Commercial Market Wrap
Market Wrap
Another financial year closes on the Northern Beaches, and the Upstate Commercial team reflects on a year that rewarded those with quality assets in the right locations and reminded the market that fundamentals still matter.
As the Northern Beaches most active commercial agency, we’ve had a front-row seat to every shift in this market and our transaction volumes across sales and leasing once again lead the region.
Industrial continued its stellar run, with vacancy remaining low across the board and strong competition among both buyers and tenants keeping values firm, though we’re not quite at the historic vacancy lows of recent years. Retail surprised many with its resilience, A-grade properties in established locations held up well, though some correction was evident as the flight to quality intensified and secondary stock softened. Investors are active in this space, with many chasing 6%+ net yields and prepared to move when the right asset comes up.
Office told a more divided story. Leasing and sales activity remained healthy in the established town
centres of Manly, Dee Why and Mona Vale, where businesses continue to value amenity, foot traffic and accessibility. Outside these pockets, predominantly Frenchs Forest, Belrose and much of the Brookvale office market, conditions softened, with both rents and sale prices coming off. This is driven by big incentives being offered to lure tenants back into the CBD and North Sydney. downward pressure as tenants and buyers exercised greater caution.
Commercial Asset Management
Transacting well is only part of the picture. For investors who want to protect and grow the value of their commercial holdings, what happens after settlement matters just as much as the deal itself.
Upstate Commercial manages a significant portfolio of commercial properties across the Northern Beaches, and our property management team brings the same depth of local knowledge to asset management as we do to sales and leasing. We understand this market, its tenants, its quirks, its cycles, in a way that a generalist or out-of-area manager simply can’t replicate. For our investor clients, that means proactive lease management to minimise vacancy and protect income, timely rent reviews benchmarked against real current market data, strong tenant relationships that reduce turnover, and clear, straightforward reporting so you always know where your asset stands. When a tenancy does come up, our leasing team is already in the building, no handover delays, no gaps in communication.
Whether you own a single strata unit or a multitenancy industrial, retail or office building, we’d welcome the conversation about how we can help you get more from your investment.
Recent Sales
1-5 Rickard Road, Nrth Narrabeen $10,500,000
13-15 Ethel Avenue, Brookvale
Recent Leases
2-4 Albert Street, Narrabeen $29,100,000 575 Pittwater Road, Brookvale
Balgowlah Road, Balgowlah
Commercial Statistics
UPSTATE IN FY2026
57 Sales
106 Leases
$137,766,200 $235,000 $5,907,840 6,736 85 856 $29,100,000
Total Enquiries
Total inspections conducted (that’s over 16 inspections per week!)
Lease Renewals
Looking Ahead to FY26–27
Industrial supply remains constrained and vacancy is low across the board values should stay firm. Retail will continue to split, with A-grade assets in strong locations outperforming as occupiers prioritise quality over cost. Investors are active, with many chasing 6%+ net yields and prepared to move when the right asset comes up.
In office, the winners will be landlords who invest in presentation and target the established town centres, those holding secondary stock outside these nodes face a more patient leasing environment, and realistic price expectations will be key to getting deals done. As always, the Northern Beaches remains a market where local knowledge and relationships make the difference.
Get in Touch
Whether you’re thinking of selling, looking to lease, exploring what your property is worth, or simply want to talk through what’s happening in the market, our team of six dedicated sales and leasing agents are here to help. No obligation, no pressure, just honest local advice from the people who know this market best. Reach out to any one of our commercial team today, we’d love to hear from you.