- Brisbane property leases out over 3,000 sqm over the past three months
- Sydney property to see The Work Project become a tenant with over 4,300 sqm signed
- Will be spread across two levels of the Quay Quarter Tower
CBD offices bounce back, as reported by The Property Tribune earlier in March.
Australians working from the office has bounced back to levels not seen since the Omicron outbreak began, with Melbourne and Canberra recording their highest office occupancy levels since June last year, according to data from the Property Council of Australia (PCA).
Sydney also recorded sharp increases, with a turnaround from 7% occupancy in January to 18% last month. This is just shy of the 23% figure recorded in November
127 Creek Street, Brisbane
Over 3,000 square metres of office space has been leased out over the past three months at 127 Creek Street in Brisbane.
Knight Frank said six leasing transactions totalled 3,334 square metres at the Firmus Capital owned property.
Firmus Capital is a Singapore-based private equity real estate firm.
Rates for leases were as high as $680 per square metre, with the latest leases including Christie Spaces, ELMO Software and W Wightman Advisory.
- Christie Spaces leased 1,580 square metres for 2.5 years,
- ELMO Software leased 426 square metres for five years, and
- W Wightman Advisory leased 246 square metres for six years.
Knight Frank said the remaining three deals saw tenants sign five year leases.
Following the 2018 acquisition by Firmus, the property has undergone extensive upgrades, seeing the NABERS rating rise to five stars for energy and 4.5 stars for water since 2021.
“Tenant amenities and proximity to transport are also another two core drivers that attract tenants to the building,” said Knight Frank’s Daniel Byrne.
“Brisbane has seen an especially robust office market over recent years, despite the numerous hurdles faced both in a macro and micro setting.
“Our research shows 83 per cent of active tenant briefs in the market have a preference for fitted space. We expect this trend to continue as we evolve into a post-pandemic environment where there is an emphasis on convenience and lifestyle prompted by COVID-19,” added Mr Byrne.
Quay Quarter Tower, Sydney
Located at 50 Bridge Street, the AMP Capital Wholesale Office Fund and Dexus Wholesale Property Fund owned Quay Quarter Tower has signed a major lease.
International workspace provider The Work Project (TWP) has announced it will establish its first Australian site and manage over 4,300 square metres of flexible workspace across levels two and three of the Quay Quarter Tower.
Quay Quarter Tower is now 89 per cent pre-committed, has reached its stage one completion milestone and forms part of the Quay Quarter Sydney precinct, which incorporates two city blocks and the tower at 33 Alfred Street, as well as Quay Quarter Lanes – a mixed-use residential and retail precinct reviving once forgotten merchant laneways and creating a new city neighbourhood.
The Lanes precinct is now open, while the Tower anticipates its first occupants in April 2022 with staged retail openings.