Savills Research Australia
Quarter Time National Office Q4/2017
CBD Averages – A Grade
National Office Trends Detailed N.F. Rent N.E. Rent Market Yield IRR Cap. Value Sales Activity: Sydney CBD 1,000 (16.3%) 780 (19.1%) 4.95 (-45bps) 6.70 (-45bps) 19,100 (17.9%) $17.39 8 b n 160 Sales ($10m+) Melbourne CBD 580 (10.5%) 420 (10.5%) 5.20 (-55bps) 6.90 (-10bps) 9,800 (4.3%)
Brisbane CBD 540 (8.0%) 290 (9.4%) 6.25 (-50bps) 7.25 (-90bps) 9,000 (7.1%) Leasing Activity 1,205,740sq m Perth CBD 565 (n/c) 290 (-1.7%) 7.25 (-25bps) 7.50 (-50bps) 7,9 0 0 (n /c) 340 Leases (1,000sq m+)
Adelaide CBD 370 (n/c) 260 (-5.5%) 7.50 (-50bps) 8.25 (-50bps) 5,000 (6.4%) Employment Canberra Civic 370 (2.8%) 290 (5.5%) 6.40 (-35bps) 8.15 (05bps) 6,800 (19.3%) 12.380m 3.1% grow th Note: 12 month change shown in brackets
Please note there have been material changes to this report and some methodologies, please contact Savills should you require explanation.
savills.com.au/research Savills Research | Quarter Time – National Office Q4/2017
Report Contents National Head – Capital Strategy & Research National Indicator Summary 3 Office Economic Drivers 5 Chris Freeman National Sales Activity 6 [email protected] National Leasing Activity 7 Senior Analyst – Capital Strategy & Research State Indicators and Major Activity New South Wales 8 Shrabastee Mallik Victoria 11 [email protected] Queensland 14 For our latest national reports, visit Western Australia 17 savills.com.au/research South Australia 20 Australian Capital Territory 23 To join Savills Research mailing list, please email [email protected]
Key State Contacts 26
National CBD Average Yield and IRR vs 10yr Bond Rate
Source: RBA, Savills Research
National CBD A Grade - Average Yield Spread over 10yr Bond Rate and IRR Multiple
Source: RBA, Savills Research
savills.com.au/research 2 Savills Research | Quarter Time – National Office Q4/2017
Fringe Market Averages – A Grade
National Office
N.F. Rent N.E. Rent Market Yield IRR Cap. Value NorthNorth Sydney Sydney 785 (9.8%) 590 (18.0%) 5.50 (-75bps) 7.25 (-25bps) 13,300 (17.7%) MacquarieMacquarie Park Park 360 (n/c) 260 (6.1%) 6.00 (-65bps) 7.40 (-35bps) 7,000 (27.3%) ParramattaParramatta 500 (11.1%) 415 (16.9%) 5.75 (-90bps) 7.25 (- 40 b ps) 9,300 (40.9%) StSt Kilda Kilda 450 (21.6%) 355 (26.8%) 6.05 (-60bps) 7.0 0 (-25b ps) 6,500 (20.4%)
BrisbaneBrisbane Fringe Fringe 445 (3.5%) 240 (4.3%) 6.50 (-40bps) 8.00 (-15bps) 8,400 (2.4%)
SunshineSunshine Coast Coast 330 (1.5%) 260 (-5.5%) 8.65 (n/c) 9.75 (n/c) 4,300 (2.4%)
GoldGold Coast Coast 325 (n/c) 235 (n/c) 8.50 (n/c) 9.50 (n/c) 4,300 (n/c) West Perth WestWest Perth Perth 350 ( 7.7%) 205 (n/c) 8.00 (n/c) 8.40 (n/c) 4,100 (n/c) Adelaide Fringe AdelaideAdelaide Fringe Fringe 345 (n/c) 260 (-5.5%) 7.75 (n /c) 8.65 (n/c) 4,400 (n/c) Canberra Non-Civic CanberraCanberra Non-Civic Non-Civic 365 (n/c) 3 0 0 ( 7.1%) 7.0 0 (-25b ps) 8.50 (10bps) 6,300 (5.0%)
Note: 12 month change shown in brackets
National Face Rents, Effective Rents and Incentive Comparison – A Grade Average
12 Month Net Effective Rental & Capital Growth – A Grade Average
savills.com.au/research 3 Savills Research | Quarter Time – National Office Q4/2017
Yield and IRR Spread to Bond Rates – A Grade Average
Typical Capital Value Range ($/sq m) – A Grade Average
Capital Value CAGRs by Period – A Grade Average (Historic) Effective Rental CAGRs by Period – A Grade Average (Historic)
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savills.com.au/research 4 Savills Research | Quarter Time – National Office Q4/2017
Office Sector Economic Drivers
Net Absorption vs. Growth in Prof. Job Advertisements Annual Growth in Professional Job Advertisements - % (to Oct-17) SydneySydney CBD CBD MelbourneMelbourne CBD CBD BrisbaneBrisbane CBD CBD 500,000 500,000 PerthSydneyPerth CBD CBD CBD AdelaideMelbourneAdelaide CBD CBD CBD CanberraBrisbaneCanberra CBD 30%30% 500,000 Prof.PerthProf. Job JobCBD Ads Ads Adelaide CBD Canberra 30% SASA 15.1%15.1% Prof. Job Ads SA 15.1% 400,000 400,000 20%20% 400,000 20% WAWA 12.6%12.6% 300,000 300,000 10%10% WA 12.6% 300,000 10% VICVIC 9.2%9.2% 200,000 200,000 0%0% VIC 9.2% 200,000 0% 100,000 100,000 (10%)(10%) TASTAS 7.8%7.8% 100,000 (10%) TAS 7.8% - - (20%)(20%) ACTACT 5.6%5.6% - (20%) ACT 5.6% (100,000) (100,000) (30%)(30%) (100,000) (30%) QLDQLD 5.4%5.4% QLD 5.4% (200,000) (200,000) (40%)(40%) (200,000) (40%) AUSAUS 4.8%4.8% AUS (300,000) (300,000) (50%)(50%) 4.8% (300,000) (50%) NSWNSW (0.3%)(0.3%) NSW (0.3%) NT NT (5.2%)(5.2%) NT (5.2%) Note: Net Absorption to Jun-17, Job Adverts to Oct-17
Annual Growth in Employment Annual Growth in Employment by State - % (to Nov-17) F/T Employed P/T Employed 400,000 F/T Employed P/T Employed 400,000 F/T Employed P/T Employed QLDQLD 4.8%4.8% 400,000 QLD 4.8% ACT 3.9% 300,000 300,000 ACT 3.9% 300,000 ACT 3.9% AUSAUS 3.1%3.1% 200,000 200,000 AUS 3.1% 200,000 VICVIC 3.0%3.0% VIC 3.0% 100,000 100,000 100,000 NSWNSW 2.9%2.9% NSW 2.9% - - TASTAS 2.8%2.8% - TAS 2.8% WA 2.8% (100,000) (100,000) WA 2.8% (100,000) WA 2.8% SASA 1.3%1.3% (200,000) (200,000) SA 1.3% (200,000) NT NT -2.1%-2.1% NT -2.1%
Note: CAGR = Compound Annual Growth Rate
Summary of State Economic Indicators
Key State Indicators (%) Latest NSW VIC QLD WA SA ACT AUS
SFD / GDP Growth Sep-17 3.1 (2.7) 4.2 (3.0) 3.0 (2.0) -4.2 (2.2) 3.6 (2.0) 3.0 (2.6) 2.2 (2.6)
Population Growth Jun-17 1.6 (1.4) 2.3 (2.1) 1.6 (1.8) 0.8 (2.1) 0.6 (0.9) 1.7 (1.8) 1.6 (1.7)
Employment Growth Nov-17 2.9 (1.6) 3.0 (2.1) 4.8 (1.4) 2.8 (1.6) 1.3 (0.7) 3.9 (1.6) 3.1 (1.6)
Unemployment Rate Nov-17 4.8 (5.3) 5.9 (5.6) 6.1 (5.6) 6.0 (4.8) 6.3 (6.0) 4.0 (3.8) 5.6 (5.4)
CPI (Inflation) Sep-17 1.9 (2.5) 2.2 (2.3) 1.5 (2.4) 0.8 (2.1) 1.8 (2.3) 2.1 (2.2) 1.8 (2.4)
Job Adverts (Prof) Oct-17 -1.2 (-3.5) 9.1 (-2.0) 3.3 (-5.1) 9.8 (-5.6) 13.5 (-4.1) 5.3 (2.3) 3.7 (-3.4)
Job Adverts (Total) Oct-17 0.3 (-3.1) 5.6 (-3.3) 6.5 (-6.7) 4.2 (-5.9) 11.2 (-6.5) 3.9 (1.7) 3.5 (-4.3)
Source: ABS / DOE / Savills Note: Annual change shown, 10yr compound average in brackets
