International retailers boosting Sydney super prime property markets
Sydney CBD rental rates have stayed stable over the last 12 months with some moderate growth in the super prime region.
Rental prices in the super prime Pitt Street Mall retail avenue currently ranges from $10,000/m2 to $15,000/m2, while a selected number of recent leases have been above $15,000/m2, according to the Knight Frank's Sydney CBD August retail market brief.
The market brief found unwavering demand from overseas retails is driving leasing in the CBD, however Knight Frank senior research analyst Luke Crawford said a number of international retailers waiting significant periods until suitable options become available.
"While demand is high, a lack of suitable options which offer scale and appropriate street frontage has stemmed the flow to some extent," Mr Crawford said.
"This was the case with H&M who spent four years looking to enter the Sydney CBD before securing 5,000m2 at Pitt Street’s Glasshouse Centre."
