This article is from the Australian Property Journal archive
THE recently refurbished Cloisters building in Perth’s CBD has enjoyed leasing success as the city continues to attract office workers on a daily basis more than most other capitals.
The 20,000 sqm A-grade tower at 200 St Georges Terrace now has a number of new amenities and energy-saving initiatives.
New tenants include Westgold, which took 1,100 sqm, Colliers, MLG Oz, Spence Ogden, and Turner & Townsend, each of which leased 540 sqm, while 2xm Healthcare took 250 sqm and Interia 120 sqm.
Rentals are averaging $535 per sqm.
CBRE’s James Phelan drove the leasing campaign.
“The full-floor speculative fit-out on level five triggered a spate of new transactions. We used this display as the hook and were able to redirect a number of transactions to non-fitted spaces in other parts of the building,” he said.
Cloisters, general manager Stephanie Eardley the building’s courtyard, retail offering, end of trip facilities, concierge service and public parking we maintain have all been major factors in the leasing success.
Perth’s office occupancy in August was a close second of all the state capitals, at 69%, while its vacancy rate over the six months to July lifted from 15% to 15.8%, according to the Property Council.
