Sydney’s position as a global economic force is clearly on the upswing – currently ranked 17th in a listing of ‘Global Elite Cities‘, the home of iconic beaches, smashed avo, ridiculous house prices and lock outlaws is hot property for huge business investors.
With gentrification of the city at an all-time high, don’t expect your lifestyle to get any cheaper, with plans now set to transform Sydney into a proper ‘Silicon Valley’. Currently, home to the city’s financial sector, Martin Place is a burgeoning area for formidable tech giants like Facebook, Google, LinkedIn and Apple to cozy up.
Gigantic online retail stockist Amazon is the latest tech giant to expand into Australia, moving into a comfy nine-floor office in the heart of the city’s financial hub, with views of the harbour Bridge and Hyde Park to boot. Wonder how much rent is there….?
“The global economy is on an upswing and you’ve got a geographically constrained market in Sydney. I’d call it a perfect storm,” said Trent James, office property portfolio manager at Charter Hall Office Trust. In the middle of the storm, several ‘time-worn’ buildings have been removed to make space for the glossy, high-end spaces.
Now, we’re not knocking the embrace of innovative business growth within the city, however, will this further compromise Sydney’s sense of authenticity, individuality, and identity as a distinct city? With the development of new casinos in Barangaroo (funded by James Packer), the alleged business takeover of the Hordern Pavilion and continual back steps with lock-out laws, it seems the balance between cultural authenticity and economic growth is leaning further towards complete corporate takeover by the day. This will surely mean further gentrification of the inner-city, further pushing creatives out of areas that cater to their needs.
In other Sydney related news, here’s what is going to happen to this iconic piece of Taylor Square art.
