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COMMERCIAL PROPERTY SPECIAL REPORT Commercial Property

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COMMERCIAL PROPERTY SPECIAL REPORT Commercial Property COMMERCIAL PROPERTY SPECIAL REPORT Commercial property FEATURE Office players lining up for next wave Key takeaways • Optimism returning to office market as vacancies gradually fall • Rents starting to grow, incentives pulling back • Developers seeking new approvals to benefit from demand uptick • Chevron HQ construction to mark turning point in office sentiment FOCAL POINT: Elizabeth Quay is expected to be a fulcrum for Perth office development in coming years, but there is also potential for new builds elsewhere in the CBD. Photo: Gabriel Oliveira Commercial developers are continuing to prepare for more favourable conditions in Perth’s office market. conditions could spark a revival there were several firms in Perth CBD OFFICE in office development across the with large office requirements CBD. that were highly likely to trigger % VACANCIES EARLY Investment in the resources new office development. 2018 sector has steadily risen since “That’s because there are fewer 22.5 the middle of last year, with the large contiguous floorplates left While WA Police recently Canadian giant Brookfield, state’s biggest players seeking to for these requirements to be sat- extended its lease at Westralia which has three commercial launch new projects across WA. isfied,’ Mr Williams said. Square, Business News under- towers in the pipeline, national As a result, tenants are start- “So if these larger tenants are stands the terms of that deal listed player Dexus, and Victor ing to expand their footprints looking to move, then their only would allow for the time it Goh’s AAIG (see details p26). Dan Wilkie across the city, driving a rebound alternative is going to be a new would take to secure a deal with “There are plenty of alterna- [email protected] in rents and a vast reduction in build.” a prospective developer and con- tives, and there are plenty of the availability of large, contig- While Mr Williams would not struction of a new building. groups with big balance sheets uous office floors. be drawn on the identities of those In addition to the corporate behind those sites that can HE chances of any new The latest data from commer- tenants, discussions with several sector, Business News reported deliver the end product,” Mr Wil- major office tower emerg- cial agency CBRE showed prime industry sources unearthed a sig- last week that The University of liams said. T ing in Perth’s CBD in rents in Perth rose by 11.6 per nificant list of companies with Western Australia and Murdoch “They’ll only build if they have recent years have been slim at best. cent in the first three quarters upcoming lease expiries and large University were in the early stages a pre-commitment, and devel- Office vacancies hit a 22-year of 2019, the highest growth in space requirements. of planning new CBD campuses, opers are aware there are some high of 22.5 per cent in early 2018, the country. Sources suggest businesses with the institutions’ space require- bona fide potential occupiers out in line with an environment of CBRE said incentives – where such as Fortescue Metals Group, ments understood to comprise there. cost cutting and a widespread office landlords offer rent-free ConocoPhilips, Santos, Downer around 10,000 square metres each. “All the plans have been dusted reduction in head counts at periods or contribute to the cost EDI and Bankwest could seek Mr Williams said developers off and ready to go; they are all Western Australia’s biggest com- of fitouts to secure tenants – to occupy a new building, while across the city were position- primed, set and ready and can mercial tenants. were also falling in line with a Business News understands the ing themselves to deliver any pitch these buildings at tenants, In late 2019, however, national reduction in available quality state government is keen to stim- new office opportunities if they and there will be a few that come and local commercial developers office space. ulate the commercial market by emerged. up.” have become quietly optimis- JLL managing director John building a new headquarters for Developers with plans for Urbis director of economics tic that improving economic Williams told Business News WA Police. major office projects include David Cresp was less optimistic COMMERCIAL PROPERTY FEATURE [I]f these larger tenants are looking to move, then their only alternative is going to be a new build - John Williams OPTIMIST: John Williams says it’s highly likely several new towers will be built in Perth in the next five to 10 years. Photo: Gabriel Oliveira around the prospects of any new The Chevron headquarters, business of real estate develop- INCREASE IN PERTH buildings outside of Chevron’s being developed by Brookfield