J U NE 2 0 18 | 24 H I CKS ON R D, SYDN E Y
SYDNEY OFFICE UPDATE
DEXUS OFFICE DEMAND BAROMETER
CO N DIT IO N S FO R O F F I CE D EMA N D R E M AIN RES I L I EN T I N T H E FACE O F GLO BAL UN CERTA I N T Y
RAISING THE BAR H OW SY D N EY ’ S CO M MERCI A L CO N ST RUCT I O N B O O M I S I N S P I RI NG A WAV E O F T RA N S FO RMAT I O N S O F E X IST IN G O F F I CE A S S ET S
GENSLER
THE CONNECTION BETWEEN RESEARCH AND DESIGN LOCAL HOT SPOT 12_MICRON
OUR PEOPLE At Ray White Commercial (NSW-Sydney Office Leasing and Strata Sales) we provide office leasing and sale services in the Sydney CBD. Initially formed in 2001 we’ve built a team of real estate professionals that take pride in every transaction. Your interests are at the centre of everything we do. As part of the Ray White Group, the largest real estate group in Australasia, we have the strength and scope of an international real estate group with the local knowledge needed to deliver premium results. As an owner led business, we have a personal commitment to your success. Our Sydney team includes a team of 6 agents that focus solely on the Sydney CBD office market. Our areas of specialisation include; • Leasing and sales of office space in Sydney CBD • Lease assignment and subleasing of surplus premises for tenants
ANTHO NY HARR I S
JE RE M Y PIGGIN
Director in Charge 0409 319 060 aharris@raywhite.com
Director 0413 336 161 jpiggin@raywhite.com
AND RE W TE LE P I S
CHRI S TI AN M I NARD S
Director 0415 972 696 atelepis@raywhite.com
Director 0447 777 037 cminards@raywhite.com
NAO M I VI LAR
M ARCUS P LUM M E R
Property Executive 0431 209 888 nvilar@raywhite.com
Property Executive 0400 469 388 mplummer@raywhite.com
• Sourcing office space for tenants
D E BO RAH O UYANG
• Property Management of strata offices
Team Assistant 02 9262 3700 douyang@raywhite.com
(0 2 ) 9 2 4 9 3709
CONTENTS
COWORKING TAKING MORE MARKET SHARE
01 12_Micron 02 Peach Perfect Premises 04 Dexus Office Demand
Looking back over the first 6 months of this year and talking with colleagues in the industry we have seen a definite reduction in the volume of transactions this year as opposed to last year.
06 Intermain - Raising the bar
2017 was an anomaly with huge demand driven by tenants vacating buildings due to demolition for metro train line, commercial development and residential development.
Barometer
For the first 6 months of 2018 transactions are down because we have leased most of our available stock and demand has returned to a less frantic pace.
10 Gensler - The connection
between research and design
14 JHK Legal
Rents remain at record high levels and will remain firm with very little new supply this year. 5 key observations from my team over the last quarter are:
KEY ECONOMIC DATA: Cash Rate: 1.5%
Source: Reserve Bank of Australia
Australian unemployment rate: 5.5% Source: ABS
Vacancy rates for Sydney CBD: 5.9% Source: Property Council of Australia
Ray White Commercial Group Nationally May 2018: Total Trading Value $250m (LY $287m) - 12% decrease on May 2017 Source: Page 3, Ray White Commercial Group
1 L easing deals are taking much longer to conclude as there is less urgency to move and tenants look longer in an effort to find value and also comprehend these higher rents. 2 T enants renewing existing leases is becoming more common as incentives to move don’t usually cover fit out costs 3 T ech companies and startups business below 30 staff are preferring shorter leases and co working or serviced offices as opposed to traditional office leases
4 T here is a downsizing trend in mid tier legal firms, mortgage brokers, recruiters and we are seeing downsizing of insolvency practitioners. 5 Spec fit outs are still the best tool to achieve maximum rents and minimise downtime and compete for those tenants that may otherwise take serviced offices or co working spaces Our leasing team is low on stock, we welcome an opportunity to speak with you if you own a commercial property and need assistance securing a tenant. All the best,
ANTHONY HARRIS M: 0409 319 060
DE ZEEN ATOM FURNITURE COLLECTION DESIGNED FOR FLEXIBLE WORKPLACES
Designer Simon Pengelly and Boss Design’s Mark Barrell showcase their new collection of office furniture called Atom, designed to create open and flexible workplaces. A combination of seating, tabling and screening features are used to maximise flexibility. “All of these elements can connect every other element,” Pengelly states, “which enables so many different types of working environments to be created.” Atom’s flexible designs mean that the furniture can be tailored to any space, whether it is a traditional office environment or an airport lounge. This film was shot by Dezeen at Boss Design’s London showroom and Simon Pengelly’s studio in Brixton.
