Mark Beyer – 20 December 2016
Posted online BusinessNews.com.au
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Commercial leasing agency Shefﬁeld Property said the Open Colleges deal meant it had completed 9,600 square metres of sub-leasing at Workzone, which is on the CBD fringe at 202 Pier Street.
While Building A is now fully leased, Building B is only half full, with the Department of Health and the Mental Health Commission being the main tenants.
Shefﬁeld Property associate director Roly Egerton-Warburton said the transactions have been negotiated during an exceptionally competitive period, but top quality ﬁtted premises remained in high demand.
“The Perth CBD commercial market has faced its challenges in recent years, but there are signiﬁcant deals transacting and quality ﬁtted and furnished space such as Workzone are in far less supply than one would think,” he said.
Open Colleges, which is currently based in Stirling, has sub-leased 1,000sqm. That comes after Bethanie [took 2,400sqm and moved from Claremont.
NBN Co also took 2,400sqm while Vocus took 3,800sqm across two ﬂoors earlier this year, allowing the telecommunications business to consolidate its staff from three CBD locations.
Mr Egerton-Warburton said the attractions of Workzone, which was completed in 2013, included its ‘campus style’ ofﬁce accommodation.
“Now that Workzone, considered the CBD’s highest quality, ﬁtted-out fringe ofﬁce building was fully leased, tenants may have to consider central CBD options to achieve a similar quality ofﬁce solution,” he added.
Another positive was the building’s environmental sustainability.
“The Green Star v5 As Built rating and 5.5 star NABERS Energy rating at Workzone is a signiﬁcant drawcard to tenants wishing to apply this to their triple bottom line.”
Other tenants at Workzone Building A include CIMIC Group subsidiaries CPB Contractors and construction ﬁrm Broad.
Mr Egerton-Warburton said 2016 may be seen as the start of a recovery in commercial property.
“Many of the CBD’s Premium and A-Grade assets have a large number of deals being ﬁnalised now,” he said.
“When the details of these are released, the market will look back at 2016 as a very active year and the beginning of the recovery for Perth commercial property.”