Chatswood.