This article is from the Australian Property Journal archive
LUXURY fashion and accessories label Escada secured a suite in a heritage building at Martin Place.
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Escada has leased approximately 60 sqm of office space at 14 Martin Place, taking out a three-year lease in a deal negotiated by Ray White Commercial office leasing director Anthony Harris, on behalf of Abacus Funds Management.
Harris said Escada is relocating from 74 Castlereagh St, just opposite its retail store in Westfield`s shopping centre.
“Rents at 14 Martin Place range from $750 to $900 per sqm gross and it is one of the few buildings that provide sub-100 sqm suites, which are in big demand.
“We are seeing very strong demand for sub-100 sqm suites and many of these deals are being done with incentives under 20%, whereas larger suites are being offered with incentives up to 25%,” he added.
Harris said the withdrawal of a number of commercial buildings from the market for residential conversion and the strong demand for office space sub-500 sqm is seeing vacancies decrease, rents rise and incentives reducing.
Australian Property Journal
