A new trend is emerging in Sydney in the form of strata warehouses with multiple storeys. This is good news for companies of commercial painters in Sydney as their list of clients grow with the trend. The reason for this new trend is because of the shortage of land available to developers to be used for industrial purposes. In addition, the prices of land in the area are also increasing. In fact, the city has seen an increase of 17 per cent in the last 12 months.
According to the recently published Industrial Research and Forecast Report, Collier International which is known to be a commercial agent said that strata properties with multi-storey are already a rising trend. The growth is most evident in northern and southern markets of Sydney where there is a shortage of land. The north market comprised 3 per cent of the total industrial area available in the city of Sydney while the south market accounts to only 13 per cent of the total.
According to Sass J-Baleh, Colliers International’s associate director of research and author of the report, the land available in those two markets are limited therefore it is expected that there will be growth in the demand for industrial strata developments with multiple levels. This is an attractive option because the floor space will be maximized better as well as the market values. This is becoming more important as majority of small businesses are aiming to have a space close to the central business district.
One of the most recent industrial estate is the Taren Point with 13 levels located in the south and developed by Financial Review Rich Lister Bob Ell’s Leda Holdings. The ground floor of the building is composed of self-storage unit while the upper levels have showrooms and warehouses.
Colliers International’s managing director of industrial, Malcom Tyson, explained that these types of warehouses are not a new trend in Sydney but it is making a comeback because there is limited zoned land available for industrial use. He added that majority of the companies renting these spaces are tech businesses and pharmaceutical companies because they require small warehouses near the CBD. These new properties will require commercial painters in Sydney due to the number of storey.