Office Leasing Focus Issue 3 | Ray White Commercial (WA)

OFFICE LEASING

FOCUS

DECEMBER 2020 Ray White Commercial (WA) | Issue 3

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RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

OFFICE LEASING Ray White Commercial (WA) has established a proven track record, delivering premium results through pro-active, agent-driven marketing and ongoing user-engagement processes.

We offer both informed and strategic advice to ensure our clients’ leasing returns are maximised, with a team boasting a range and wealth of experience and diverse skill sets drawn from many years working within this market.

Our dedicated office leasing team have a wealth of local knowledge to provide high quality, client focused office leasing options to Perth Landlords.

We focus on understanding our clients, their properties and office leasing needs to provide tailored leasing solutions.

CLIVE NORMAN

DAN CLARKE

Ray White Commercial (WA) 0403 804 119 clive.norman@raywhite.com

Ray White Commercial (WA) 0421 135 876 dan.clarke@raywhite.com

SALLESE WILMOT-BARR

MATT McSWEENEY

Ray White Commercial (WA) 0419 905 991 sallese.wilmot-barr@raywhite.com

Ray White Commercial (WA) 0404 747 764 matt.mcsweeney@raywhite.com

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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PERTH OFFICE MARKET OVERVIEW 2020 was tipped by most for a year of prosperity for the Western Australian economy. Improvements in GSP spurred on by an increased demand on the mining sector, uptick in construction activity has all aided in the lowering unemployment rate and increased activity in the residential property market.

As the impacts of COVID-19 hit Australia, it was clear that this year was headed for turmoil and the ensuing months saw an unprecedented change in economic stability domestically (and internationally) which would change the future landscape. WA however has done well to flatten the curve and the employment market while hit hard by lockdowns, is now operable. The impacts on the office markets are sizeable, however Perth is better placed to recover compared to Eastern states due to the differing office user profile.

The Perth CBD office market was poised for recovery with enquiry levels up, vacancies down and rents starting to show signs of improvements with incentives slowly decreasing. The onset of COVID-19 was detrimental to this recovery setting the market back for an unknown period as many businesses struggle to keep doors open affecting employment and subsequent need for accommodation. WA however will be the best performing state economically in 2020 (as it was expected to) as demand from the mining sector has continued and many of the projects in the pipeline has pushed on, which keeps much of the CBD occupied.

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The limited change in vacancies compared to the East Coast CBD’s highlighting the differing occupant profiles of the CBD’s, professional services have been heavily hit growing unemployment and vacancies in Sydney and Melbourne, however this has been felt to a lesser extent in both Brisbane and Perth.

The impacts of this however may have quite a lag affect and we are expecting a greater increase in vacancies for these larger CBD markets in the coming six to 18 months. As many staff remain working from home in these markets, the question of the future need of office space has been raised. However, the feasibility of all staff working from home for the long term is not sustainable given the need for greater scrutiny on the occupational health and safety aspects as well as security and hardware needs.

The idea of social distancing is in contrary to many workplaces with open floor plans, shared facilities, hot desking, small meeting rooms all being not ideal during these current times. While some markets, notably Perth has been well positioned to resume regular trade and office occupation, the focus has grown on improved hygiene and cleaning practices while the high touch areas of offices are now under the microscope. The future of what an optimal office space will look like is likely to go through some evolution over the coming years, however this may be different from state to state.

Source: Ray White Commercial WA Between the Lines Perth Office Market Overview September 2020

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

PERTH CBD OFFICE MARKET

Perth CBD office market Vacancy Premium

Six-month net absorption 6.8%

A Grade

15.8%

B Grade

28.7%

C Grade

21.7%

D Grade

16.0%

Total

Six-month net supply 4,674sqm Supply completions (18 months) Refurbishment 15,953sqm New Stock 25,200sqm Withdrawal 3,453sqm

18.4%

Net face rents Prime

12,107sqm

$560/sqm

Secondary

$390/sqm

Average incentives range between 40% to 55%

Bulk of vacant stock in the sub 500sqm size range

Sub-lease vacancy 0.9%

Secondary stock continues to be hard to shift as tenants seek high spec inclusions Source: Property Council of Australia, Ray White Commercial