Note: Economic growth numbers are on a rolling annual basis; Employment growth is on trend terms
savills.com.au/research 5 Savills Research | Quarter Time – National Office Q4/2017
National Sales Activity
Reported Transaction Activity – Sales $10m+ $20bn NSW VIC QLD WA SA ACT 100% $20bn NSW VIC QLD WA SA ACT 100% $18bn $18bn $16bn 80% $16bn 80% $14bn $14bn 60% $12bn 60% $12bn $10bn 40% $10bn 40% $8bn $8bn $6bn 20% $6bn 20% $4bn $4bn 0% 0% $2bn Purchasers Vendors $2bn Purchasers Vendors Fund Trust $0bn DeveloperFund OwnerTrust Occupier $0bn Developer Owner Occupier Government Syndicate ForeignGovernment Investor PrivateSyndicate Investor Foreign Investor Private Investor Other Other
Top Recent 15 Sales by Value ($m) 400.00 380.00 400.00 380.00 300.00 300.00 252.00 252.00 220.00 220.00 202.50 202.50 171.60 171.60 160.50 156.10 160.50 156.10 140.20 138.00 140.20 138.00 106.20 105.75 106.20 105.75 94.00 92.60 86.30 106.20 105.75 94.00 92.60 86.30 77.00 86.30 77.00 64.70 64.00 57.00 64.70 64.00 57.00 $6,533/sq m $6,533/sq m NSW - Dec-17 -… $6,533/sq m NSW - Dec-17 -… $10,868/sq m $10,868/sq $10,868/sq m $10,868/sq NSW - Dec-17 -… 201 Pacific Hwy, St Hwy, Pacific 201 Valley, QLD - Dec-17 -… $10,868/sq m $10,868/sq 201 Pacific Hwy, St Hwy, Pacific 201 Valley, QLD - Dec-17 -… 31 Duncan St, Fortitude St, Duncan 31 201 Pacific Hwy, St Hwy, Pacific 201 VIC (50.0%) - Dec-17 -… 31 Duncan St, Fortitude St, Duncan 31 Anz Anz House, SA - Dec-17 - Valley, QLD - Dec-17 -… 1 Castlereagh St, Sydney, VIC (50.0%) - Dec-17 -… Anz Anz House, SA - Dec-17 - Leonards, NSW - Dec-17 -… 31 Duncan St, Fortitude St, Duncan 31 - Dec-17 - $14,382/sq m $14,382/sq - Dec-17 - - Dec-17 - $10,951/sq m $10,951/sq - Dec-17 - 1 Castlereagh St, Sydney, - Dec-17 - $11,366/sq m $11,366/sq - Dec-17 - 850 Collins St, Docklands, St, Collins 850 45 St Georges Tce, Perth, VIC (50.0%) - Dec-17 -… Leonards, NSW - Dec-17 -… Anz Anz House, SA - Dec-17 - - Dec-17 - $14,382/sq m $14,382/sq - Dec-17 - - Dec-17 - $10,951/sq m $10,951/sq - Dec-17 - - Dec-17 - $11,366/sq m $11,366/sq - Dec-17 - 800 Collins St, Docklands, St, Collins 800 405 Bourke St, Melbourne, 575 Bourke St, Melbourne, VIC - Nov-17 - $9,004/sq m VIC - Nov-17 - $8,680/sq m 850 Collins St, Docklands, St, Collins 850 45 St Georges Tce, Perth, 1 Castlereagh St, Sydney, 150 Charlotte St, Brisbane, St, Charlotte 150 108 Wickham St, Brisbane, 75 George St, Parramatta, WA - Nov-17 - $5,699/sq m QLD - Oct-17 - $9,604/sq m $9,604/sq - Oct-17 - QLD Leonards, NSW - Dec-17 -… VIC - Nov-17 - $7,700/sq m 44 Sydney Avenue, Forrest, ACT- Nov-17 $6,504/sq - m 800 Collins St, Docklands, St, Collins 800 QLD - Dec-17 - $8,915/sq m $8,915/sq - Dec-17 - QLD 10 Barrack St, Sydney, NSW 32 Turbot St, Brisbane, QLD Brisbane, St, Turbot 32 405 Bourke St, Melbourne, VIC - Nov-17 - $8,080/sq m 575 Bourke St, Melbourne, VIC - Nov-17 - $9,004/sq m VIC - Nov-17 - $8,680/sq m - Dec-17 - $14,382/sq m $14,382/sq - Dec-17 - - Dec-17 - $10,951/sq m $10,951/sq - Dec-17 - 150 Charlotte St, Brisbane, St, Charlotte 150 312 St Kilda Rd, Melbourne, - Dec-17 - $11,366/sq m $11,366/sq - Dec-17 - QLD - Oct-17 - $7,847/sq m $7,847/sq - Oct-17 - QLD 108 Wickham St, Brisbane, 160 Sussex St, Sydney, NSW 75 George St, Parramatta, WA - Nov-17 - $5,699/sq m Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic QLD - Oct-17 - $9,604/sq m $9,604/sq - Oct-17 - QLD 850 Collins St, Docklands, St, Collins 850 45 St Georges Tce, Perth, VIC - Nov-17 - $7,700/sq m VIC - Nov-17 - $10,471/sq m 44 Sydney Avenue, Forrest, NSW - Dec-17 - $8,939/sq m $8,939/sq - Dec-17 - NSW ACT- Nov-17 $6,504/sq - m QLD - Dec-17 - $8,915/sq m $8,915/sq - Dec-17 - QLD 10 Barrack St, Sydney, NSW 32 Turbot St, Brisbane, QLD Brisbane, St, Turbot 32 469 La Trobe St, Melbourne, St, Trobe La 469 VIC - Nov-17 - $8,080/sq m 199 Grey St, South Brisbane, South St, Grey 199 312 St Kilda Rd, Melbourne, QLD - Oct-17 - $7,847/sq m $7,847/sq - Oct-17 - QLD 160 Sussex St, Sydney, NSW 800 Collins St, Docklands, St, Collins 800 Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic 405 Bourke St, Melbourne, 575 Bourke St, Melbourne, VIC - Nov-17 - $9,004/sq m VIC - Nov-17 - $8,680/sq m 150 Charlotte St, Brisbane, St, Charlotte 150 VIC - Nov-17 - $10,471/sq m 108 Wickham St, Brisbane, 75 George St, Parramatta, NSW - Dec-17 - $8,939/sq m $8,939/sq - Dec-17 - NSW WA - Nov-17 - $5,699/sq m QLD - Oct-17 - $9,604/sq m $9,604/sq - Oct-17 - QLD 469 La Trobe St, Melbourne, St, Trobe La 469 199 Grey St, South Brisbane, South St, Grey 199 VIC - Nov-17 - $7,700/sq m 44 Sydney Avenue, Forrest, ACT- Nov-17 $6,504/sq - m QLD - Dec-17 - $8,915/sq m $8,915/sq - Dec-17 - QLD 10 Barrack St, Sydney, NSW 32 Turbot St, Brisbane, QLD Brisbane, St, Turbot 32 VIC - Nov-17 - $8,080/sq m 312 St Kilda Rd, Melbourne, QLD - Oct-17 - $7,847/sq m $7,847/sq - Oct-17 - QLD 160 Sussex St, Sydney, NSW Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic VIC - Nov-17 - $10,471/sq m NSW - Dec-17 - $8,939/sq m $8,939/sq - Dec-17 - NSW 469 La Trobe St, Melbourne, St, Trobe La 469 199 Grey St, South Brisbane, South St, Grey 199
