Global mining consulting and technology company Deswik has signed a new eight-year lease on a 2,640sqm multi-level office at 348 Edward Street in Brisbane’s CBD.
CBRE’s James Comino negotiated the lease, the largest multi-level lease deal completed in Brisbane’s secondary CBD market in over two years, on behalf of landlord Hines.
348 Edward Street is conveniently located adjacent to Central Rail Station and two blocks to major bus interchanges and the Queen Street mall.
Mr Comino noted the tenant is relocating from a sublease at Riparian Plaza and was seeking a building closely located to public transport.
Hines recently completed a repositioning program at 348 Edward Street including improved common areas, with this transaction taking the building’s occupancy to 85 per cent from a level of 35 per cent within 18 months.
“Deswik conducted an extensive sweep of the market to ensure they found the most appropriate building that allowed for the right fit out solution to cater for the business’ growing workforce,” Mr Comino said.
“Hines has committed to expand the end of trip facility as part of the deal.”
The building’s mature lease profile provides Deswik opportunity for further expansion throughout their lease term.
“More broadly across the market, we are seeing larger contiguous banks of space dwindling for major occupiers,” Mr Comino continued.
“Our assessment indicates that, for 4,000sqm+ occupiers, there are less than half the amount of options in the CBD relative to this time last year.”
Brisbane’s CBD vacancy has reduced to 11.9 per cent, the lowest level in five years, with further tightening in vacancy expected up to the end of 2019 when the new stock injection of 55,000sqm via Shayher’s 300 George and Dexus’s Annex developments complete.
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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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.