WEST PERTH OFFICE MARKET

West Perth office market West Perth Vacancy A Grade

24.2%

B Grade

22.2%

C Grade

20.5%

D Grade

17.4%

Total

22.1%

Sub-lease vacancy 0.6% 71.91% of all For Lease listings are sub 500sqm

E FOR LEAS

Net absorption 16,259sqm • Net supply 1,477sqm “Greater withdrawals are likely over the next 12 months”

Net face rents Prime

$310/sqm

Secondary

Average Incentives range up to 50%

$230/sqm

Source: Property Council of Australia, Ray White Commercial

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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ST GEORGES COURT

Perth, 16 St Georges Terrace

Outline indicative only

LEASE

Contact Agents • • • •

Fully fitted out Close proximity to public transport and located near the Courts Outgoings $168/m2 Ample parking

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

raywhitecommercialwa.com 4

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

EXCELLENT CBD LOCATION

Perth, Level 1, 12 St Georges Terrace

Outline indicative only

LEASE

$250/m2 pa + Outgoings + GST Level 1: 152.1m2*, 220.7m2*and 380.3m2* Total = 753.1m2* The property has an excellent lobby area and end of trip facilities. Car parking is available on request.

The landlord is very proactive and offering generous incentives.

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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LEGAL PRECINCT OFFICES Perth, 22 St Georges Terrace

LEASE

$290/m2 + Outgoings + GST Ray White Commercial (WA) presents 22 St Georges Terrace, Perth for lease.

• Various fitted and open plan options • Great building facilities including pool and gym • Generous parking allocation

Click to view Listing 6

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

Clive Norman 0403 804 119 clive.norman@raywhite.com Dan Clarke 0421 135 876 dan.clarke@raywhite.com

raywhitecommercialwa.com

CENTRAL CBD PARTITIONED OFFICE Perth, 37/187-189 St Georges Terrace

LEASE

$250/m2 pa + Outgoings + GST Lots 4 and 37 comprising a combined tenancy area of 208m2* include, freshly painted partitioned offices featuring 9 separate offices, reception area & quality LED lighting throughout, with the opportunity to create an open plan layout if required. The building features an impressive lobby off St Georges Terrace giving this small office a quality entry statement.

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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PRIME LOCATION ON HAY STREET Perth, 151/580 Hay Street

LEASE

$175/m2 pa + Outgoings + GST Comprising of a total strata area of 130m2 this second floor office is located in the heart of the Perth CBD and a moments walk to the Central Law Courts, St Georges Terrace and the Perth Central Train Station.

Well presented and open plan with workable dimensions the office is an incredibly efficient use of space, ideal for a law firm, accountancy practise, or any professional services practice.

Clive Norman 0403 804 119 clive.norman@raywhite.com

*Approx

Click to view Listing 8

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

raywhitecommercialwa.com

HIGH QUALITY WEST PERTH OFFICES West Perth, 10 Ord Street

LEASE

$315/m2 pa + Outgoings + GST Ray White Commercial (WA) presents this 10 Ord Street for Lease.

Ground Floor, 130m2: A fully partitioned tenancy with natural light Ground Floor, 255m2: Potential to combine with an adjoining tenancy to provide a 385m2 tenancy option.

Level Two, 257m2: This tenancy offers an open plan working areas and a range of private offices with private swipe key entry and large storage area.

Click to view Listing

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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MODERN OFFICE FOR LEASE West Perth, 15 Rheola Street

LEASE

$310/m2 pa + Outgoings + GST • Level 1 - 456m2* - Fitted with boardroom, two meeting rooms, four offices, utilities area, large open plan work area and breakout/tea prep.

• Level 2 - 996m2* - Full floor refurbished tenancy with new ceiling, lights, carpet and bathrooms. Floor can be subdivided from approx 300m2*.

New end of trip facility.

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

Click to view Listing 10

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

raywhitecommercialwa.com

MODERN FITTED OUT OF OFFICE West Perth, 680 Murray Street

LEASE

$315/m2 pa + Outgoings + GST 680 Murray Street is a well-presented office building boasting a prominent location on the corner of Colin and Murray Street, West Perth.

• Offices • Large Boardroom • 14 work stations • Kitchen & Shower • Surrounded by public transport services

Click to view Listing

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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SELF CONTAINED OFFICE WITH FIT-OUT

West Perth, 17 Altona Street

Outline indicative only

Outline indicative only

LEASE

$145/m2 pa + Outgoings + GST A great opportunity to secure a well presented, self contained 380m2* office that includes a full fit-out. Base building facilities were upgraded approximately 4 years ago to include new basement end of trip facilities.

