It was billed by the government as a kickstart to the coronavirus-stricken economy of Australia's biggest city: a new tech hub in a forest of skyscrapers built over 24 hectares (59 acres) of railyards in downtown Sydney.
) as an anchor tenant, would increase Sydney’s new available floorspace by half again when completed in 2025.
“Sydney and Melbourne ... have got projects that have been built for years now and they’re about to reach completion. They will add quite a bit of supply to the market, and the supply that that leaves behind ... will probably take longer than what we anticipated to lease up.” Jones Lang LaSalle Inc , which manages 480 office blocks nationwide, estimated Sydney occupancy as low as one-fifth in July.
Dexus declined to comment. The New South Wales state government, which approved the new project, did not respond to a Reuters request for comment.
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