Bobby said: “Newcastle is experiencing a revitalisation, and its commercial landscape is being transformed making it a bigger and better city.
“The city has a strong and diverse economic industry base which is giving investors value, security, higher yields and lower entry values compared to Sydney.
“This is helping to complement and answer the needs of residents, businesses and workers in the area.”
Newcastle in numbers
Bobby added that rental growth in Newcastle has been stable with its vacancy rate at around 9%, which is under the national average.
However in the last six months to January, the Property Council of Australia’s Office market report showed that Newcastle was the city which recorded the largest decrease in vacancies.
Bobby added: “Newcastle’s rental growth has been organic through existing lease increases, and the demand for good quality space is very high with the incentives being offered either very insignificant, or non-existent.
“I believe that with the contraction in available space and the small supply coming on market in the next 12 months, we will see an increase in rentals for the higher quality grade spaces.”
Some of the projects currently underway or due to take place in Newcastle, include:
From VOLVO, BMW and TESLA Check them out.
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