News Articles for Andrew Denny

A rare Perth office building constructed in 1930 has been restored to its former glory.

The architecture firm is aligning with a growing trend of relocating from the suburbs into the city.

A new barristers' chambers, which includes the legal counsel for Wright Prospecting and Brittany Higgins, has moved into the top floors of the former Citibank building.

The numbers are pointing to an improving outlook for Perth's CBD landlords.

Suncorp, Dassault Systemes and Gallagher will join BP, Euroz Hartleys, Steinepreis Paganin, JERA Australia and BCG in the office tower.

The energy company has signed a five-year lease for the CBD tower, adding to a string of recent leasing deals in the CBD.

Perth's office landscape continues to evolve as the city's focal point shifts.

Property Council figures show a 0.2 per cent lift in Perth's office vacancy to 15.9 per cent, the second highest in the country but amid an influx of new supply.

The move marks the second major leasing deal in a month for the 43-storey tower, and follows the departure of oil and gas giant Chevron.

Perth's office market is showing signs of strengthening.

The Property Council's latest biannual office market report shows a slight drop in Perth's office vacancy in the six months to January 2023.

The CBD has seen a 0.8 per cent increase in office vacancy rates in the past six months as new supply hits the market, Property Council figures show.

Industry experts say the 2 per cent drop in office vacancy reflects the growth of the state's economy during COVID.

Fortescue Metals Group has leased more than 3,000 square metres of space at an office building close to its headquarters in East Perth.

Sublease space across Perth's CBD offices increased during the first quarter of 2021, but has had minimal impact on the overall market, according to CBRE's latest report.

The state's top gold producer has signed one of the biggest office leasing deals for 2020, securing a tenancy at Brookfield Properties and Hawaiian's 235 St Georges Terrace.

National office sublease space jumped by more than 30 per cent in the September quarter, with sublease space in the Perth office market increasing by just 2.2 per cent.

Perth's latest office vacancy rate increased marginally since February, but the state's CBD and West Perth markets took out the top spots for most vacancies in the country.

CBRE's latest office report has highlighted how minimal new office supply entering the Perth market could help shelter it from the brunt of COVID-19.

Professional services and flexible office providers have provided a boost to momentum in Perth's CBD office market, with the Property Council of Australia's vacancy rate continuing to decline and top-quality office accommodation becoming scarce.

AMP Capital has secured tenants for four whole floors of 140 St Georges Terrace, which has pushed the vacancy rate at the office tower to below 1 per cent.

Perth's office market has emerged as the hottest leasing market in the country, with falling vacancies putting upwards pressure on rents in top-grade office stock.

Vacancies continue to fall in Perth's CBD office market, pushing rents up for the first time since 2013.

A decreasing office vacancy rate and improving fundamentals in the wider economy have failed to halt the slide in confidence in Western Australia's commercial property sector.

Small to medium enterprises have joined the unrelenting migration of firms moving from the suburbs to Perth's CBD, with affordability in the central city office market described as unprecedented.

Developers across Perth's CBD are positioning themselves to ride the city's next wave of office development, with options for tenants with large space requirements becoming scarce despite an overall vacancy rate of 18.5 per cent.

The first increase in Perth's office sublease space in almost three years is an indication of growing confidence in the market, according to CBRE.

The worst may be over for Perth's office market, with the latest statistics pointing to another fall in vacancies, dropping slightly from 19.8 per cent to 19.4 per cent in the six months to July, according to the Property Council of Australia's mid-year office market report released today.

Early signs of recovery are starting to emerge across Perth's CBD office market, with vacancy rates falling below 20 per cent for the first time in two years, according to the Property Council of Australia.

AMP Capital has secured 17 commercial tenancies in the past 12 months as work continues on the revamp of its 30-storey building on 140 St Georges Terrace.

Perth's ailing office market could be on the mend, with the CBD recording the largest drop in vacancies of any capital city during the past six months, according to the Property Council of Australia.

Office vacancies in Perth's CBD have peaked, according to some in the commercial property sector, with markets expected to stabilise as construction of new offices slows.

Affordable city office space is proving to be alluring for some suburban tenants.

Perth-based tertiary education group Navitas is set to move its administrative headquarters to Brookfield Place, leasing the entire eighth floor of the 45-level tower.

Rising vacancies and falling rents in Perth's CBD office market are putting tenants in prime position to score favourable deals, while the conditions could also result in potential bargains for institutional investors.

Owners of older office buildings in central Perth are struggling to find tenants, with the latest Office Market Report showing a widening gap between premium buildings and the rest of the market.

Perth's office sublease space has increased by more than 70 per cent since the start of the year but supply is likely to have reached its peak, according to the latest research from CBRE.

The completion date for Herdsman office development 20 Walters Drive has been brought forward to January 2014.

With limited construction under way in the CBD and West Perth, commercial tenants are looking to the suburbs for new office space.

Rental growth in Perth's CBD office market is set to outperform the national average over the next five years, thanks to ongoing expansion in the resources sector, with forecasts tipping the vacancy rate to drop under five per cent by 2014.