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2020 Commercial Property Special Report.Pdf Commercial property SPECIAL REPORT Commercial property FEATURE Katie McDonald [email protected] 6-PAGE FEATURE Although the pandemic has emphasised business can be done from anywhere, The office is still commercial property players open for business are banking on the DEVELOPMENT: Just two new office buildings are under construction in the CBD, with several more projects proposed. value of four walls. Photo: Gabriel Oliveira MONG the many lessons debates and hypotheses about the Mr Gillard told Business News. second development without earmarked for most of that space. learned during this period future requirements of working “It’s a counter cyclical market to tenant pre-commitment, but Last week, the state gov - Aof worldwide upheaval, environments. the east coast; we can see there’s overall was not perturbed by the ernment approved Brookfield one of the clearest in the Western But has COVID-19 truly under- a significant amount of infra- Perth CBD office vacancy rate of Properties’ two-tower project on Australian context is that busi- mined the value of the office and structure spend and [resources] just over 20 per cent (the highest Lots 5 and 6 of the waterfront site, ness knows no boundaries. put its role in jeopardy? projects coming up. in the country). which is expected to deliver more Whether people are working GDI Property Group manag- “Once the borders are lifted, “While the vacancy is high, than 52,000sqm of office space. from a multi-storey office com- ing director Steve Gillard doesn’t you’ll have huge population the vacancy in premium stock in The project adds to Brookfield’s plex or remotely, events of 2020 think so. growth from those projects. Perth is only about 6.8 per cent existing development pipeline, have demonstrated that ‘busi- His confidence is backed by “And there’s potential for some … and there’s limited continuous which includes Chevron’s new ness as usual’ does not necessarily GDI’s intentions to build two new of the Hong Kong companies to floors in great locations,” he said. $360-million, 54,000sqm head- depend on the physical environ- offices in Perth’s CBD. reside in Perth, from the point of “We found that in the last cycle, quarters adjacent to Lots 5 and ment, at least in the short term. The Sydney-based ASX-listed view of time zone.” a lot of tenants went into space 6 at Elizabeth Quay, now under Amid enforced crash courses in group has had Perth top of mind The group has lodged a devel- they didn’t want to because it got construction. remote working and virtual meet- in recent years, actively building opment application for a 9,500 down to close to zero vacancy … Also under way is Malay - ings, offices across major cities its portfolio of offices, which square metre timber-steel hybrid but people want a St Georges sian-backed AAIG’s Capital have sat empty, the staple hustle comprises Westralia Square and office adjacent to its Westralia Terrace address with views of the Square Tower 2, comprising and bustle of workplace lobbies three additional properties that Square building, with the com- Swan River. 25,200sqm of office accommoda- silenced by the threat of a highly form the Mill Green Complex on pany also progressing plans to “A lot of it [vacancy] is older tion, next to Woodside Petroleum’s contagious virus. St Georges Terrace. demolish and build a new office buildings, which will be refur- headquarters. While Perth’s flattening of the It added another asset to its within the Mill Green Complex. bished or knocked down. JLL’s Q3 ‘Perth Office Market COVID curve has put it in good collection last year, paying $12 Once complete, those develop- “And the beautiful thing is, Snapshot’ outlined that devel- stead, cities such as Melbourne million for 180 Hay Street in East ments could lift GDI up the ranks there are not many development opment proposals for both the haven’t been as lucky, with some Perth, the former headquarters of Perth’s top 10 commercial prop- sites around.” Perth CBD and West Perth office white-collar professionals work- of Chamber and Commerce and erty owners, determined by net market remained limited, given ing almost entirely from home Industry of WA. lettable area, to become one of Office demand elevated vacancy rates. since the start of this year. And Mr Gillard is planning to the state’s largest office owners More than 324,000sqm worth Proposed new office projects The pandemic has brought the keep Perth firmly in his sights. (see page 32). of new office stock is either pro- were likely to require significant function of a traditional office “We’d like to buy more, we’re Mr Gillard said the group posed or under construction in pre-commitment to proceed, into question, sparking many just looking for opportunities,” was unlikely to proceed with its the