This article is from the Australian Property Journal archive
THE federal government has taken out a whole-floor lease within Centuria Capital Group’s Australia Place office asset in Perth.
The five-year deal at 15-17 William Street was secured across 1,227 sqm for a recently-completed speculative fit-out.
Colliers’ Antonio Trimboli, who managed the deal, said the government was attracted to the building’s high-quality fit-out and proximity to amenity and public transport.
Australia Place is in the process of undergoing a full lobby refurbishment.
Trimboli said there continues to be sustained demand for good quality fitted space within the Perth CBD.
“Landlords that can offer a turn-key office solution will have a significant competitive advantage.”
Highly sought-after wellness, experience and ESG features, often required to push leasing deals for quality assets across the line, will all play a major part in the investment landscape this year, according to Colliers.
“The value of office space has evolved post-pandemic to emphasise employee experience over headcount to space ratios. This is further emphasised by the battle for talent – with staff attraction and retention front of mind, occupiers are taking the opportunity to upgrade their accommodation and ensure their employees are given the best working experience possible,” Trimboli said.
Perth led the nation for office occupancy in February, registering 81% of pre-COVID levels, just ahead of Adelaide and Brisbane, according to the Property Council of Australia.
The CBD has also recorded four consecutive halves of positive net absorption, and Trimboli said sentiment in the market is positive.
“Whilst we will have new and refurbished supply hitting the market we anticipate vacancy levels to continue to decline given how active the leasing of backfill space has been.”
Property Council data showed Perth’s CBD vacancy tightened from 15.8% to 15.6% in the six months to January.
