The weather might be chilly in Sydney’s CBD but the commercial real estate market is hot. There are some big names moving locations, expanding and moving in around the city. The shuffling of office spaces by big names is making for some interesting opportunities for smaller businesses to move around and take advantage of the commercial real estate options being made available in the process.
Commercial Real Estate Shuffling
Declining to make a comment about a potential move, ING Bank might possibly be moving locations from their home on 140 Sussex Street to 60 Margaret Street. Whenever big names move locales the building owners tend to make renovations that mix up the surrounding commercial real estate options. There is talk of possible construction zones being set up in the Wynyard area because of redevelopment to Wynyard Station and the George Street light rail project near One Carrington Street. All of this is taking place beside the Wynyard Walk Zone that connects to Barangaroo South.
Other big names potentially expanding or moving around the area are Commonwealth Bank which is said to have leased additional space in Darling Park as it searches for even more space around Darling Park, Darling Quarter or the proposed Grocon/UBS Ribbon site. Pricewaterhousecoopers will move over to Barangaroo South and their space at Darling Park has been signed over to Insurance Australia Group (IAG). When IAG moves out of 388 George Street, it is believed that the location will be revamped and this will create new commercial real estate leasing opportunities at all price levels.
Google is also looking at having an office in the One Carrington Street area or possibly in White Bay so it can work with UrbanGrowth on design and construction. The Asian Pacific commercial real estate market has been on fire lately and demand has gone up 20% in the first quarter of 2015. If businesses are looking to move spaces then now could be the best time even if their finances are lacking security. If your business needs to expand in order to stay relevant while you’re having bad credit, now is a great time to explore your options. Bad credit business loans are available at competitive rates and lenders are more willing than ever to work with those businesses that need help in the commercial real estate market.