Albeit the country is at the end of the mining boom, the Sydney economy expanded strongly in 2015-2016, with 4.5% GDP growth rate during the period, outpacing the national level of 2.4%. The Australian economy has been transitioning from mining dependent to service-based in the past years. Benefiting from the lower exchange rate, service exports, including tourism and education, have picked up and reached a total amount of AUD 49.5 billion in 2015, 62% higher than 10 years ago. The service sector is expected to be supported by a steady increase in household consumption and investment as wages and employment rise. At the same time, the service sector employment has positive growth which will continue underpinning healthy tenant demand for office space.
On the supply side, due to the continuously rising residential property prices, quite a number of office buildings were changed to residential, resulting in office supply lagging behind its demand growth. Besides, some office buildings were requisitioned for accomodating the new metro project and revamp of Circular Quay, exacerbated the situation of tight supply.
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