Clive Norman 0403 804 119 clive.norman@raywhite.com Dan Clarke 0421 135 876 dan.clarke@raywhite.com *Approx

Click to view Listing 12

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

raywhitecommercialwa.com

CORPORATE HEADQUARTERS FITTED OUT West Perth, 15-17 Altona Street

Outline indicative only

LEASE

$225/m2 pa + Outgoings + GST A rare opportunity to lease a whole building in West Perth ideally suited to businesses looking to make significant cost savings and maintaining a corporate presence at the same time.

• Ground - 752m2* • Level 1 - 389m2* • Level 2 - 389m2*

Clive Norman 0403 804 119 clive.norman@raywhite.com Dan Clarke 0421 135 876 dan.clarke@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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REFURBISHED PRIME WEST PERTH OFFICE West Perth, 41-47 Colin Street

Outline indicative only

LEASE

From $225/m2 pa + Outgoings + GST Ray White Commercial (WA) presents one of West Perth’s most well regarded buildings with a reputation for being continually upgraded to meet market expectations. Recently installed solar panels provide reduced common area electricity costs assisting tenants with occupancy costs.

Outgoings rate - $163/m2

Click to view Listing 14

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

Clive Norman 0403 804 119 clive.norman@raywhite.com Dan Clarke 0421 135 876 dan.clarke@raywhite.com

raywhitecommercialwa.com

SUPERB REFURBISHED PROFESSIONAL TENANCIES NEW TO THE MARKET West Perth, 51 Colin Street

*Outline indicative only

LEASE

$180/m2 + Outgoings + GST Ray White Commercial (WA) and Burgess Rawson are excited to present to the market 51 Colin Street, West Perth. The building has undergone an extensive refurbishment and upgrade program including shower and bathroom facilities providing high quality commercial tenancies equally suitable for office or professional consulting uses.

Click to view Listing

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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PARTIAL FITOUT COMPLETED

West Perth, Level 2/25 Richardson Street

*Outline indicative only

*Outline indicative only

LEASE

$215/m2 + GST Ray White Commercial (WA) are pleased to present a great opportunity to secure a refurbished whole floor tenancy in a prime West Perth location.

Situated on the top floor of the building close to the corner of Outram Street, this tenancy area has undergone a major upgrade.

Click to view Listing 16

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com

raywhitecommercialwa.com

MODERN FITTED OUT CBD FRINGE OFFICES

Northbridge, Level 2/355 Newcastle Street

*Outline indicative only

*Outline indicative only

LEASE

$195/m2 + Outgoings + GST Ray White Commercial (WA) presents Level 2 at 355 Newcastle Street Northbridge. A modern commercial building prominently located on the CBD fringe close to the corner of Newcastle Street and Fitzgerald Street.

Level 2 of this corner commercial building is an office with a mixture of partitioned, open plan and reception areas.

Click to view Listing

Clive Norman 0403 804 119 clive.norman@raywhite.com

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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FABULOUS PARTITIONED OFFICES CHOICE OF THREE

Subiaco, Lots 11, 12, 19 & 20/100 Hay Street

LEASE

$165/m2 + Outgoings + GST Ray White Commercial (WA) presents Suites 11, 12, 15, 19 located on 100 Hay Street has the potential for a variety of opportunities for you to choose from depending on what your requirements are.

• Suite 11 - 218m2*partitioned • Suite 19 - 83m2* partitioned • Suite 15 - 84m2* partitioned • Suites 11 & 19 can be combined to make a larger tenancy of 301m2*

Click to view Listing 18

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

raywhitecommercialwa.com

435 ROBERTS ROAD, SUBIACO Subiaco, Level 2/435 Roberts Road

LEASE

$250/m2 + Outgoings + GST The two level 2 tenancies are currently fitted out with meeting rooms, kitchenettes, breakout area, open plan workstations, offices and 2 board rooms.