Top Recent 15 Sales by $/sq m 18,982 18,982 15,300 15,052 15,300 15,052 14,382 14,382 13,008 13,008 11,366 10,951 10,868 11,366 10,951 10,868 10,550 10,471 10,352 10,951 10,868 10,550 10,471 10,352 9,604 10,352 9,604 9,004 8,939 8,915 8,680 9,604 9,004 8,939 8,915 8,680 8,080 7,847 7,700 8,680 8,080 7,847 7,700 7,138 7,847 7,700 7,138 $252.00m $252.00m $252.00m Dec-17 - $94.00m - Dec-17 Dec-17 - $55.00m - Dec-17 Dec-17 - $138.00m - Dec-17 Dec-17 - $94.00m - Dec-17 Dec-17 - $380.00m - Dec-17 Dec-17 - $55.00m - Dec-17 Dec-17 - $138.00m - Dec-17 Nov-17 - $300.00m Nov-17 - $156.10m Dec-17 - $380.00m - Dec-17 Dec-17 - $86.30m - Dec-17 Dec-17 - $94.00m - Dec-17 Dec-17 - $220.00m - Dec-17 - Nov-17 - $77.00m Nov-17 - $140.20m - Dec-17 - $52.00m - Dec-17 - Nov-17 - $300.00m Nov-17 - $156.10m Oct-17 - $105.75m - Oct-17 Dec-17 - $55.00m - Dec-17 Dec-17 - $138.00m - Dec-17 Dec-17 - $106.20m - Dec-17 QLD - Oct-17 - $92.60m - Oct-17 - QLD Dec-17 - $86.30m - Dec-17 Dec-17 - $380.00m - Dec-17 Dec-17 - $220.00m - Dec-17 - Nov-17 - $77.00m - Nov-17 - $160.50m - Nov-17 - Nov-17 - $140.20m - Dec-17 - $52.00m - Dec-17 - Oct-17 - $105.75m - Oct-17 Dec-17 - $106.20m - Dec-17 WA - Nov-17 - $9.90m QLD - Oct-17 - $92.60m - Oct-17 - QLD Nov-17 - $300.00m Nov-17 - $156.10m Dec-17 - $86.30m - Dec-17 - Nov-17 - $160.50m - Nov-17 - Dec-17 - $220.00m - Dec-17 QLD - Dec-17 - $64.00m - Dec-17 - QLD - Nov-17 - $77.00m NSW Dec-17 - $171.60m - WA - Nov-17 - $9.90m Nov-17 - $140.20m - Dec-17 - $52.00m - Dec-17 - Oct-17 - $105.75m - Oct-17 Dec-17 - $106.20m - Dec-17 QLD - Oct-17 - $92.60m - Oct-17 - QLD Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic QLD - Dec-17 - $64.00m - Dec-17 - QLD NSW Dec-17 - $171.60m - - Nov-17 - $160.50m - Nov-17 - 199 Grey St, South Brisbane, South St, Grey 199 WA - Nov-17 - $9.90m Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic 10 Barrack St, Sydney, NSW - 201 Pacific Hwy, St Leonards, St Hwy, Pacific 201 160 Sussex St, Sydney, NSW - QLD - Dec-17 - $64.00m - Dec-17 - QLD 199 Grey St, South Brisbane, South St, Grey 199 NSW Dec-17 - $171.60m - 32 Turbot St, Brisbane, QLD - QLD Brisbane, St, Turbot 32 (50.0%) - Dec-17 - $400.00m - Dec-17 - (50.0%) 10 Barrack St, Sydney, NSW - 201 Pacific Hwy, St Leonards, St Hwy, Pacific 201 Civic Tower, NSW - Nov-17 - Nov-17 - NSW Tower, Civic 160 Sussex St, Sydney, NSW - 180 Queen St, Brisbane, QLD - 32 Turbot St, Brisbane, QLD - QLD Brisbane, St, Turbot 32 199 Grey St, South Brisbane, South St, Grey 199 (50.0%) - Dec-17 - $400.00m - Dec-17 - (50.0%) 800 Collins St, Docklands, VIC - VIC Docklands, St, Collins 800 - VIC Docklands, St, Collins 850 10 Barrack St, Sydney, NSW - 405 Bourke St, Melbourne, VIC 180 Queen St, Brisbane, QLD - 31 Duncan St, Fortitude Valley, 201 Pacific Hwy, St Leonards, St Hwy, Pacific 201 160 Sussex St, Sydney, NSW - 18-22 Bowman St, South Perth, South St, Bowman 18-22 32 Turbot St, Brisbane, QLD - QLD Brisbane, St, Turbot 32 800 Collins St, Docklands, VIC - VIC Docklands, St, Collins 800 - VIC Docklands, St, Collins 850 (50.0%) - Dec-17 - $400.00m - Dec-17 - (50.0%) 405 Bourke St, Melbourne, VIC 31 Duncan St, Fortitude Valley, 312 St Kilda Rd, Melbourne, VIC 1 Castlereagh St, Sydney, NSW - 180 Queen St, Brisbane, QLD - 18-22 Bowman St, South Perth, South St, Bowman 18-22 575 Bourke St, Melbourne, VIC - 469 La Trobe St, Melbourne, VIC Melbourne, St, Trobe La 469 75 Miller St, North Sydney, NSW 312 St Kilda Rd, Melbourne, VIC 800 Collins St, Docklands, VIC - VIC Docklands, St, Collins 800 - VIC Docklands, St, Collins 850 1 Castlereagh St, Sydney, NSW - 405 Bourke St, Melbourne, VIC 108 Wickham St, Brisbane, QLD - 75 George St, Parramatta, NSW - 31 Duncan St, Fortitude Valley, 150 Charlotte St, Brisbane, QLD - 575 Bourke St, Melbourne, VIC - 469 La Trobe St, Melbourne, VIC Melbourne, St, Trobe La 469 75 Miller St, North Sydney, NSW 18-22 Bowman St, South Perth, South St, Bowman 18-22 108 Wickham St, Brisbane, QLD - 75 George St, Parramatta, NSW - 150 Charlotte St, Brisbane, QLD - 312 St Kilda Rd, Melbourne, VIC 1 Castlereagh St, Sydney, NSW - 575 Bourke St, Melbourne, VIC - 469 La Trobe St, Melbourne, VIC Melbourne, St, Trobe La 469 75 Miller St, North Sydney, NSW 108 Wickham St, Brisbane, QLD - 75 George St, Parramatta, NSW - 150 Charlotte St, Brisbane, QLD -
savills.com.au/research 6 Savills Research | Quarter Time – National Office Q4/2017
National Leasing Activity
Reported Leasing Activity – Leases 1,000sq m+
,000,000 S D L I DL C N ,000,000 S D L I DL C N e a l W Sale 50, 0 s - .5% 1, 00,000 e a l W Sale 50, 0 s - .5% 1, 00,000 e a l W Sale 50, 0 s - .5% ,000,0001, 00,000S D L I DL C N 1, 00,000 e a l W Sale 50, 0 s - .5% 1, 00,0001, 00,000 n n l. 1, s - .1% 1, 00,000 n n l. 1, s - .1% 1, 00,000 n n l. 1, s - .1% 1, 00,0001, 00,000 1, 00,000 n n l. 1, s - .1% 1, 00,0001, 00,000 I Co 1 ,0 5s - 1 .0% 1,000,000 1,000,000 I Co 1 ,0 5s - 1 .0% 1, 00,0001,000,000 00,000 I Co 1 ,0 5s - 1 .0% 1,000,000 00,000 o . , 1 s - 1 . % 00,000 o . , 1 s - 1 . % 00,000 00,000 00,000 o . , 1 s - 1 . % 00,000 00,000 s ness Ser . ,0 s - 0.5% 00,000 s ness Ser . ,0 s - 0.5% 00,000 00,000 s ness Ser . ,0 s - 0.5% 00,000 n Ins 1 , 77s - 7.7% n Ins 1 , 77s - 7.7% n Ins 1 , 77s - 7.7%
Leasing Composition by Type – Leases 1,000sq m+ Leasing Composition by Grade – Leases 1,000sq m+
- ,0 s - 1 .0% - ,0 s - 1 .0% D rec - 0 ,11 s - 7. % D rec - 0 ,11 s - - ,0 s - 1 .0% - 75 ,771s - . % D rec - 7. % 0 ,11 s - - 75 ,771s - . % 7. % - 75 ,771s - . % reco - ,1 s - - 75 ,771s - . % 1.1% reco - ,1 s - - 1 , 5s - 1 .5% 1.1% - 1 , 5s - 1 .5% reco - ,1 s - - 1 , 5s - 1 .5% 1.1% ene al - 111, 5s - - 1 , 5s - 1 .5% .5% ene al - 111, 5s - C - 1, s - .5% .5% ene al - 111, 5s - C - 1, s - .5% .5% S lease - 1 , 0 s - C - 1, s - .5% 1.5% 1.5% S lease - 1 , 0 s - D - s - 0.0% S lease1.5% - 1 , 0 s - D - s - 0.0% 1.5% D - s - 0.0%
,000 Top 20 Recent 1,000 Leases 1,000sq m+ reco D rec er ,000 reco D rec er 1,000 , reco D rec er ,000 , 1,000 , reco D rec er ,
