This article is from the Australian Property Journal archive
GOVERNMENT and defence industry solutions provider KBR is hunting for bigger offices in Canberra to meet the needs of its growing team in the national capital.
The international firm opened a larger Canberra office less than two years ago after its team grew from less than 100 people five years prior, to more than 250.
The firm spent $5 million to upgrade and refit its government solutions offices at 4/11 Lancaster Place in Canberra Airport but has outgrown its accommodation already.
KBR has engaged LPC’s Gillian Heath as advisor.
The firm is looking for A grade offices with no less than 4-star NABERS Energy rating in either Canberra CBD or at the airport.
KBR has put out a requirement for 2,000 – 3,000 sqm of space, with a preference to occupy only one floor, which means they require a building with large floorplates.
Furthermore due to the firm’s government, defence and cybersecurity contracts, as well as the handling of classified information, its premises must meet ASIO T4 security requirements of a Zone 4 with associated Defence Physical Security Certification and Accreditation (AE995).
The firm is also keen to make the move in very near future.
It is looking to commence the lease in the third quarter of 2025, or earlier as long as it is not subject to double rent, on an initial lease term of five-years with options to renew.
This is the second major office requirement brief in Canberra in recent months after Clayton Utz put out a search for a circa 2,300 sqm of space.
Meanwhile the latest JLL research shows Canberra recorded flat net absorption in Q2 (-1,300 sqm) but vacancy was unchanged at 8.9% – the lowest of the monitored CBD office markets.
However, it is conditions are favourable for tenants as prime incentives have climbed to all-time high of 26.5%, according to Knight Frank.
