Two lease deals in Adelaide’s CBD reflect continued retail market interest as COVID-19 restrictions are eased sooner than first anticipated.
CBRE’s Julia Pottenger recently negotiated a ground-floor lease at 400 King William Street on behalf of Pace Legal, noting that the deal reflected strong appetite for retail space.
The law firm secured a 300sqm space, which will become its new head office once it reopens at the end of this month.
“The firm was attracted to the location as it offers a corporate positioning with a modern and relaxed feel. It sits nearby popular hubs in the city’s south and west corners, as well as Adelaide’s South Terrace,” Ms Pottenger said.
Serina Pace, Founder of Pace Legal added; “We needed a prominent space to bring in the new decade and a new era for the firm and its staff.
“The office’s modern and high-quality back-end reflects what is seen out front. Our new home, albeit stylish and lavish, still captures the business’s sentiment of serving the local and larger community through honest hard work.”
Following lease negotiations by CBRE, Fresco-Bah is due to open a new 83sqm café concept at 151 Pirie Street in Adelaide’s CBD next month.
“The hospitality industry has been substantially affected throughout the pandemic and with CBD retail sites largely reliant on office workers, we were able to negotiate a lease rate that allows relief until the capacities of office buildings increase,” Ms Pottenger said.
“Navigating the ever-changing restrictions and updates in state policy throughout this period has certainly been challenging, but with tenants and landlords that are willing to compromise, positive results have continued to be achieved.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