17, 17, ,7 0 7,10 17, 7,10 , 17 , 17 5, 5 ,7 0 5, 5 ,7 , 0 , 00 ,0 0 7,10 , 17 , 17 ,0 0 ,000 , , 0 ,000 1, 5 1, 00 1, 5, 5 ,7 , 0 ,000 1, 5 1, 00 1, ,7 0 , 00 ,0 0 ,000 , , 0 7,10 , 17 , 17 ,000 1, 5 1, 00 1, 5, 5 ,7 , 0 , 00 ,0 0 ,000 , , 0 ,000 1, 5 1, 00 1, I , NSW I , , VIC I , NSW I , , VIC CN, NSW CN, CN, NSW CN, er, NSW er, NSW Cor , NSW N C, C I , NSW I , , VIC Cor , NSW N C, C nn n s, VIC nn n s, nn n s, VIC nn n s, CN, NSW CN, er, NSW Cor , NSW N C, C Ca al, VIC nn n s, VIC nn n s, , VIC I , NSW I , Ca al, VIC ao s ral a, VIC ao s ral a, VIC QLD CN, NSW CN, QLD er, NSW s ral a, NSW Cor , NSW s ral a, NSW Ca al, VIC N C, C onas Colle e , VIC ao s ral a, VIC nn n s, VIC nn n s, onas Colle e , VIC QLD s ral a, NSW Ca al, VIC onas Colle e , VIC ao s ral a, VIC S n rne n ers y, VIC Sydney S ar , NSW , S ar Sydney QLD Der a ed S n Cl n c, VIC S n rne n ers y, VIC Sydney S ar , NSW , S ar Sydney Der a ed S n Cl n c, VIC s ral a, NSW onas Colle e , VIC S n rne n ers y, VIC Sydney S ar , NSW , S ar Sydney Der a ed S n Cl n c, VIC Na onal an o s ral a, VIC s ral a, o Na onal an Wool or s ( ec De ), NSW Na onal an o s ral a, VIC s ral a, o Na onal an Wool or s ( ec De ), NSW WS arsons r nc er o , NSW WS arsons r nc er o , NSW ro ns n l s Lan a e Sc ool, Lan a e n l s ro ns S n rne n ers y, VIC Sydney S ar , NSW , S ar Sydney ro ns n l s Lan a e Sc ool, Lan a e n l s ro ns Der a ed S n Cl n c, VIC Na onal an o s ral a, VIC s ral a, o Na onal an Wool or s ( ec De ), NSW De ar en o Ve ran a rs, NSW WS arsons r nc er o , NSW De ar en o Ve ran a rs, NSW e S ar n ern a en ro , NSW ro , n ern a en S ar e ro ns n l s Lan a e Sc ool, Lan a e n l s ro ns e S ar n ern a en ro , NSW ro , n ern a en S ar e Na onal an o s ral a, VIC s ral a, o Na onal an Wool or s ( ec De ), NSW De ar en o Ve ran a rs, NSW WS arsons r nc er o , NSW e S ar n ern a en ro , NSW ro , n ern a en S ar e ro ns n l s Lan a e Sc ool, Lan a e n l s ro ns De ar en o Ve ran a rs, NSW e S ar n ern a en ro , NSW ro , n ern a en S ar e
savills.com.au/research 7 Savills Research | Quarter Time – National Office Q4/2017
New South Wales
PCA OMR Statistics (Jun-17)
Sydney CBD North Sydney Parramatta Macquarie Park AUS CBD
Total Stock 5,086,316 822,496 706,332 873,693 18,018,735 Total Vacancy 298,248 52,734 30,027 74,052 1,772,892 Vacancy (%) 5.9 (7.2) 6.4 (9.0) 4.3 (7.7) 8.5 (9.0) 10.5 (8.6)
Net Absorption (12m) -7,727 (30,382) 32,883 (2,823) 24,334 (11,800) -20,823 (28,843) 188,097 (199,008) Net Absorption (%) -0.2 (0.7) 4.5 (0.4) 3.7 (1.9) -2.5 (4.6) 1.2 (1.3)
Stock Additions 205,794 45,132 26,000 19,300 495,708 Stock Withdrawals 201,480 15,118 2,137 28,974 376,381 Net Additions 8,064 (33,345) 30,014 (1,349) 23,863 (9,831) -9,674 (31,887) 125,453 (325,578) Net Additions (%) 0.2 (0.7) 3.8 (0.2) 3.5 (1.5) -1.1 (4.6) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Sydney CBD Key Indicators
Premium A Grade B Grade Sydney CBD Low High Low High Low High
Rental – Gross Face ($/sq m) 1,170 1,500 1,120 1,220 890 1,040
Rental – Net Face ($/sq m) 970 1,300 950 1,050 750 900
Incentive Level Gross 18% 21% 17% 21% 16% 21%
Rental – Net Effective ($/sq m) 740 1,005 735 820 585 710
Outgoings – Operating ($/sq m) 140 155 110 130 80 110
Outgoings – Statutory ($/sq m) 45 55 45 50 40 50
Outgoings – Total ($/sq m) 185 210 155 180 120 160
Typical Lease Term 8 10 5 10 5 7
Yield – Market (% Net Face Rental) 4.63 4.88 4.75 5.13 4.63 5.25
IRR (%) 6.63 6.75 6.63 6.75 6.25 6.75
Cars Permanent Reserved ($/pcm) 990 1,080 900 1,070 720 790
Office Capital Values ($/sq m) 21,500 28,500 17,6 0 0 20,500 13,500 20,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 8 Savills Research | Quarter Time – National Office Q4/2017
North Shore Key Indicators
North Sydney North Sydney Macquarie Park North Shore A Grade B Grade A Grade Low High Low High Low High
Rental – Gross Face ($/sq m) 875 945 725 815 420 505
Rental – Net Face ($/sq m) 750 820 610 700 315 400
Incentive Level Net 20% 30% 15% 25% 25% 30%
Rental – Net Effective ($/sq m) 565 615 490 560 230 290
Outgoings – Operating ($/sq m) 90 95 80 85 65 80
Outgoings – Statutory ($/sq m) 30 35 30 35 25 40
Outgoings – Total ($/sq m) 120 130 110 120 90 120
Typical Lease Term 7 10 3 7 5 8
Yield – Market (% Net Face Rental) 5.25 5.75 6.00 6.50 5.75 6.25
IRR (%) 7.0 0 7.50 7.25 7.75 7.25 7.50
Cars Permanent Reserved ($/pcm) 550 650 475 550 225 275
Cars Permanent ($/pcm) 500 550 400 500 na na
Office Capital Values ($/sq m) 12,000 14,500 9,500 11,500 6,500 7,50 0
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
Parramatta Key Indicators
A Grade B Grade Parramatta Low High Low High
Rental – Gross Face ($/sq m) 565 665 495 545
Rental – Net Face ($/sq m) 450 550 375 425
Incentive Level Net 15% 20% 15% 20%
Rental – Net Effective ($/sq m) 370 455 310 350
Outgoings – Operating ($/sq m) 75 80 80 85
Outgoings – Statutory ($/sq m) 30 40 30 40
Outgoings – Total ($/sq m) 105 120 110 125
Typical Lease Term 3 7 3 7
Yield – Market (% Net Face Rental) 5.50 6.00 6.25 6.75
IRR (%) 7.0 0 7.50 7.50 8.00
Cars Permanent Reserved ($/pcm) 270 320 225 275
Cars Permanent ($/pcm) 200 250 200 250
Office Capital Values ($/sq m) 8,500 10,000 6,000 8,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 9 Savills Research | Quarter Time – National Office Q4/2017
Top 15 Recent Sydney Sales (by Sale Price)
Property Price ($m) | Date | NLA (sq m) Yield | Type | $/sq m
19 Martin Pl (MLC Centre), Sydney (50%) 722.60 | Jun-17 | 77,400 4.50 | r | 18,672
100 Harris St, Pyrmont 327.50 | Jun-17 | 26,900 5.30 | r | 12,175
320 Pitt St (Telstra Plaza), Sydney 275.00 | May-17 | 29,159 5.81 | e | 9,431
26-32 Waterloo St, Surry Hills 270.05 | Sep-17 | 13,886 3.13 | i | 19,447
Civic Tower 252.00 | Nov-17 | 23,188 n.a | n.a | 10,868
105 Phillip St, Parramatta 229.00 | May-17 | 25,000 5.31 | r | 9,160
1 Castlereagh St, Sydney 220.00 | Dec-17 | 11,590 3.67 | i | 18,982
9 Hunter St, Sydney 200.00 | Oct-17 | 15,676 4.90 | i | 12,758
20 Hunter St, Sydney 192.50 | Oct-17 | 9,892 3.92 | i | 19,460
The Forum 171.60 | Dec-17 | 16,577 6.60 | r | 10,352
Hudson House 165.87 | Sep-17 | 9,873 5.13 | r | 16,801
50 Pitt St, Sydney 165.00 | Oct-17 | 9,873 4.80 | i | 16,712
158 Goulburn St, Sydney 158.00 | Jul-17 | 19,406 5.97 | e | 8,142
10 Barrack St, Sydney 138.00 | Dec-17 | 9,595 n.a | n.a | 14,382
116 Miller St (Northpoint), North Sydney 134.00 | Jul-17 | 8,452 5.25 | i | 15,854
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * Includes >$30 m in compensation beyond market value.
Top 15 Recent Sydney Leases (by Area Leased)
Property Tenant Date | NLA (sq m) Type | Rent | Term
201 Sussex Street, Sydney IAG Dec-17 | 34,394 Direct | 835 (n.a) | 12
100 Mount St, North Sydney NBN Aug-17 | 20,000 Direct | 750 (N) | 10
11-31 York Streeet, Sydney Sydney Startup Hub Nov-17 | 17,244 Direct | 835 (n.a) | 7
