The office leasing market across the Central Coast is experiencing a remarkable surge, attracting smaller businesses from a variety of sectors including dentistry, IT, and medical consulting – all migrating from Sydney to the Central Coast. Geoff Tilden of Commercial Central Coast attributes this migration to the region’s strategic appeal, offering a convenient location between Sydney and Newcastle. Additionally, the completion of the North Connex tunnel has reduced commute times between Sydney and the Central Coast by around 30 minutes. Leasing activities encompass diverse spaces, ranging from 170 square metre freestanding buildings leasing for $265 per square metre net to conventional 50-250 square metre office areas, each commanding distinct rates, showcasing the market’s diversity. Office space yields, currently around 6% to 6.5%, may potentially tighten this year. Geoff says, “Despite challenges faced by larger office spaces due to surplus stock in the Sydney market, the Central Coast remains resilient, driven by the influx of businesses capitalising on the region’s strategic advantages and promising prospects.” Geoff Tilden geoff.tilden@gosford.rh.com.au Central Coast Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook For more information, contact: Office Industrial Retail Rents p/m² $200-$300 $120-$150 $250-$400 Vacancy 10-17% Less than 5% 15% Yields 6-6.5% 6-7% 6-6.5% Rates p/m² $3,100 $2,755-$3,500 $3,200-$4,000 Current market conditions $3,250,000 Level Ground, 1, 2, 3/26-30 Railway Street, Woy Woy Recent Notable Transactions SOLD $1,750,000 11/1 Reliance Drive, Tuggerah SOLD 12 | New South Wales
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