Blue & William Acquisition Overview
Strategic Expansion into Market with Positive Leasing Dynamics
North Sydney recorded its third consecutive quarter of positive leasing demand in 3Q 2021, with new and
refurbished buildings continuing to be drivers of leasing activity (1)
With no new significant supply anticipated for North Sydney until 2024, the market is well placed to absorb the
current availability of stock and drive vacancy down(2)
Completion of new metro station in 2024 will enhance connectivity to North Sydney and support future demand in
the market(3)
Prime Office Absorption, Supply and Vacancy(1)
Prime Gross Effective Rent(1)
%
sm
AUD per sm per year
800
120,000
40%
24.5%
700
9.2%
7.9%
9.6%
10.1%
20.7% 20%
729
676
688
600
665
641
656 656
80,000
0%
580
500
-20%
400
40,000
-40%
300
-60%
200
0
2016
2017
2018
2019
2020
9M21
-80%
100
-40,000
-100%
0
4Q16
4Q17 4Q18 4Q19 4Q20 1Q21 2Q21 3Q21
Net Absorption (sm)
Net Supply (sm)
-Vacancy Rate (%)
Keppel REIT
(1)
JLL Research, 3Q 2021
(2)
Knight Frank, North Shore Office Market Report September 2021
(3)
JLL Research, February 2021
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