11-31 York St, Sydney Sydney Startup Hub Aug-17 | 17,244 Direct | 835 (G) | 7
680 George Street, Sydney WSP Parsons Brinckerhoff Dec-17 | 7,108 Direct | 670 (n.a) | 7
60 Union Street, Pyrmont The Star Enterntaiment Group Dec-17 | 6,617 0 | 864 (n.a) | 11
60 Union Street, Pyrmont MCN Dec-17 | 6,617 0 | 385 (n.a) | 5
280 Elizabeth St, Sydney Department of Vetran Affairs Nov-17 | 5,335 Direct | 595 (n.a) | 10
407 Elizabeth Street, Surry Hills Woolworths (Tech Dept) Oct-17 | 4,786 0 | 685 (n.a) | 7
259 George St, Sydney Aust. Inst. of Comp. Directors Sep-17 | 4,750 Direct | 995 (G) | n.a.
151 Clarence Street, Sydney Pfizer Dec-17 | 4,640 Direct | 1,065 (n.a) | 8
185-191 O'Riordan Street, Mascot Kone Sep-17 | 4,320 Direct | 365 (n.a) | 15
223 Liverpool Street, Darlinghurst Hub Australia Dec-17 | 4,200 0 | 750 (n.a) | 10
185-191 O'Riordan Street, Mascot Trade Secret Sep-17 | 4,000 Direct | 415 (n.a) | 5
10 Shelley St, Sydney IRESS Market Technology Sep-17 | 3,433 Direct | 654 (G) | 5
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 10 Savills Research | Quarter Time – National Office Q4/2017
Victoria
PCA OMR Statistics (Jun-17)
Melbourne CBD St Kilda Rd Southbank East Melbourne AUS CBD
Total Stock 4,550,598 667,281 401,142 177,461 18,018,735 Total Vacancy 294,562 75,225 13,389 5,863 1,772,892 Vacancy (%) 6.5 (6.6) 11.3 (10.5) 3.3 (6.7) 3.3 (2.9) 10.5 (8.6)
Net Absorption (12m) 128,389 (75,914) -27,751 (-10,388) -4 (3,028) 230 (644) 188,097 (199,008) Net Absorption (%) 3.1 (2.0) -4.5 (-1.6) 0.0 (0.8) 0.1 (0.4) 1.2 (1.3)
Stock Additions 166,974 - 22,444 7,000 495,708 Stock Withdrawals 57,334 18,894 29,894 3,500 376,381 Net Additions 109,640 (83,778) -18,894 (-9,434) -7,450 (2,732) 3,500 (276) 125,453 (325,578) Net Additions (%) 2.5 (2.1) -2.8 (-1.3) -1.8 (0.7) 2.0 (0.2) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Melbourne CBD Key Indicators
Premium A Grade B Grade Melbourne CBD (City Core) Low High Low High Low High
Rental – Gross Face ($/sq m) 725 1,020 685 805 595 620
Rental – Net Face ($/sq m) 535 830 520 640 455 480
Incentive Level Gross 24% 28% 25% 30% 22% 26%
Rental – Net Effective ($/sq m) 395 615 375 465 345 365
Outgoings – Operating ($/sq m) 115 135 100 110 85 109
Outgoings – Statutory ($/sq m) 60 70 55 60 37 47
Outgoings – Total ($/sq m) 175 205 155 170 122 156
Typical Lease Term 6 10 5 8 3 7
Yield – Market (% Net Face Rental) 4.75 5.30 4.95 5.40 5.20 5.70
IRR (%) 6.65 7.0 0 6.75 7.0 0 6.80 7.25
Cars Permanent Reserved ($/pcm) 550 800 500 700 450 600
Cars Permanent ($/pcm) 450 600 450 600 420 500
Office Capital Values ($/sq m) 8,500 15,000 7,50 0 12,000 6,000 10,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 11 Savills Research | Quarter Time – National Office Q4/2017
Melbourne – St Kilda Rd Key Indicators
A Grade B Grade Melbourne – St Kilda Rd Low High Low High
Rental – Gross Face ($/sq m) 545 595 500 535
Rental – Net Face ($/sq m) 425 475 385 420
Incentive Level Gross 19% 24% 15% 20%
Rental – Net Effective ($/sq m) 335 375 320 345
Outgoings – Operating ($/sq m) 65 75 60 70
Outgoings – Statutory ($/sq m) 50 50 45 50
Outgoings – Total ($/sq m) 115 125 105 120
Typical Lease Term 3 6 3 5
Yield – Market (% Net Face Rental) 5.75 6.30 6.00 6.50
IRR (%) 6.75 7.25 7.0 0 7.25
Cars Permanent Reserved ($/pcm) 300 330 280 320
Office Capital Values ($/sq m) 5,000 8,000 5,000 6,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
Melbourne – Suburban Key Indicators
A Grade B Grade Melbourne – Suburban Low High Low High
Rental – Gross Face ($/sq m) 480 530 375 420
Rental – Net Face ($/sq m) 375 425 275 320
Incentive Level Gross 15% 20% 19% 24%
Rental – Net Effective ($/sq m) 310 350 215 250
Outgoings – Operating ($/sq m) 50 70 50 60
Outgoings – Statutory ($/sq m) 35 55 40 45
Outgoings – Total ($/sq m) 85 125 90 105
Typical Lease Term 4 8 3 5
Yield – Market (% Net Face Rental) 6.20 7.0 0 6.30 6.80
IRR (%) 7.0 0 7.50 7.0 0 7.50
Cars Permanent Reserved ($/pcm) 185 215 150 190
Office Capital Values ($/sq m) 6,100 7,6 0 0 4,500 5,500
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 12 Savills Research | Quarter Time – National Office Q4/2017
Top 15 Recent Melbourne Sales (by Sale Price)
Property Price ($m) | Date | NLA (sq m) Yield | Type | $/sq m
839 Collins St, Docklands 425.00 | Jan-17 | 39,000 5.25 | i | 10,897
477 Collins St (Older Fleet), Melbourne (50%) 414.17 | Jun-17 | 58,048 4.80 | e | 14,270
405 Bourke St, Melbourne (50%) 400.00 | Dec-17 | 61,500 n.a | n.a | 13,008
311 Spencer St, Melbourne 347.80 | Jun-17 | 65,648 4.89 | e | n.a
447 Collins St (Collins Arch), Melbourne (50%) 300.00 | Jul-17 | 49,000 n.a | n.a | 12,245
800 Collins St (Myer HQ), Dockands 300.00 | Nov-17 | 28,650 n.a | n.a | 10,471
18-38 Siddeley St (World Trade Centre), Docklands 267.50 | Feb-17 | 53,301 7.00 | i | 5,019
120 Spencer St, Melbourne 250.00 | Jun-17 | 32,217 n.a | n.a | 7,760
628 Bourke St (QBE House), Melbourne 180.80 | Jun-17 | 24,705 5.95 | e | 7,318
469 La Trobe St, Melbourne 160.50 | Nov-17 | 19,864 n.a | n.a | 8,080
850 Collins St (Aurecon Centre), Docklands 156.10 | Nov-17 | 17,337 n.a | n.a | 9,004
417 St Kilda Rd, Melbourne 144.40 | Aug-17 | 20,135 6.11 | e | 7,172
575 Bourke St, Melbourne 140.20 | Nov-17 | 16,152 n.a | n.a | 8,680
664 Collins St, Docklands (50%) 138.00 | Jun-17 | 26,180 4.97 | r | 10,542
990 La Trobe St, Docklands 114.50 | Aug-17 | 12,947 5.58 | e | 8,844
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development
Top 15 Recent Melbourne Leases (by Area Leased)
