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The development of Barangaroo will have a positive impact on the Sydney CBD office market by delivering product to the ageing Sydney office stock which has 47% of buildings more than 30 years old
SYDNEY, 10 MAY 2013 – Sydney has the oldest office stock profile throughout Australia, with almost half of the Sydney CBD office stock more than 30 years old. With developments like International Towers Sydney delivering the next generation of office product to the Sydney CBD, the city will become a world leader in sustainable office design.
A new research paper by Jones Lang LaSalle says the 284,000 sqm commercial development at Barangaroo has the capacity to meet only 50% of the projected demand in the Sydney CBD office market over the next ten years.
Construction has started on the $6 billion Barangaroo South, with the first offices due for occupation in the second half of 2015. This 7.8 hectare mixed use commercial, residential and leisure precinct is based around three commercial towers that form International Towers Sydney. Westpac, KPMG and Lend Lease have all pre-committed to International Towers Sydney.
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