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Empty Offices Loom in Sydney as Building Spree Meets Bank Cuts

Sydney’s office vacancies are set to surge as Lend Lease Group’s A$6 billion ($6.2 billion) financial center opens and older buildings are renovated while big tenants including Macquarie Group Ltd. cut jobs.

About 400,000 square meters (4.3 million square feet) of space will hit the market in the next five years, including Lend Lease’s Barangaroo redevelopment in the former docklands district, according to UBS AG. That compares with 870,000 square meters added over the past 20 years.