Article source: Calum Lindsay, Dezeen
1 | SYDNEY OFFICE UPDATE
HOT
12MICRON
SPOT
SPRAWLED ACROSS THE SECOND LEVEL OF TOWER ONE, I N T E R N AT I O N A L T O W E R S S Y D N E Y, 12-MICRON IS A CONTEMPORARY A U S T R A L I A N R E S TA U R A N T W I T H A SECRETIVE CHARM. Led by two-hat chef Justin Wise, 12-Micron’s focus is on locally sourced food - expect kingfish, Davidson’s plums, rock oysters, salt bush and seaweed. What’s unexpected however is just how the ingredients, many native to Australia, come together. 12-Micron’s menu only lists the ingredients of each dish; perfect for those with allergies or fussy tastes, but possibly nerve-wracking for those who don’t like surprises! Dishes are artfully presented on beautiful crockery handmade by local ceramicists.
Australian wines dominate the menu, with plenty to choose from and each paired to particular ingredients. There are vegan and vegetarian tasting menus available and 12-Micron also offers one, two and three course express menus during lunch, perfect for professional yet not-tooformal business meetings. 12MIC RO N .C O M. AU | ( 0 2 ) 8322 2 0 7 5 TOW E R O N E , L E V E L 2 , 1 0 0 BA R A N GA RO O AV E N UE , BA R A N GA RO O, E N TE R V I A S H I P W R I G H T WA L K
2 | SYDNEY OFFICE UPDATE
CASE STUDY
PEACH PERFECT PREMISES
SUBLEASE Part Level, 33 York Street
SUB LESSOR Digital Dental Surgery Sydney Pty Ltd
SUB LESSEE Peach Clinics Pty Ltd PEACHCLINICS.COM.AU
WHO IS THE SUB LESSOR?
Digital Dental Surgery Sydney (DDSS) is a pioneering dental practice aiming to change the way dentistry is performed. With its own 3D scanners, printers and milling machines, DDSS is able to provide ceramic crowns within a day and perform implant surgery with minimal pain and discomfort using its flapless surgical technique.
SYDNEY OFFICE UPDATE | 3
The final floor space at 33 York Street after division from the Sub Lessor’s premises was 130sqm and face rent per sqm was agreed at $620 gross plus GST.
P E AC H C L I N I C S ’ A I M WA S TO C R E AT E A S T Y L I S H , SERENE AND PROFESSIONAL AT M O S P H E R E I N T H E C L I N I C AND THE CHOSEN DÉCOR R E F L E C T S T H I S I N I T S S I LV E R , GREY AND WHITE TONES.
WHO IS THE SUB-LESSEE? Peach Clinics specialises in permanent hair removal. By applying the highest clinical standards to the only form of hair removal allowed to call itself permanent by the United States Food and Drug Administration (FDA), Peach Clinics aims to make galvanic electrolysis a popular treatment in Australia.
WHERE IS THE PROPERTY? The property is part of Level 11 at 33 York Street, Sydney. The building overlooks Wynyard Park and sits directly over Wynyard Railway Station. 33 York Street is the only Sydney office block with direct lift access to a station concourse where some 250,000 people pass every day.
THE TRANSACTION Peach Clinics engaged Naomi Vilar of Ray White Commercial to source approximately 120sqm of central Sydney office space close to public transport and, ideally, close to existing medical or dental clinics.
Although Peach Clinics had been looking for a location further east or south in the CBD, Naomi encouraged the client to widen their parameters and they recognised the potential of her suggestion of 33 York on first inspection. The property had previously been used by dentists and later by laser eye specialists, so it had rooms already built to medical standards; it was situated next door to a dentist with other medical specialists on lower floors and it had passing traffic from one of the busiest railway stations in Australia, as well as from a major bus interchange. To open for business, Peach Clinics built a reception area and offices but was able to utilise the four existing medical treatment rooms almost unchanged, minimising the most expensive part of its fit-out. Bronwyn Connolly of Peach Clinics was very happy they took Naomi’s suggestion to look outside the original brief as the location, close to Barangaroo, has proven to be an important factor in growing their business.
