Unlikely CBD To See Increase in Apartments
There have been calls for half-empty office blocks, especially second- and third-tier assets in the Sydney CBD, to be turned into residential or mixed-use accommodation.
But some experts have warned against any knee-jerk reaction to short-term, Covid-19-influenced dynamics in the property market that could prompt a shortage of office space down the track.
Others lament the lack of vibrancy more residential accommodation would bring to the city once office workers leave for the day.
This is the first in a two-part series that explores the potential for more residential property in the heart of the city.
The NSW Department of Planning, Industry and Environment is poised to finalise the Central Sydney Planning Strategy, which has been four years in the making.
A core consideration of the Central Sydney Planning Strategy was how much future office space the city requires, a corollary of which is how this affects the potential for more residential property in the city.
Property Council’s NSW executive director Jane Fitzgerald said this was something the council was incredibly interested in because many of its largest members were owners and investors in office buildings.
Source, read more: https://www.theurbandeveloper.com/articles/-cbd-transformation-idea-prompts-debate