- Circa 3,600sqm of new fit outs completed since October last year
- Strong leasing activity expected to continue
- Strong business indicators also bode well of office market
Brookfield Properties has experienced strong leasing activity in recent months, the company renewed leases with Pioneer Credit and Tottle partners, and secured expansions with legal firm Hall and Wilcox.
New leases were also signed for several other companies including Copenhagen Infrastructure Service Company, Employsure, Infrastructure WA, and Manpower.
The news comes as predictions for the first quarter of CY22 are looking positive, business confidence, white collar employment and advertisements all on the up, according to Dexus’ Australian Real Estate Quarterly Review.
Dexus’ report also found the across Australia’s four major CBDs, net absorportion was positive for the previous three quarters.
Brookfield put their success as one of the best performing A grade office buildings in the Perth CBD during the second half of 2021 down to a new fit out strategy.
108 St Georges Terrace has seen circa 3,600 square metres of new fit outs completed since October 2021.
“The demand for high quality A-grade office space has notably increased in the past six to 12 months, despite the challenges of COVID-19. In the last six months we’ve achieved over 6,000 sqm of renewals and new deals,” said Brookfield Properties Leasing Manager John Quinn, the company expects the strong leasing activity to be sustained with several other deals under negotiation.
“Local jobs growth and a seven-year low for the city of Perth’s office vacancy rate is definitely contributing to our recent leasing success.
“We are confident our tailored fit out strategy, that delivers high quality office spaces maximising tenant comfort and experience, is a key reason so many businesses have chosen to partner with us.
Managing Director of Pioneer Credit, Keith John, said he was pleased to extend the company’s tenancy at 108 St Georges Terrace, a move that would take the company’s continuous occupancy period to 14 years at the end of the current term.
“Our re-commitment to the property is a strong reflection of the quality of 108 and its amenities. It also reflects the strength of the community which Brookfield Properties has built here, the benefit being that we are able to continue to attract quality professionals to Pioneer’s local team of over 300 people,” Mr John said.