Colliers International negotiates Brisbane's largest office deal in 2010
August 16, 2010
Brisbane City Council (BCC) has committed to a four-year lease of 8,350sq m within the West Tower of the Brisbane Transit Centre which adjoins Roma Street train station, in what is the largest CBD lease transaction in 2010 to-date.
Mark McCann and Joseph Dean, both of Colliers International, negotiated the lease on behalf of joint owners GPT and APPF Lend Lease.
Mr McCann said that Brisbane City Council will occupy level 5 and intends to sub-lease levels 7 and 8, as well as part of level 6 to Queensland Urban Utilities (QUU).
"The commitment of BCC to the Brisbane Transit Centre is a further positive sign that the office market in Brisbane is rebounding strongly from what has been a difficult and challenging 18-month period," he said.
Mr Dean said that in 2009, many commentators were suggesting that the Brisbane vacancy figures may have exceeded 16 per cent and these commentators have been silenced by the latest official vacancy figures of 10.9 per cent, which shows the CBD market to be relatively healthy.
"Driving the concern for many market commentators is the effect of many large offices being vacated by tenants moving into the wave of new buildings delivered in 2009," he said.
"We have negotiations underway for almost 20,000sq m of space, with asking rents for the complex being around $465 per sq m gross."
"We expect to announce at least two further commitments within the next month."
"The continued growth of the resource sector, private sector sentiment being on the mend and Government entities seeking space, are all encouraging indications that demand for office space is back," Mr Dean said.
Mr McCann said the outlook for the market has definitely improved and we feel that the bulk of current vacancy and upcoming new supply should be absorbed.
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