Mathew Ivanoff of Commercial Wollongong says while the industrial market is currently experiencing a temporary slowdown, the office and retail markets are thriving. Demand for office space is primarily being driven by allied health businesses that require additional space to accommodate their NDIS (National Disability Insurance Scheme) clients. “These service providers specifically require administrative facilities, while some are diversifying their offerings to include services like physiotherapy, massage therapy, and occupational therapy.” Mathew also points out that the biggest challenge lies in meeting the supply requirements for purpose-built spaces. As a result, office space vacanies have reached an all-time low, which is advantageous for lessors. Mathew Ivanoff mathew@rhw.com.au Wollongong 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 $350-$450 $180-$300 $500 Vacancy 10% >2% 3.5-4% Yields 7% 5-5.5% 7% Rates p/m² $7,500 $1,500 $6,500 Current market conditions $9,000,000 13 Crown Street, Wollongong Recent Notable Transactions SOLD $130,000 p.a. + GST 1/51 Crown Street, Wollongong LEASED 24 | New South Wales
RkJQdWJsaXNoZXIy MTI3ODI1