Office

Adelaide’s CBD office market footprint is on track to expand by 6.9% in 2023, but it still may not be enough to cater for future leasing requirements.

Melbourne and Sydney have contributed to a slight rise in Australia’s national supply of office sublease space in early 2023, following a cost containment push in the Information, Media & Technology (IMT) sector.

One of Australia’s largest customer-owned banks, Great Southern Bank, will relocate its Melbourne headquarters from the CBD to the city fringe after signing up to join the diverse and growing group of tenants at Goldfields House.

CBRE was the top-ranked firm for commercial real estate investment sales globally during 2022, according to MSCI Real Assets — the 12th consecutive year that CBRE has claimed the top spot.

A trophy-style commercial asset in Melbourne’s Hawthorn changes hands for the first time in over 30 years, as Colliers agents Ben Baines and Alex Browne secured the sale of 157 Auburn Road.

Transaction levels were down in Brisbane’s suburban office market last year as overall activity fell, but sales are expected to pick up in 2023, according to the latest Knight Frank research.

GARDA has entered an unconditional contract to sell 436 Elgar Road, Box Hill for $40.3 million.

Rental growth and investor preferences for quality office assets will see office market recovery in 2024, according to Colliers’ research.

Traditional real estate asset classes will be impacted to varying degrees by mid-2023 when the market adapts to a pricing reset.

A high-profile Brisbane CBD office building situated on perhaps the most prominent retail corner of the Brisbane CBD and anchored by the Commonwealth Bank of Australia has hit the market.

The Australian Unity Office Fund has exchanged contracts to sell 5 Eden Park Drive, Macquarie Park for $80.75 million.

National occupier enquiry across all office markets continues to surprise on the upside even though it somewhat slowed towards the end of 2022, after having delivered a record-breaking quarter in Q3 2022 with close to 958,000 sqm enquired for, according to Colliers’ Office Demand Index.

Leading global coffee brand Lavazza has committed to an entire floor in a refurbished B-Grade office building at 50 Queen Street Melbourne as they relocate to the CBD from Hawthorn.

Three years of pandemic life have completely transformed the office market. We have seen the demands of tenants changing drastically, with new trends emerging among them. Amid this shifting landscape, those wishing to invest in or manage office property may be wondering where to start.

One of Asia’s largest co-working organisations, the (ok) Hive, has agreed terms on a management agreement to occupy the three upper levels of the historic,1880s constructed, Milton House on one of Melbourne’s most celebrated boulevards, Fitzroy Street in St Kilda.