Areas available: • Level 2, Suite A - 269m2* • Level 2, Suite B - 206m2* • Or a combined area Suite A & B - 475m²*

Click to view Listing

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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CBD FRINGE OFFICE/WAREHOUSE East Perth, 33 Kensington Street

*Outline indicative only

*Outline indicative only

LEASE

$70,000 + Outgoings + GST A rare opportunity to secure an inner-city office with a warehouse component.

The large office area of approximately 470m2* is arranged over two levels with an adjoining warehouse of approximately 230m2*.

• Low outgoings • Up to 7 car bays* • Flexible terms available

Click to view Listing 20

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

raywhitecommercialwa.com

MODERN OFFICE BUILDING

Nedlands, 166 Stirling Highway

*Outline indicative only

LEASE

$275/m2 + GST The property is ideally located on Stirling Highway Nedlands boasts excellent exposure for a tenant looking for fitted space in the Western Suburbs.

• Ground Floor - 279m2* - Level 1 - Suite E - 186m2* - Level 1 - Suite F - 282m2* - Level 1 - Suite G - 118m2* • Top Floor - 967m2* (can be split)

Click to view Listing

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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FULLY REFURBISHED COMMERCIAL BUILDING

Claremont, 216 Stirling Highway

LEASE

$295/m2 + GST Join high calibre tenants Royal Australian College of Surgeons and Royal Australian College of Physicians in this newly upgraded building.

Starting with the new striking exterior, the upgrades continue through to the brand new Schindler Lift, new lighting and ceilings, new carpet, new toilets on every floor, plus end of trip facilities in the basement

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

Click to view Listing 22

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

raywhitecommercialwa.com

50% LEASED - ONLY TWO COMMERCIAL SUITES REMAINING East Fremantle, 137 George Street

LEASE

Contact Agent Ray White Commercial (WA) are excited to offer to the market for lease two commercial suites in the recently renovated “Brush Factory” development located in the trendy George Street precinct.

Clive Norman 0403 804 119 clive.norman@raywhite.com

• First Floor - LEASED! (Suite 4 - 95m2* + car bays) • Second Floor - Available (Suite 5 - 223m2* + car bays)

Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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GROUND FLOOR STREET FRONT OFFICE Subiaco, B2/431 Roberts Road

Outline indicative only

LEASE

Contact Agent Located on Roberts Road in Subiaco, this property positioned on the ground floor of the modern Tempo Office building comprises of 93sqm of office space featuring private access, reception area, open plan areas, office & self contained amenities

Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com

*Approx

raywhitecommercialwa.com 24

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

SUPERB OFFICE WITHIN WEST PERTH West Perth, 11/19-21 Outram Street

LEASE

$195/m2 + Outgoings + GST 11/19-21 Outram Street is a well presented 67sqm* suite situated on the first floor of a two-level atrium-style office building in a popular West Perth location.

Situated on the west side of Outram Street between Kings Park Road and Ord Street the property is located in the heart of the West Perth business precinct.

Clive Norman 0403 804 119 clive.norman@raywhite.com Matt McSweeney 0404 747 764 matt.mcsweeney@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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HIGH QUALITY STAND ALONE OFFICE Osborne Park, 21 Colray Avenue

LEASE

$275/m2 + Outgoings + GST This property is a high quality stand alone office located conveniently in Osborne Park offering a unique opportunity for a tenant to impress clients and for great signage exposure. The property has it’s own private kitchenette and toilet as well as being alarmed and secure.

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

raywhitecommercialwa.com 26

RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

AFFORDABLE EAST PERTH OFFICES East Perth, 7 Tully Road

Outline indicative only

Outline indicative only

LEASE

From $175/m2 + Outgoings + GST Three storey office development with secure basement car parking conveniently located within the East Perth commercial precinct.

• Unit 3: 242m2 - Two partitioned offices and open plan • Unit 4: 242m2 - Reception, boardroom and meeting room • Unit 3 & 4: 484m2 - Partitioned

Dan Clarke 0421 135 876 dan.clarke@raywhite.com Sallese Wilmot-Barr 0419 905 991 sallese.willmot-barr@raywhite.com *Approx

Click to view Listing

raywhitecommercialwa.com RAY WHITE COMMERCIAL (WA) | OFFICE LEASING FOCUS

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RAY WHITE COMMERCIAL (WA) Ground floor, 12 The Esplanade, Perth WA 6000 E: officeleasing.commercialwa@raywhite.com P: 08 6253 5222