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.
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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.
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More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.
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Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.
Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.
The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.
A park at the heart of the community
Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.
The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.
Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.
The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.
Azizi expands beyond Dubai
Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.
Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.
Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.
For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.
Sharjah’s residential ambitions grow
Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.
Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.
At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.
The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.
If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.
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