Mark Beyer – 20 December 2016
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Training provider Open Colleges has joined Bethanie, NBN Company and Vocus Communications in signing up this year for space at Workzone Building A, which is now fully leased.

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.”

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