Property Tenant Date | NLA (sq m) Type | Rent | Term
405 Bourke St, Melbourne National Bank of Australia Dec-17 | 43,000 Precom | n.a | 12
750 Collins St, Docklands Monash College Oct-17 | 41,000 Direct | n.a | n.a.
60 Cremorne St, Cremorne Seek Aug-17 | 19,300 Precom | n.a | n.a.
2 Kendall St, Williams Landing Target Australia Jul-17 | 12,919 Precom | n.a | 10
699 Collins St, Docklands AMP Capital Oct-17 | 9,720 Precom | n.a | n.a.
360 Elizabeth St, Melbourne Allianz Australia Services Apr-17 | 7,260 Renewal | n.a | 5
321 Ferntree Gully Rd, Mt Waverley Monash University Jul-17 | 4,800 Direct | n.a | n.a.
465 Auburn Rd, Hawthorn Bunnings Oct-17 | 3,000 Direct | n.a | 5
464 St Kilda Rd, Melbourne Toll Holdings Sep-17 | 2,843 Direct | 270 (N) | n.a.
658 Church St, Cremorne Disney Aug-17 | 2,657 Direct | n.a | 5
727 Collins St, Docklands PEXA Dec-17 | 2,640 Direct | n.a | n.a.
850 Collins St, Docklands The National Heart Jun-17 | 2,154 Direct | 420 (N) | 7
293 Camberwell Rd, Hawthorn Kao Australia Oct-17 | 2,000 Direct | n.a | 10
455-459 Auburn Rd, Hawthorn Dermamed Skin Clinic Sep-17 | 1,952 Direct | 300 (N) | 20
260 Burwood Rd, Hawthorn Swinburne University Nov-17 | 1,900 Direct | 350 (N) | 2
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 13 Savills Research | Quarter Time – National Office Q4/2017
Queensland
PCA OMR Statistics (Jun-17)
Brisbane CBD Brisbane Fringe Gold Coast Sunshine Coast AUS CBD
Total Stock 2,279,725 1,219,642 468,648 148,841 18,018,735 Total Vacancy 357,525 175,385 52,984 10,283 1,772,892 Vacancy (%) 15.7 (10.8) 14.4 (10.4) 11.3 (17.1) 6.9 (11.7) 10.5 (8.6)
Net Absorption (12m) 41,749 (18,345) -4,508 (23,815) 10,252 (6,386) 3,448 (13,856) 188,097 (199,008) Net Absorption (%) 2.2 (1.0) -0.4 (2.6) 2.5 (1.7) 2.6 (n.a) 1.2 (1.3)
Stock Additions 75,853 23,800 7,289 - 495,708 Stock Withdrawals 58,006 21,477 11,691 - 376,381 Net Additions 17,847 (52,080) 2,323 (40,313) -4,402 (9,822) (14,884) 125,453 (325,578) Net Additions (%) 0.8 (2.6) 0.2 (4.1) -0.9 (2.4) 0.0 (n.a) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Brisbane Key Indicators
Premium A Grade B Grade Brisbane CBD Low High Low High Low High
Rental – Gross Face ($/sq m) 795 900 625 750 545 605
Rental – Net Face ($/sq m) 635 740 475 600 400 460
Incentive Level Gross 30% 38% 32% 40% 35% 42%
Rental – Net Effective ($/sq m) 365 435 250 330 190 225
Outgoings – Operating ($/sq m) 70 120 70 100 75 90
Outgoings – Statutory ($/sq m) 55 75 55 75 50 75
Outgoings – Total ($/sq m) 125 195 125 175 125 165
Typical Lease Term 7 10 4 10 3 8
Yield – Market (% Net Face Rental) 5.50 6.00 6.00 6.50 7.0 0 8.25
IRR (%) 7.0 0 7.50 7.0 0 7.50 8.00 9.00
Cars Permanent Reserved ($/pcm) 500 850 450 650 350 550
Cars Permanent ($/pcm) 450 650 400 550 300 500
Office Capital Values ($/sq m) 10,750 13,500 7,000 11,000 4,500 7,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 14 Savills Research | Quarter Time – National Office Q4/2017
Brisbane Fringe Key Indicators
A Grade B Grade Brisbane – Fringe Low High Low High
Rental – Gross Face ($/sq m) 525 625 400 495
Rental – Net Face ($/sq m) 393 493 273 368
Incentive Level Gross 30% 42% 35% 45%
Rental – Net Effective ($/sq m) 205 270 115 170
Outgoings – Operating ($/sq m) 75 110 75 100
Outgoings – Statutory ($/sq m) 30 50 30 50
Outgoings – Total ($/sq m) 105 160 105 150
Typical Lease Term 3 10 3 7
Yield – Market (% Net Face Rental) 6.00 7.0 0 7.0 0 8.25
IRR (%) 7.75 8.25 8.25 9.00
Cars Permanent Reserved ($/pcm) 250 395 180 300
Cars Permanent ($/pcm) 275 385 na na
Office Capital Values ($/sq m) 5,750 11,000 3,500 9,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
Gold Coast/Sunshine Coast Key Indicators
Gold Coast Sunshine Coast Gold Coast/Sunshine Coast Low High Low High
Rental – Gross Face ($/sq m) 375 470 330 450
Rental – Net Face ($/sq m) 275 370 270 390
Incentive Level Gross 15% 27% 15% 20%
Rental – Net Effective ($/sq m) 195 270 210 310
Outgoings – Operating ($/sq m) 45 65 30 50
Outgoings – Statutory ($/sq m) 35 55 10 30
Outgoings – Total ($/sq m) 80 120 40 80
Typical Lease Term 3 8 2 5
Yield – Market (% Net Face Rental) 8.00 9.00 8.00 9.25
IRR (%) 9.00 10.00 9.50 10.00
Cars Permanent Reserved ($/pcm) 120 180 na na
Office Capital Values ($/sq m) 3,000 5,500 3,000 5,500
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 15 Savills Research | Quarter Time – National Office Q4/2017
Top 15 Recent Brisbane Sales (by Sale Price)
Property Price ($m) | Date | NLA (sq m) Yield | Type | $/sq m
400 George Street, Brisbane (50%) 210.00 | Jul-17 | 43,493 6.43 | e | 9,657
120 Edward Street, Brisbane 142.65 | Jun-17 | 15,271 6.15 | e | 9,341
160 Ann Street, Brisbane 119.50 | Sep-17 | 15,984 6.03 | e | 7,476
520 Wickham St (HQ South), Fortitude Valley 119.15 | Jun-17 | 14,673 6.47 | e | 8,120
1241 Sandgate Rd (Energex Building), Nundah 106.25 | Mar-17 | 12,980 6.75 | e | 8,186
108 Wickham St, Brisbane 106.20 | Dec-17 | 11,913 6.10 | i | 8,915
150 Charlotte Street, Brisbane 105.75 | Aug-17 | 11,011 5.95 | e | 9,604
150 Charlotte St, Brisbane 105.75 | Oct-17 | 11,011 6.83 | i | 9,604
199 Grey Street, South Brisbane 92.60 | Oct-17 | 12,025 7.27 | e | 7,701
199 Grey St, South Brisbane 92.60 | Oct-17 | 11,800 n.a | n.a | 7,847
Bundall Corporate Centre 89.00 | Apr-17 | 19,574 7.09 | i | 4,547
100 Wickham Street, Fortitude Valley 83.83 | Sep-17 | 13,131 7.18 | e | 6,384
545 Queen St, Brisbane 70.50 | May-17 | 13,581 8.87 | e | 5,191
147-163 Charlotte St (Health & Forestry House), Brisbane 70.00 | Apr-17 | 26,782 n.a | n.a | 2,614
31 Duncan St, Fortitude Valley 64.00 | Dec-17 | 4,183 6.60 | i | 15,300
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development
Top 15 Recent Brisbane Leases (by Area Leased)
Property Tenant Date | NLA (sq m) Type | Rent | Term
275 George St, Brisbane Telstra Jan-17 | 28,464 Renewal | 827 (G) | 8
172-180 Ann St, Brisbane Origin Energy Mar-17 | 16,350 Direct | 765 (G) | 17
69 Ann St, Brisbane Telstra Jan-17 | 10,665 Renewal | n.a | 8
153 Campbell St, Bowen Hills Multiple Tenants Mar-17 | 9,500 Direct | n.a | n.a.
100 Wickham St, Fortitude Valley State of Queensland (eHealth) Jan-17 | 8,695 Renewal | 525 (G) | 7
180 Ann Street, Brisbane Stanwell Corporation Aug-17 | 4,000 Direct | 665 (G) | 10
172-180 Ann St, Brisbane Stanwell Corporation Apr-17 | 3,500 Direct | n.a | n.a.
111 Eagle St, Brisbane Allianz Global Jun-17 | 3,001 Sublease | 575 (G) | 2
153 Campbell Street, Bowen Hills State of Queensland Aug-17 | 2,873 Direct | 440 (G) | 5
111 Eagle St, Brisbane Queensland Treasury Corp Jun-17 | 2,832 Sublease | 875 (G) | 8
153 Campbell Street, Bowen Hills Siemens Aug-17 | 2,668 Renewal | 465 (G) | 3
400 Wickham Street, Fortitude Valley CoCo Republic Aug-17 | 2,652 Renewal | 377 (N) | 10
34 Corporate Drive, Cannon Hill Optus Aug-17 | 2,574 Direct | 415 (G) | 5
19 Corporate Drive, Cannon Hill NBN Co Aug-17 | 2,548 Direct | 450 (G) | 4
316 Adelaide St, Brisbane Times Education Group Mar-17 | 2,500 Direct | 535 (G) | 7
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 16 Savills Research | Quarter Time – National Office Q4/2017
Western Australia
PCA OMR Statistics (Jun-17)
Perth CBD West Perth AUS CBD
Total Stock 1,768,957 424,061 18,018,735 Total Vacancy 372,997 63,731 1,772,892 Vacancy (%) 21.1 (10.2) 15.0 (7.6) 10.5 (8.6)
Net Absorption (12m) 13,126 (12,357) -3,064 (45) 188,097 (199,008) Net Absorption (%) 0.9 (0.9) -0.8 (0.0) 1.2 (1.3)
Stock Additions 5,842 2,506 495,708 Stock Withdrawals 5,022 4,000 376,381 Net Additions 820 (48,769) -1,494 (6,268) 125,453 (325,578) Net Additions (%) 0.0 (3.3) -0.4 (1.6) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Perth CBD Key Indicators
Premium A Grade B Grade Perth CBD Low High Low High Low High
Rental – Gross Face ($/sq m) 775 900 640 815 410 635
Rental – Net Face ($/sq m) 600 725 475 650 250 475
Incentive Level Net 45% 50% 45% 53% 50% 55%
Rental – Net Effective ($/sq m) 315 380 245 335 120 225
