DWINDLING SUPPLY WILL DRIVE PREMIUM CBD RENTS
Sydney faces a shortage of new premium office developments, with Knight Frank research forecasting rental growth of 5% per year as demand outstrips supply.
< 1 min
Sydney’s CBD is heading into a period of historically low new office supply, with just three major premium developments over 25,000 square metres due by 2029, according to new Knight Frank research.
Of the 163,000 square metres set to be delivered, 65 per cent is already pre-committed, leaving only one per cent of total CBD stock available for lease until 2027. No new projects are currently slated for 2028-29.
Knight Frank Associate Director, Research & Consulting, Marco Mascitelli, said premium-grade space continued to outperform the wider market.
“Since 2018 there has been an average pre-practical completion commitment rate of 87% across all new developments, which have totalled 481,000 across 13 schemes,” Mascitelli said.
“Over the past 18 months, 170,000 square metres of newly developed premium grade office space has been delivered…all have been successfully leased, achieving an average commitment rate of 90%.”
National Head of Leasing Andrea Roberts said the market was tightening rapidly.
“Tenants continue to prioritise centrally located assets with market-leading amenity, and in time this will expose a supply shortfall at the top end of market which will drive rapid rental growth,” she said.
“As a result of the looming supply shortfall, occupiers seeking premium space within the 2026 to 2028 window need to act swiftly to secure their preferred option.”
Knight Frank forecasts average rental growth of around five per cent a year for Sydney’s premium assets, with incentive levels expected to fall below those offered across the wider market.
A resurgence in high-end travel to Egypt is being driven by museum openings, private river journeys and renewed long-term investment along the Nile.
In the lead-up to the country’s biggest dog show, a third-generation handler prepares a gaggle of premier canines vying for the top prize.
The new Brooklyn Tower, a mix of luxury condos and rentals, rises from the historic Dime Savings Bank building.
3 min
Listing of the Day
Location: Downtown Brooklyn, New York
Price: $16.75 million
Boasting 360-degree panoramic views across New York City, this new 92nd-floor penthouse is the highest residence in Brooklyn.
The full-floor apartment stands atop the new Brooklyn Tower, which encompasses 143 condos and 398 rentals in the heart of downtown Brooklyn, said Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group.
The condos begin on the 53rd floor, and the penthouses begin on the 88th floor. This one, Penthouse 92, is the only full-floor penthouse.
“The building is coming into its own now,” she said. “It feels very busy when you step into the lobby.”
Developed by Silverstein Properties, the building at 85 Fleet Street rises from the historic Dime Savings Bank building, according to a news release.
It was designed by SHoP Architects with interiors curated by Gachot Studios, and it is the borough’s only super tall skyscraper.
Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of design firm Radnor, Sachsenmaier said. “Her selections have made it really beautiful. It feels very warm and inviting.”
Architectural details include 12-foot ceilings, European white oak floors in a custom honey stain, mahogany millwork, bronze detailing and floor-to-ceiling windows.
The eat-in kitchen features Absolute Black stone countertops, an island with seating, oil-rubbed bronze Waterworks fixtures and integrated Miele appliances, according to the listing.
The primary en suite bathroom showcases large-format Honed Breccia Capraia marble. There is also a separate laundry room as well as a wet bar and a butler’s pantry.
The views are spectacular, Sachsenmaier said. “If you’re standing in the living room, you take in the Statue of Liberty and all the way up through Midtown. On a clear day, you can see the planes take off at LaGuardia (Airport).”
Photo: Sean Hemmerle
Moving around the apartment, you see south over the harbor and then north and east over the whole city, she said.
From the front door, “you’re immediately greeted with the expansive living room and the view,” she said. “It’s really the first thing you see.”
The primary suite features a dressing room, multiple walk-in closets, two bathrooms (one with a cedar sauna) and southwest-facing windows, Sachsenmaier said. “You get those really beautiful harbour views.
The amenities will be ready by the end of summer, she said. A Life Time club will occupy the entire sixth and seventh floors, and an outdoor pool deck wraps around the dome of the bank building.
Stats
The 5,891-square-foot home has four bedrooms, five full bathrooms and one partial bathroom.
Amenities
Residents will have access to over 100,000 square feet of exclusive indoor and outdoor leisure spaces.
Fitness company Life Time will manage an array of amenities that include a 75-foot indoor lap pool, outdoor pools, a poolside lounge and atrium, a billiards room, a library lounge, a conference room, a theatre with a wet bar, a children’s playground and playroom and limited off-site parking.
The Sky Park offers an open-air loggia with a basketball court, foosball, a playground and a dog run.
Photo: Gabriel Saunders
Neighbourhood Notes
Downtown Brooklyn is at the centre of a number of neighbourhoods, including Fort Greene, Cobble Hill, Boerum Hill and Brooklyn Heights. The tower has access to 13 subway lines, 11 commuter trains, the city’s ferry network and 22 Citi Bike stations.
“You can walk to Fort Greene Park in less than 10 minutes,” and Dekalb Market Hall, which has a Trader Joe’s, a Target and a food hall, is “right next door,” Sachsenmaier said.
Agent: Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group
Australia’s housing market rebounded sharply in 2025, with lower-value suburbs and resource regions driving growth as rate cuts, tight supply and renewed competition reshaped the year.
French luxury-goods giant’s results are a sign that shoppers weren’t splurging on its collections of high-end garments in the run-up to the holiday season.
