Sydney’s suburban office market is being dramatically reset with more than $400m worth of transactions in train across major centres and more deals in the works likely to confirm the slide.

Fresh sales are being struck in hubs including Parramatta, St Leonards, and Chatswood, with more activity on the city’s north shore to come, showing that values have not recovered after the shock of the pandemic.

The transactions, struck by listed groups, developers and offshore investors, will reverberate through the market as other landlords mark their portfolios down.

Institutions have now shifted focus to chase assets in the central business districts, leaving a mix of private buyers and syndicators to return to suburban markets.

However, the fall in values shown by the recent run of selling is in keeping with expectations, showing that liquidity remains for well-leased assets, with buyers also willing to bet on a turnaround.

Listed property giant Dexus struck the largest sale of late, ­quietly offloading a major Parramatta tower, with more assets to come to market.

Dexus and its office partner, Canada’s CPP Investment Board, sold 101 George Street in the western Sydney hub for about $145m in the largest finalised suburban deal. They are now readying to bring a block in Sydney Olympic Park to market.

Dexus has sold office towers across Parramatta and the north shore.

The Parramatta block was sold to private company Sandran Property Group. The parties declined to comment but the buyer has an extensive track record across the nation’s suburban and regional office markets.

The Paramatta deal was brokered by Colliers’ John McCann, Adam Woodward, and James Mitchell and CBRE’s James Parry and Mitch Noonan.

The A-grade office building spans about 18,100sq m and is anchored by the Department of Home Affairs.

The vendors held the asset at about $154m on a market capitalisation rate of 7.5 per cent.

The buyers of suburban assets are keen to capitalise on the emerging lack of supply of new office space which is expected to support rentals in coming years.

Fund manager Acure Asset Management is buying two A-grade office buildings on Sydney’s north shore for a new unlisted fund for $278m in total, according to documents obtained by The Australian.

It is buying 558 Pacific Highway in St Leonards from its developer, Chinese-backed company JQZ, for $170m.

The 17,394sq m complex has 14 levels and the price shows a yield of 9.47 per cent.

That is being handled by Colliers’ Matthew Meynell and Tyler Talbot and CBRE’s Mitch Noonan and James Parry.

Acure is also buying the 67 Albert Avenue in Chatswood from Singapore’s Mapletree Investments for $108m.

The 15-level complex spans 14,686sq m of space. It is about 81 per cent occupied and major tenants include the NDIS, CMC Markets and Link Housing.

The Chatswood deal will show a 10.4 per cent initial yield. Mapletree had bought the building from RF CorVal for $158m in 2018.

The Chatswood sale is being brokered by Cushman & Wakefield’s Jack Harrison and Mark Hansen and Colliers’ Mr Talbot and Mr ­Mitchell.

Acure told prospective investors that the new trust was a “compelling opportunity” to secure institutional-grade offices with embedded rental growth and multiple value creation opportunities through active asset management.

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Leigh Marcus, one of Chicago’s leading real estate agents and FastExpert partner, provides unique insight into the North Side Chicago neighborhoods. Not only does the Leigh Marcus Team operate here, but Leigh also raises his family here, making this a must-read for everyone!

Chicago neighborhoods offer a diverse tapestry of residential communities, each with its own unique charm and character. Among these, Bucktown, Roscoe Village, and Old Irving Park stand out as desirable neighborhoods for homebuyers seeking a blend of urban amenities and suburban tranquility.

For me, Roscoe Village became home, not only for my family but also for my team’s headquarters, because it has a little piece of what aligns all of these communities closely together.

As you embark on your journey to find the perfect home in these vibrant communities, check out these insights and tips to guide you through the process.

Roscoe Village

Nestled on the North Side of Chicago, Roscoe Village exudes a warm, family-friendly atmosphere with tree-lined streets and quaint storefronts.

Known for its cozy cafes, boutique shops, and local eateries, Roscoe Village appeals to those seeking a tight-knit community vibe within the bustling city. The housing options range from charming vintage homes to modern condos, offering something for everyone.

Bucktown

Adjacent to Wicker Park, Bucktown epitomizes urban chic with its trendy boutiques, art galleries, and hip dining spots.

The neighborhood boasts a mix of historic architecture and contemporary lofts, attracting young professionals and families alike. With easy access to public transportation and a thriving cultural scene, Bucktown embodies the dynamic spirit of Chicago’s creative class.

Old Irving Park

Steeped in history and architectural charm, Old Irving Park offers a tranquil retreat from the urban hustle.

Lined with majestic Victorian homes, lush green spaces, and picturesque streetscapes, this neighborhood exudes timeless elegance and suburban allure. Residents enjoy a sense of community camaraderie while relishing the convenience of nearby amenities and transportation options.

Insights for Home Buyers

When looking at a new home in these areas (or any community, really), it’s important to keep several behaviors on the top of your mind.  

1. Define Your Priorities

Before diving into the home buying process, take time to outline your priorities and preferences.

Consider factors such as proximity to schools, commute times, neighborhood vibe, and housing budget. By clarifying your must-haves and deal-breakers, you can streamline your search and focus on properties that align with your lifestyle goals.

2. Research Market Trends

Stay informed about the current real estate market trends in these North Side Chicago neighborhood communities.

Monitor property prices, inventory levels, and days on market to gauge the overall competitiveness and affordability of each neighborhood. Working with a knowledgeable real estate agent can provide valuable insights and help you make informed decisions throughout the buying process.

3. Explore Financing Options

Explore various financing options and mortgage rates to determine the most suitable solution for your financial situation.

Get pre-approved for a mortgage to strengthen your purchasing power and demonstrate your seriousness as a buyer. Keep in mind that securing financing early can expedite the closing process and give you a competitive edge in a competitive market.

4. Attend Open Houses and Neighborhood Events

Immerse yourself in the local community by attending open houses, neighborhood events, and farmer’s markets. Engage with residents, explore different areas within each neighborhood, and envision yourself as part of the community fabric.

Pay attention to school districts, parks, and amenities that align with your lifestyle preferences and family needs.

5. Conduct Due Diligence

Prioritize due diligence when evaluating potential properties in the community.

Schedule home inspections to assess the condition of the property and uncover any potential issues or repairs. Familiarize yourself with local zoning laws, building codes, and property taxes to avoid any surprises down the road.

6. Think Long-Term Investment

Consider the long-term investment potential of your prospective home in Chicago’s residential real estate market. Assess factors such as property appreciation, neighborhood development projects, and future resale value.

A strategic approach to homebuying can yield both personal satisfaction and financial growth over time.

Find Your Ideal Chicago Neighborhood

Navigating the residential real estate landscape in Roscoe Village, Bucktown, and Old Irving Park requires careful consideration, research, and patience. These are the steps that I followed in selecting Roscoe Village as a family and business base of operations.

By understanding the unique characteristics of each neighborhood and leveraging valuable insights and tips, you can embark on your homebuying journey with confidence and clarity. Whether you’re drawn to the vibrant energy of urban living or the tranquility of suburban bliss, Chicago offers a diverse array of housing options to suit every lifestyle and preference.

Work with the best real estate agent who can guide you along the way and help you find your ideal home!

Happy house hunting!