GROWING THE SOUTH-WEST | Sydney hailstorm dents industrial vacancy rates

Owen Street at Glendenning.
Owen Street at Glendenning.

The second hailstorm to hit Sydney in less than three months sparked a leasing frenzy in industrial locations with up to 20 per cent of vacant stock snapped up by vehicle dent-removal companies seeking emergency space.

The March 14 hailstorm caused widespread damage to passenger vehicles, triggering a series of leasing transactions, equating to more than 25,000 square metres of space which is being leased at WetherillPark, Glendenning, MarsdenPark, Jamisontown and CastleHill.

The vacancy situation is already extremely tight -- sub 2 per cent -- in most Sydney markets, with this additional demand for space representing up to 20 per cent of vacant stock.