3,000+ square metres of office space snapped up in Brisbane CBD building

1 April 2022

More than 3,000sqm of office space in Brisbane CBD building 127 Creek Street has been taken up in the last three months as demand heats up for quality fitouts and tenant- oriented spaces.

Six leasing transactions in 127 Creek Street totalling 3,334sqm were successfully negotiated and concluded by Daniel Byrne of Knight Frank, with rates of up to $680/sqm. 127 Creek Street is owned by Singapore-based private equity real estate firm Firmus Capital.

The tenants include co-working space Christie Spaces, cloud solutions company ELMO Software and corporate advisory firm W Wightman Advisory.

Christie Spaces has leased the biggest space at 1,580sqm for 2.5 years, ELMO Software has leased 426sq m for five years, while W Wightman Advisory has leased 246sqm for six years. The remaining three deals all saw tenants sign five-year leases.

Since its acquisition by Firmus in 2018, 127 Creek Street has undergone consistent upgrades after a major renovation in 2014. Recent refurbishments include revamped lift lobbies and bathrooms, the installation of sprinklers, LED lights and an after-hours air-conditioning system that tenants can operate remotely, with costs and usage tracked and billed more efficiently.

As a result, the building’s NABERS rating has risen to 5 stars (superior performance) for Energy and 4.5 stars (high-superior performance) for Water since 2021. These enhancements are deeply aligned with Firmus’ commitment to economic, social and environmental sustainability as well as growing tenant interest in these initiatives.

Tenant requirements are also evolving post-COVID with the rise of flexible working arrangements, which have to dovetail with conducive work environments that foster collaboration and community.

Knight Frank’s Daniel Byrne said “127 Creek Street has captured a high percentage of tenants by continual refurbishments and improvements that provide fresh, functional and modern spaces and services to meet the evolving market needs of a wide range of occupiers.

“Tenant amenities and proximity to transport are also another two core drivers that attract tenants to the building.

“Brisbane has seen an especially robust office market over recent years, despite the numerous hurdles faced both in a macro and micro setting.

“Our research shows 83 per cent of active tenant briefs in the market have a preference for fitted space. We expect this trend to continue as we evolve into a post-pandemic environment where there is an emphasis on convenience and lifestyle prompted by COVID-19.”

127 Creek Street is a Grade B commercial office building located within 100 metres of the Central Station and Post Office Square in Brisbane’s CBD.

The property comprises 24 floors of quality office space totalling 18,268sqm. It boasts tenant amenities including concierge services, shared meeting spaces, best-in-class end-of-trip facilities, two levels of basement car parks, a ground floor bistro and a recently opened, new-to-market seafood restaurant.