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More Jobs Mean Sydney Office Space Is Getting Scarce

Lack of available commercial space boosted rent by about 21 percent last year

Australia’s jobs bonanza is adding to Sydney’s office squeeze. Prime office vacancies in the city are at the lowest in almost a decade, lifting rents by about 21 percent last year, according to Jones Lang LaSalle Inc. “Employment is the key economic variable for the office sector,” Andrew Ballantyne, JLL’s head of research in Australia, said in a statement. “Corporate Australia has become more confident about the medium-term revenue outlook and this confidence has translated into strong employment growth over 2017,” he said.

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