Raine and Horne Commercial

17 | INSIGHTS SPRING 2018 NSW | Eastern Suburbs Michael Buium of Commercial Bondi Junction says there is strong demand in the Eastern suburbs for industrial property, particularly warehouses. He notes, “We’re seeing a variety of small businesses looking for this type of space especially in the Matraville, Botany and Mascot areas.” Retail space accounts for a significant proportion of the area’s commercial market, and the type of tenants it a racts is changing. Michael explains, “The frocks and jocks retailers have made way for cafes, nail salons, coffee roasters and microbreweries.” Rose Bay, Bondi Junction and Randwick account for the bulk of interest in retail space. According to Michael, Bondi Junction is experiencing a very low level of vacancies – close to zero, and when properties are listed for sale they are snapped up quickly. The office market is experiencing an uptake of new tenants with plenty of interest in the 30-200 square metres range. Demand for office space is particularly strong in Double Bay, Edgecliff and Maroubra. One of the key challenges facing the Eastern suburbs market is a very tightly held commercial sector. “We mainly have buy and hold investors in the area, and there simply isn’t a lot on the market for sale,” says Michael. Bondi Junction “ Bondi Junction is experiencing a very low level of vacancies – close to zero, and when properties are listed for sale they are snapped up quickly. ”