One of the driving forces of Sydney is big business – but how much do you know about the infrastructure, companies and value of the corporate side of Sydney?
Why Choose Sydney?
Thousands of companies didn’t just happen to set up shop in Sydney – there are several very good reasons to have done so.
While it’s somewhat a question of whether the chicken or the egg came first, big business calls Sydney home because that’s where everything else is – the transport, telecommunications infrastructure and commercial property.
Believe it or not, even though our rent is through the roof, the cost of renting commercial spaces is relatively affordable compared to other global centres such as London and Hong Kong.
Sydney’s time zone (at 10+ GMT) also has the benefit of catching the tail end of business in the US and the start of business in Europe, as well as similar business hours to many of our South East Asian neighbours.
By far, the majority of businesses in the CBD are in the finance game – this includes both national and international giants such as Westpac, Commonwealth and Deutsche Bank.
Setting money matters aside, the group with the next biggest share are professional services (which encompasses everything from business advisory through to legal services, accounting, marketing and HR).
Beyond this there is an eclectic mix of businesses, with other top players including infrastructure and construction, education, creative and media.
A Numbers Game
While Sydney’s contribution to the growth of the Australian GDP has diminished amidst the boom of Melbourne and Perth, it remains an important source of income expansion.
Big business isn’t going anywhere, with 15 million square meters of the CBD’s available 32 million being taken up by finance and business services.
Of the 300, 000 people you have to fight for a seat on the city circle train, 90, 000 of these are professionals working in large corporations.
It’s funny when you take time out to appreciate that apart from being a tourist attraction, weekend destination and beautiful harbour side city, Sydney remains a leader of business in the Asia Pacific.