CBD, with Elizabeth Quay the report noted, outlining a 28 | November 2, 2020 FEATURE home, but increasing space ratio Office Developments requirements in light of social dis- tancing could potentially offset Perth CBD Suburbs (developments >1,000sqm) any reduction in head count. Under construction 400,000 – Under construction “Many groups, particularly in Under construction Chevron HQ, Elizabeth Quay Planned hArbour Timber Office, Fremantle the IT sector, have tried the work- Capital Square Tower 2 Recently completed ABN Headquarters, Leederville ing-from-home model for a large percentage of their staff in the Planned 300,000 – Planned past, with most if not all reverting Broofield Properties Lots 5 & 6, Elizabeth Quay Stage 2 Primewest Joondalup Master Plan to the traditional model to encour- GDI Property Group Timber Office, Westralia Square Recently completed* >245,500sqm age collaboration, innovation, and Carillon City Office Tower 200,000 – CBD PROPOSED Kings Square, Fremantle corporate culture,” he said. Brookfield Esplanade Tower OFFICE SUPPLY Manning Buildings, Fremantle “While vacancy will likely Bishops See Stage 2 500 Hay St, Subiaco increase in the official vacancy SQUARE METRES (SQM) SQUARE Echelon, South Perth figures in January, our strong 480 Hay Street 100,000 – Charles St, South Perth resources sector, and growing Capital Square Tower 3 302 Selby St, Herdsman education sector in the CBD, QV2 152 Risely St, Booragoon will have positive outcomes in QV3 0 – demand terms in the medium to Perth CBD Suburbs NEXT DC, Newcastle St, Northbridge The Campus Waterbank LOCATION 188 Main St, Osborne Park long term. “One thing history has taught Source: Y Research, JLL, Business News | *Recently completed in last 18 months us in WA is our markets can swing very quickly and absorb space in further eight office developments 22,000sqm, 21-storey office tower. “New developments happen vacancy in the premium stock short periods of time.” planned for the CBD, totalling Savills WA managing director because tenants want a new falling from 8.1 per cent to 6.8 per JLL WA managing director 184,000sqm, however construc- Graham Postma said although product that’s not available in the cent and A-grade falling from 18.5 John Williams said while Perth tion start times are yet to be COVID-19 had disrupted office marketplace; they want the best. per cent to 15.8 per cent in the 12 recorded three months of little finalised for most projects. markets, casting some doubt over “What needs to be highlighted months to July 2020. to no activity during the peak of This includes Dexus Whole- future demand levels, tenants still is we’ve got very big differentials “It’s that flight to quality that lockdown, tenant enquiry levels sale Property Funds’ Carillon had a strong appetite to reside in between stock. will continue.” had bounced back. redevelopment between the Hay the newest buildings. “Pre COVID the Perth CBD, Mr Postma said COVID-19 had At the same time there had and Murray street malls, which, “That’s what drives these new and more particularly the pre- prompted some businesses to been an increase in availability of in addition to retail and enter- developments,” Mr Postma told mium and A-grade sectors of the reduce their office footprint and tainment tenancies, features a Business News. market, were recovering, with encourage staff to work from Continued on page 30 adaption, rejuvenation, reinvention! BREATHING NEW LIFE INTO COMMERCIAL BUILDINGS. To find out more about this space designed by Woods Bagot, and built by OPRA Projects, please contact us via the details below. T:08 63807444 I Level 1, 26 Queen Street, Perth I www.opraprojects.com.au November 2, 2020 | 29 FEATURE COMMERCIAL PROPERTY $ 367m CONSTRUCTION COST BROOKFIELD’S TWO-TOWER ELIZABETH QUAY PROJECT APPROVED: Brookfield Properties has received approval for two towers at Elizabeth Quay, featuring more than 52,000sqm of office space. Image: Rex Architecture, Hassell The office is still open for business From page 29 an alternative for staff to work office is under construction, certain of the virus’s impact, even Spacecubed have both expanded remotely, or close to home. and will add a further 2,000sqm once a vaccine is found. their offerings during COVID-19, sub-lease opportunities, with JLL “I think that’s really more of office space to the Fremantle “There’s no doubt people are adding more CBD space to their recording a negative net absorp- appropriate for London or New market. still seeing the value in their portfolios. tion of space for the third quarter York, those bigger global cities, Also in Fremantle, Silverleaf’s office space and accommodation,” Beyond a place to work, Dexus of 2020, largely driven by Worley where you’ve got one- to two-hour restoration of the heritage-listed Mr Mount said.
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