ment, we were able to provide % PRIME RENTS FIRST new headquarters emerging in on behalf of the energy giant, them with a solution to the Perth in the next couple of years. will be the first major tower building they were designing THREE-QUARTERS 2019 “The challenge is for a tenant to start construction in Perth for themselves, and we were also 11.6 that has an existing building since Woodside Petroleum’s Mia able to provide them with four “Our approach to the market in transport infrastructure and that could potentially continue Yellagonga office building was alternatives as well. is very much portfolio-driven,” the private sector in new mining to suit them, is that someone completed in 2017. “They were able to look at Mr Schibrowski said. and oil and gas initiatives – can’t build a new building for Brookfield head of devel- what the full market in Perth “We keep an eye on each of the reportedly $168 billion planned rents that are in line with the opment Carl Schibrowski could offer them, which gave new requirements coming up, over the next five years,” Mr deal that they have in the build- described the Chevron deal as them confidence to go back to and because we’re able to present Hynes said. ing that they’re in,’ Mr Cresp told an “out-of-the-box opportunity” the plan that they had, but do it a couple of different options each “Perth is now clearly in a Business News. that came about through its con- in more of an outsourced model.” time that really means that we recovery phase and we have con- “For tenants that are in a pre- struction subsidiary Multiplex, Mr Schibrowski said the inter- are well set to answer what those viction in the continued growth mium building, the economics of which had been working with national office landlord and significant players really need.” of the city as it diversifies its it make it difficult to stack up. Chevron under an early contrac- developer had taken a long-term ASX-listed Dexus is another investment opportunities.” “Is a new building going to tor involvement model. approach to Perth, with its pres- major player with a significant Outside of the CBD, Sirona happen? That’s going to depend Chevron had initially planned ence in the market dating back office proposal in the works, with Capital managing director on a tenant pre-commitment and to develop its headquarters to the early days of Multiplex. a $200 million redevelopment of Matthew McNeilly said he was a tenant possibly deciding that itself, but Mr Schibrowski said Mr Schibrowski said Brook- Carillon City approved by plan- positioning his company to take they no longer want to be in the those discussions with Multi- field had taken a similar view ning authorities earlier this year. advantage of an anticipated building that they’re currently plex unearthed the opportunity on Perth as it did on other Dexus head of office leasing upturn in office demand. in and isn’t able to find anything for Brookfield to get involved major resources hubs such as Chris Hynes said the Carillon He said Sirona, which was else in an existing building that’s and take on the development Calgary and Houston, which proposal followed its significant midway through developing a going to suit them. risk. also had highly cyclical office redevelopment of 240 St Georges $270 million office building in “That may lead to a new “We’ve been Chevron’s land- markets. Terrace, which included a new the centre of Fremantle, was development, but it’s very much lord and business partner in Other than Chevron, Brook- street entry, improved retail, increasingly busy in seeking going to depend on tenant California through various field has an approval in place a new childcare centre and a planning approvals. pre-commitment.” opportunities there, so we were to build an eight-storey office flexible office facility known as “I’m picking particular parts of At Elizabeth Quay, cranes able to draw on the global busi- tower above the Esplanade Bus- Dexus Place. the market … I think there is room are expected on lots seven and ness in those relationships,” he port, while its 52-storey Perth He said Dexus was taking a for more offices in Fremantle for eight early next year, with Mul- said. Plus mixed-use proposal at Eliz- positive view of the Perth office instance,” Mr McNeilly said. tiplex scheduled to start work “So when they had a bit of a abeth Quay includes around market. “Now is the time, in my view, to on Chevron’s new 55,000sqm, change of heart and decided 40,000sqm of office space across “We are seeing considerable be mobilising and getting ready purpose-built headquarters. they didn’t want to be in the two buildings. investment by the government for the next development cycle. FEATURE COMMERCIAL PROPERTY NEXT WAVE: (Clockwise from top left) Brookfield’s Perth Plus, Chevron’s new headquarters, Esplanade Plaza, Dexus’ Carillon City and AAIG’s Capital Square.
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