Leading Corporate Property Agency Bawdens, specialists in Industrial Asset Management across Sydney recently released the results of a study of rentals “reviewed to market” in the calendar year 2022 to date.
The study period comprised the first three months being January to March. The company’s Asset Managers identified all market rental reviews completed in the study period across the company’s portfolios of managed assets totaling 775,000m2.
All properties that were the subject of a market rent review were examined.
The properties were located in areas situated in the Central West and included locations such as Silverwater and Parramatta extending to other locations including suburbs in the Northwest such as Blacktown and Seven Hills extending further West to locations as far as South Windsor in the North and Wetherill Park in the Southwest.
The study identified the change in net rental for each property after completion of the rent review. All properties in the study recorded increases in net rental.
The increases ranged from 6% to as high as 40%.
The average increase across the study was 16.16%.
Bawdens Directors Ben Rodriquez, Terry Saba and Robert Ally noted that these findings were not unexpected with the amount of available space across the company’s portfolios currently at a record low of less than 2%.