In January 2007, PCA measured overall vacancy ratesfor commercial buildings in the Sydney CBD at around 8 per cent and onlyslightly higher in North Sydney.

Commercial rents will likely start to climb within thenext 12 to 18 months, with this market always "lagging the residentialincreases in rent", according to David Bolt, a Director of North Sydneycommercial property real estate agents Hartigan Bolt.

In his analysis of the figures, Bolt said thetightening market means businesses in both Sydney and North Sydney CBDs areradiating out to St Leonards and Chatswood "because they can no longer findwhat they want closer in".

"The market is tightening – the vacancies from thelast two or three years are now going away," Bolt said.

North Rydeis also continuing to emerge as an alternative site for businesses unable tofind suitable premises in the traditional urban centres. Bolt expects this tocontinue as transport to the area improves on the back of the planned Epping toChatswood line which will have two or three North Rydestations including Delhi Roadand Macquarie Shopping Centre.

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