Outgoings – Operating ($/sq m) 115 125 95 120 95 110
Outgoings – Statutory ($/sq m) 50 60 50 60 50 60
Outgoings – Total ($/sq m) 165 185 145 180 145 170
Typical Lease Term 7 10 5 7 3 5
Yield – Market (% Net Face Rental) 5.75 7.25 6.75 7.75 7.50 8.75
IRR (%) 6.75 7.50 7.0 0 8.00 7.50 8.50
Cars Permanent Reserved ($/pcm) 675 750 625 725 475 625
Cars Permanent ($/pcm) 675 750 625 725 475 625
Office Capital Values ($/sq m) 8,500 12,500 6,750 9,000 4,750 6,500
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 17 Savills Research | Quarter Time – National Office Q4/2017
West Perth Key Indicators
A Grade B Grade West Perth Low High Low High
Rental – Gross Face ($/sq m) 465 565 355 405
Rental – Net Face ($/sq m) 300 400 225 275
Incentive Level Net 38% 48% 38% 48%
Rental – Net Effective ($/sq m) 175 230 130 160
Outgoings – Operating ($/sq m) 80 90 50 55
Outgoings – Statutory ($/sq m) 65 90 65 90
Outgoings – Total ($/sq m) 145 180 115 145
Typical Lease Term 3 5 3 5
Yield – Market (% Net Face Rental) 7.50 8.50 8.25 9.50
IRR (%) 8.00 8.75 8.00 10.00
Cars Permanent Reserved ($/pcm) 300 325 300 350
Cars Permanent ($/pcm) 325 350 300 325
Office Capital Values ($/sq m) 2,950 5,300 2,400 3,300
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 18 Savills Research | Quarter Time – National Office Q4/2017
Top 15 Recent Perth Sales ( by Sale Price)
Property Price ($m) | Date | NLA (sq m) Yield | Type | $/sq m
141 St Georges Tce (Westralia Square), Perth 216.25 | Aug-17 | 32,635 7.27 | e | 6,626
1 William St (Quadrant Building), Perth 175.00 | Aug-17 | 23,425 6.89 | e | 7,471
1 Nash St (Workzone East), Perth 68.25 | Jan-17 | 12,362 7.66 | e | 5,521
144, Stirling St (Hatch Building), Perth 58.22 | Aug-17 | 11,042 7.00 | e | 5,273
45 St Georges Tce, Perth 57.00 | Nov-17 | 10,001 7.56 | e | 5,699
226 Adelaide Tce, Perth* 54.60 | Jul-17 | 14,409 n.a | n.a | 3,789
42-46 Colin St, West Perth 33.60 | Jul-17 | 8,439 8.70 | i | 3,982
22 Parkland Rd, Herdsman 27.50 | May-17 | 4,825 7.20 | e | 5,699
26 Thomas St ( & 1 West St), West Perth 21.00 | Mar-17 | 3,935 n.a | n.a | 5,337
66 Kings Park Rd, West Perth 16.10 | Feb-17 | 4,698 7.67 | e | 3,427
150-152 Adelaide Tce (& 20 Bennett St), East Perth 15.50 | Feb-17 | 2,475 n.a | n.a | 6,263
18 Civic Blvd, Rockingham 15.00 | Jun-17 | 3,765 8.20 | i | 3,984
661 Newcastle St, Leederville 14.00 | Jun-17 | 3,105 n.a | n.a | 4,509
18-22 Bowman St, South Perth 9.90 | Nov-17 | 1,387 n.a | n.a | 7,138
150 Coolamon Blvd, Ellenbrook 8.10 | Apr-17 | 1,532 8.58 | i | 5,287
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * part of a portfolio sale
Top 15 Recent Perth Leases (by Area Leased)
Property Tenant Date | NLA (sq m) Type | Rent | Term
42-46 Colin St, West Perth IAG Jul-17 | 6,967 Renewal | n.a | 5
507 Murray St, Perth Titan ICT Jul-17 | 4,080 Direct | 425 (N) | 4
45 Francis St, Northbridge Minister for Works Feb-17 | 3,413 Direct | 515 (N) | 15
125 St Georges Tce, Perth Telstra Feb-17 | 3,316 Sublease | 630 (N) | 8
22 Parkland Rd, Herdsman Decmil Group May-17 | 3,285 Leaseback | 365 (N) | 6
1100 Hay St, West Perth MSP Engineering Mar-17 | 2,568 Sublease | 340 (G) | 2
25 Rowe Ave, Rivervale Honeywell Aug-17 | 2,500 Direct | n.a | 5
225 Balcatta Rd, Balcatta Fugro Feb-17 | 2,500 Direct | n.a | 12
235 St Georges Tce, Perth Tetra Tech Companies (Coffey, Proteus, Eco Logical) Aug-17 | 2,096 Direct | n.a | 5
2 Victoria Ave, Perth Optus May-17 | 2,005 Direct | 460 (N) | 10
2 Victoria Ave, Perth Main Roads WA Mar-17 | 1,908 Direct | 445 (N) | 7
40 The Esplanade, Perth CleanTeq Sep-17 | 1,860 Sublease | n.a | n.a.
18-32 Parliament Pl, West Perth Momentum Wealth Feb-17 | 1,853 Sublease | 240 (N) | 3
152-158 St Georges Tce, Perth Grant Thornton Feb-17 | 1,782 Direct | 685 (N) | 10
2 Victoria Ave, Perth Linkforce Engineering Jul-17 | 1,756 Direct | n.a | n.a.
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 19 Savills Research | Quarter Time – National Office Q4/2017
South Australia
PCA OMR Statistics (Jun-17)
Adelaide CBD Adelaide Fringe AUS CBD
Total Stock 1,424,433 215,850 18,018,735 Total Vacancy 229,795 21,789 1,772,892 Vacancy (%) 16.1 (10.0) 10.1 (6.9) 10.5 (8.6)
Net Absorption (12m) 6,016 (9,454) 2,045 (311) 188,097 (199,008) Net Absorption (%) 0.5 (0.8) 1.1 (0.2) 1.2 (1.3)
Stock Additions 24,048 3,770 495,708 Stock Withdrawals 5,280 3,329 376,381 Net Additions 18,768 (23,547) 441 (2,223) 125,453 (325,578) Net Additions (%) 1.3 (1.8) 0.2 (1.1) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Adelaide CBD Key Indicators
Premium A Grade B Grade Adelaide CBD Low High Low High Low High
Rental – Gross Face ($/sq m) 510 575 435 515 355 425
Rental – Net Face ($/sq m) 395 460 330 410 265 335
Incentive Level Net 25 30 25 35 30 40
Rental – Net Effective ($/sq m) 285 335 230 285 170 220
Outgoings – Operating ($/sq m) 65 70 55 65 40 50
Outgoings – Statutory ($/sq m) 40 50 40 45 40 45
Outgoings – Total ($/sq m) 105 120 95 110 80 95
Typical Lease Term 7 10 5 10 3 7
Yield – Market (% Net Face Rental) 6.25 7.50 7.0 0 8.00 8.25 9.50
IRR (%) 7.25 7.75 7.75 8.75 8.50 9.75
Cars Permanent Reserved ($/pcm) 380 450 350 410 300 350
Cars Permanent ($/pcm) 370 450 350 400 300 350
Office Capital Values ($/sq m) 5,250 7,350 4,125 5,850 2,500 4,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 20 Savills Research | Quarter Time – National Office Q4/2017
Adelaide Fringe Key Indicators
A Grade B Grade Adelaide Fringe Low High Low High Rental – Gross Face ($/sq m) 400 425 335 365 Rental – Net Face ($/sq m) 330 355 270 300 Incentive Level Net 20% 30% 20% 35% Rental – Net Effective ($/sq m) 250 265 195 220 Outgoings – Operating ($/sq m) 40 45 25 40 Outgoings – Statutory ($/sq m) 20 30 25 35 Outgoings – Total ($/sq m) 60 75 50 75 Typical Lease Term 5 7 3 5 Yield – Market (% Net Face Rental) 7.50 8.00 8.00 9.00 IRR (%) 8.00 9.25 9.25 10.50 Cars Permanent Reserved ($/pcm) 90 120 80 100 Cars Permanent ($/pcm) 90 120 80 100 Office Capital Values ($/sq m) 4,125 4,725 3,000 3,750
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 21 Savills Research | Quarter Time – National Office Q4/2017
Top Adelaide Sales (by Sale Price)
Property Price ($m) | Date | NLA (sq m) Yield | Type | $/sq m
11-29 Waymouth St (ANZ House), Adelaide 202.50 | Dec-17 | 30,997 6.00 | r | 6,533
121 King William St, Adelaide* 58.70 | Jul-17 | 12,643 n.a | n.a | 4,643
141-143 Rundle Mall (Citi Centre), Adelaide 42.00 | Aug-17 | 16,376 n.a | n.a | 2,565
99 Gawler Pl, Adelaide* 34.60 | Jul-17 | 11,127 n.a | n.a | 3,110
2 Second Ave, Mawson Lakes 32.10 | Apr-17 | 8,642 7.64 | i | 3,714
257 Fullarton Rd, Parkside 13.50 | Sep-17 | 2,381 5.85 | r | 5,670
32-38 Gawler Stlisbury 9.50 | Oct-17 | 2,200 6.95 | r | 4,318
191-192 Fullarton Rd, Dulwich 9.43 | Feb-17 | 2,325 7.61 | r | 4,054
75-79 King William St, Adelaide 8.39 | Jul-17 | 3,583 5.80 | r | 2,341
74-86 Gilbert St, Adelaide 6.80 | Jan-17 | n.a n.a | n.a | n.a
9-11 Dequetteville Tce, Kent Town 6.00 | Oct-17 | 2,207 n.a | n.a | 2,719
180 Flinders St, Adelaide 5.30 | Jul-17 | 1,397 n.a | n.a | 3,794
109 Grote St, Adelaide 5.00 | Aug-17 | 1,126 n.a | n.a | 4,440
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * part of a portfolio sale
Top Adelaide Leases (by Area Leased)
Property Tenant Date | NLA (sq m) Type | Rent | Term
26 Flinders St, Adelaide Employers Mutual Jun-17 | 3,500 Direct | n.a | 3
1 Richmond Rd, Keswick SA Power Networks Aug-17 | 2,337 Direct | 405 (G) | 8
32-38 Gawler St, Salisbury Centrelink Sep-17 | 2,200 Renewal | 300 (N) | 6
122 Frome St, Adelaide University of Adelaide Jul-17 | 2,110 Renewal | n.a | 2
153 Flinders St, Adelaide Nexia Edwards Marshall Feb-17 | 1,757 Renewal | 420 (G) | 5
115 Grenfell St, Adelaide First Mortgage Services (FMS) Jun-17 | 1,271 Direct | 400 (G) | 7
233 North Terrace, Adelaide Southern Rail Aug-17 | 1,234 Direct | 425 (G) | 5
Adelaide Airport, Adelaide Oz Minerals Oct-17 | 1,200 Direct | n.a | n.a.
