Transforming a large area of North Shore bushland, Macquarie Park began its rapid development in the early 2000s and established itself as an innovation hub. The precinct offered compelling advantages like modern facilities, large floorplates, abundant parking and competitive rents. It also offers unique opportunities for businesses to locate their office operations alongside R&D facilities and laboratories.

Major infrastructure developments including the M2 Motorway (1997), Lane Cove Tunnel (2007) and North Shore rail extension (2009) improved accessibility and attracted multinational tech and pharmaceutical firms.

Driven by this increasing demand, office stock tripled from 136,000 to 407,000 sqm between 2000 and 2007, making it the fastest-growing of all 19 JLL-tracked office markets. Despite rapid supply growth, vacancy fell to 3.3% by 2007. This happened due to significant pre-commitments and was supported by smaller firms taking advantage of rare opportunities to co-locate with major multinationals. By 2014, the market exceeded 700,000 sqm, housing technology giants, pharmaceutical companies, and government agencies.