According to the WA Ministry for Planning, there is around 250 000sq.m of office space in these markets. Fremantle is the largest single market with just under 80 000sq.m of floor space. Given the sharp leasing deals in the CBD & City Fringe markets, there has been limited interest in suburban locations this year.
Property valuation valuers are commitment and law- bound to give a definite assessment of your property valuation’s valuation. It is possible to give alternative worth figures in light of fast approaching improvements – yet the property valuation firm will need full advancement and material purposes of investment. Furthermore, in the end, you should remember that in case it takes 2 months to complete the overhauls, the property valuation can’t be really correct.
Ernst & Young’s pre-commitment to the new 11,400sq.m tower at 11 Mounts Byroad heralds the construction of the CBD’s second major office tower this cycle. The project is due for completion later this year. The first, the 47,000sq.m Woodside Plaza at 240 St Georges Terrace is now complete with only three floors remaining to lease. Coors Chambers Westgate has recently leased over 2,000sq.m of space at $365/Esq. net. In the fringe, a small 6,960sq.m building is almost complete at 8-14 Bennett Street. Will another major tower be developed this cycle? It is becoming less likely however developers are trying hard to secure pre-commitments.
The refurbishment of 140 St George Terrace (30,000sq.m) is almost complete. Given the amount of vacancy in this tower, the deals on offer have influenced the rest of the market. Recent leases by Iluka & Jackson McDonald have leased a sizeable proportion of space.