105 King William St, Kent Town Food and Beverage Australia Limited (Fabal) Jan-17 | 1,044 Direct | n.a | 5
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 22 Savills Research | Quarter Time – National Office Q4/2017
Australian Capital Territory
PCA OMR Statistics (Jun-17)
Canberra AUS CBD
Total Stock 2,338,050 18,018,735 Total Vacancy 267,276 1,772,892 Vacancy (%) 11.4 (11.2) 10.5 (8.6)
Net Absorption (12m) 7,089 (36,282) 188,097 (199,008) Net Absorption (%) 0.3 (1.9) 1.2 (1.3)
Stock Additions 14,254 495,708 Stock Withdrawals 47,664 376,381 Net Additions -33,410 (60,686) 125,453 (325,578) Net Additions (%) -1.4 (3.1) 0.7 (2.0)
Source: PCA / Savills Research Note: 10yr Average shown in brackets
Canberra Civic Key Indicators
A Grade B Grade Canberra Civic Low High Low High
Rental – Gross Face ($/sq m) 425 485 385 420
Rental – Net Face ($/sq m) 340 400 290 325
Incentive Level Net 15% 20% 15% 25%
Rental – Net Effective ($/sq m) 265 315 215 240
Outgoings – Operating ($/sq m) 55 60 60 70
Outgoings – Statutory ($/sq m) 25 30 25 30
Outgoings – Total ($/sq m) 80 90 85 100
Typical Lease Term 5 15 3 10 Yield – Market (% Net Face Rental) 5.50 7.25 7.50 10.50 IRR (%) 7.25 9.00 9.25 12.00
Cars Permanent Reserved ($/pcm) 310 375 310 375
Office Capital Values ($/sq m) 5,265 8,350 3,500 5,400
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
savills.com.au/research 23 Savills Research | Quarter Time – National Office Q4/2017
Canberra Non-Civic Key Indicators
A Grade B Grade Canberra Non-Civic Low High Low High Rental – Gross Face ($/sq m) 410 480 350 390 Rental – Net Face ($/sq m) 330 400 260 300 Incentive Level Net 15% 20% 15% 25% Rental – Net Effective ($/sq m) 270 330 210 240 Outgoings – Operating ($/sq m) 55 60 60 70 Outgoings – Statutory ($/sq m) 20 25 20 25 Outgoings – Total ($/sq m) 75 85 80 95 Typical Lease Term 5 15 3 10 Yield – Market (% Net Face Rental) 5.50 8.50 8.00 11.00 IRR (%) 7.50 9.50 9.25 12.00 Cars Permanent Reserved ($/pcm) 165 230 165 230 Office Capital Values ($/sq m) 4,775 7,725 3,100 5,000
Source: Savills Research NB: All rents equivalent to whole floor mid-rise
Top Canberra Sales (by Sale Price)
Property Price | Date | NLA Yield | Type | $/sq m
50 Marcus Clarke St, City 321.00 | Mar-17 | 40,201 5.75 | e | 7,985
44 Sydney Avenue, Forrest 64.70 | Nov-17 | 9,948 6.24 | e | 6,504
2-6 Bowes St, Phillip 58.38 | Feb-17 | 12,377 6.45 | e | 4,717
82 Northbourne Av, Braddon 57.33 | Jun-17 | 6,979 5.85 | e | 8,214
11 Moore St, Canberra 44.00 | Jul-17 | 8,663 7.20 | e | 5,079
39 Brisbane Avenue, Barton 16.50 | Aug-17 | 4,796 9.15 | e | 3,440
50 Bunda St, City 9.80 | May-17 | 2,071 6.92 | e | 4,732
Yield Types: i = Initial, r = Reported, e = Equated, v = Vacant, dev = development; * Includes $10m in unpaid incentives
Top Canberra Leases (by Area Leased)
Property Tenant Rent ($/sq m) NLA (sq m)
7 London Cct, City Commonwealth Super Jun-17 | 6,915 Direct | 470 (G) | 6
16 Marcus Clarke Street, City NHMRC Dec-17 | 4,020 Direct | 480 (N) | 11
8 Brisbane Av, Barton Lockheed Martin Jun-17 | 2,257 Direct | 385 (G) | 6
7-11 Barry Dr, Turner ANU Jun-17 | 1,805 Direct | 380 (G) | 3
121 Marcus Clarke St, City Mills Oakley Lawyers Sep-17 | 1,050 Direct | 385 (N) | 10
2 Constitution Av, City National Aboriginal Community Controlled Health Organisation Sep-17 | 1,000 Direct | 450 (G) | 3
121 Marcus Clarke St, City Mills Oakley Lawyers Sep-17 | 1,050 Direct | 385 (N) | 10
2 Constitution Av, City National Aboriginal Community Controlled Health Organisation Sep-17 | 1,000 Direct | 450 (G) | 3
Leasing Types: p = Pre-commitment, d = Direct, s = Sub-Lease, r = Renewal
savills.com.au/research 24 Savills Research | Quarter Time – National Office Q4/2017
savills.com.au/research 25 Savills Research | Quarter Time – National Office Q4/2017
Savills Australian Capital Territory Research Valuations Office Sales & Leasing Project Management Houssam Yakzan Phil Harding Pip Doogan Gavin Boswarva +61 (0) 2 8215 8980 +61 (0) 2 6221 8293 +61 (0) 2 6221 8291 +61 (0) 2 8215 8935 [email protected] [email protected] [email protected] [email protected]
Savills New South Wales Research Research Valuations Capital Transactions Shrabastee Mallik Houssam Yakzan Andrew Pannifex Ian Hetherington +61 (0) 2 8215 8880 +61 (0) 2 8215 8980 +61 (0) 2 8215 6006 +61 (0) 2 8215 8925 [email protected] [email protected] [email protected] [email protected] Metro & Regional Sales Office Leasing Asset Management Project Management Robert Lowe Rob Dickins Howard Chapman Gavin Boswarva +61 (0) 2 8215 8841 +61 (0) 2 8215 8833 +61 (0) 2 8686 8870 +61 (0) 2 8215 8935 [email protected] [email protected] [email protected] [email protected]
Savills Queensland Research Valuations Capital Transactions Office Leasing Shrabastee Mallik Brett Schultz Anthony Ott John McDonald +61 (0) 2 8215 8880 +61 (0) 7 3002 8855 +61 (0) 7 3002 8904 +61 (0) 7 3002 8847 [email protected] [email protected] [email protected] [email protected] Sunshine Coast Gold Coast Asset Management Project Management Scott Gardiner Kevin Carmody Howard Chapman Ken Ng +61 (0) 7 5313 7514 +61 (0) 7 5509 1700 +61 (0) 2 8686 8870 +61 (0) 7 3018 6705 [email protected] [email protected] [email protected] [email protected]
Savills South Australia Research Valuations Capital Transactions City & Metropolitan Sales Katy Dean Heath Dowling Peter Isaksson Steve Bobridge +61 (0) 2 8215 6011 +61 (0) 8 8237 5039 +61 (0) 8 8237 5020 +61 (0) 8 8237 5015 [email protected] [email protected] [email protected] [email protected] Office Leasing Asset Management Project Management Adam Hartley Jeffrey Klaebe Steve Christodoulou +61 (0) 8 8237 5043 +61 (0) 8 8237 5018 +61 (0) 8 8237 5004 [email protected] [email protected] [email protected]
Savills Victoria Research Valuations Capital Transactions CBD & Metropolitan Sales Monica Mondkar Trent Preece Ben Parkinson Clinton Baxter +61 (0) 3 8686 8034 +61 (0) 3 8686 8097 +61 (0) 3 8686 8012 +61 (0) 3 8686 8021 [email protected] [email protected] [email protected] [email protected] Asset Management Project Management Office Leasing Howard Chapman David Hayden Mark Rasmussen +61 (0) 2 8686 8870 +61 (0) 3 9445 6806 +61 (0) 3 8686 8010 [email protected] [email protected] [email protected]
Savills Western Australia Research Valuations Capital Transactions City & Metropolitan Sales Katy Dean Mark Foster-Key Graham Postma Chas Moore +61 (0) 2 8215 6011 +61 (0) 8 9488 4145 +61 (0) 8 9488 4153 +61 (0) 8 9488 4155 [email protected] [email protected] [email protected] [email protected] Office Leasing Asset Management Project Management Shelley Ritter Jason Ridge Graham Nash +61 (0) 8 9488 4187 +61 (0) 8 9488 4118 +61 (0) 8 6271 0306 [email protected] [email protected] [email protected] savills.com.au/research 26