NAOMI
BRONWYN
4 | SYDNEY OFFICE UPDATE
DEXUS OFFICE DEMAND BAROMETER CONDI TI ONS F O R O F F ICE DEM AN D R EMAI N R ES ILIENT IN T HE FACE O F GLOBAL U NCERTAINT Y Ap ril 201 8 BAROMETER REMAINS FIRMLY POSITIVE
Dexus Office Demand Barometer
The Dexus Office Demand Barometer registered 2.4% in the March 2018 quarter, remaining in ‘good’ territory despite uncertain global conditions, talk of trade wars and volatility in the share market. A solid uplift in job advertisements kept the barometer elevated. Total advertisements are 12.8% higher than a year ago, suggesting strong hiring levels will persist in the months ahead. A significant proportion of job listings were for white collar employment, which bodes well for office demand.
Components
Contribution to change (pp*)
ANZ job advertisement series
0.27
S&P/ASX 200 Index
0.08
NAB Business Confidence Index (FinPropBus)
0.12
US ISM Manufacturing Index -0.12 *Percentage points
TAKE-UP IMPROVES SLIGHTLY Take-up improved mildly over the last quarter. Net absorption was negative 7,000 square metres for the three months to March 2018. Actual take-up was more subdued than business confidence would indicate due to a shortage of space available for lease. In addition, significant relocations were a key driver of takeup, the most notable being RailCorp’s 14,398 square metre move from Sydney Central. Source: Dexus Research, JLL Research
Barometer vs actual office demand
SYDNEY OFFICE UPDATE | 5
LEASING DEMAND STILL STRONG
Business conditions vs office demand
Leasing enquiries, which are typically subdued for the December to March period, have been stronger than normal. Business conditions are strong but have tapered off from record highs over the past quarter due to the resurgence of volatility in global markets. Demand for office space from technology, finance and insurance sector related companies remains strong. Source: Dexus Research, JLL Research
LABOUR MARKET CONTINUES TO STRENGTHEN
Total employment by state rolling % per annum*
Jobs growth in NSW is strong at 3.9%p.a. with a large proportion being growth in full time jobs. Growth in NSW is supported by an unprecedented level of infrastructure investment with $81.5 billion to be spent on transport and infrastructure over the next four years. Source: NAB, ABS
TAKE-UP WILL CONTINUE TO BE CONSTRAINED BY LACK OF SUPPLY
Annual net absorption by grade (‘000sqm)
We retain our view that take-up will be constrained in the next year or two by a lack of available space. The availability of vacant space is at 5.5%, as low as it has been for 17 years. The lack of space combined with rising rents will result in companies trying to squeeze into existing space. Source: Dexus Research, JLL Research
ABOUT THE BAROMETER Dexus’s Office Demand Barometer is a specialised model providing a leading indicator for conditions which determine the level of leasing demand for Sydney CBD over the next six months. The Barometer is expressed as a percentage of occupied stock.
The Barometer includes five variables which have been carefully selected based on their high correlation with Sydney CBD office demand, including: • ANZ job advertisement series • US ISM Manufacturing Index • Short term business travel departures • NAB Business Confidence Index – finance/business/property sectors • S&P/ASX 200 Index
For further information, please contact: PETER STUDLEY Head of Research peter.studley@dexus.com
Date of issue: 17 April 2018 This report makes reference to historical property data sourced from JLL Research (unless otherwise stated), current as at ‘Q1/2018’. Jones Lang LaSalle accepts no liability for damages suffered by any party resulting from their use of this document. All analysis and views of future market conditions are solely those of Dexus. Issued by Dexus Funds Management Limited ABN 24 060 920 783, Australian Financial Services Licence holder. This is not an offer of securities or financial product advice. The repayment and performance of an investment is not guaranteed by Dexus Funds Management Limited, any of its related bodies corporate or any other person or organisation. This document is provided in good faith, it is not intended to create any legal liability on the part of Dexus Funds Management Limited. This economic and property analysis is for information only, and Dexus Funds Management Limited specifically disclaims any responsibility for any use of the information contained by any third party. Opinions expressed are our present opinions only, reflecting prevailing market conditions, and are subject to change. In preparing this publication, we have obtained information from sources we believe to be reliable, but do not offer any guarantees as to its accuracy or completeness. This publication is only intended for the information of professional, business or experienced investors.
6 | SYDNEY OFFICE UPDATE
RAISING THE BAR
HOW SYDNEY’S COMMERCIAL CONSTRUCTION BOOM IS INSPIRING A WAVE OF TRANSFORMATIONS OF EXISTING OFFICE ASSETS
BY ANDREW JOHNSON MANAGING DIRECTOR INTERMAIN In Collaboration with Ray White Commercial
Its impossible to ignore the buzz of construction activity on the streets of Sydney as the city enjoys a renaissance, with over $5 billion in projects currently underway and a further $3.1 billion of approved works scheduled for completion by 2025*. With new world-class commercial space being delivered to the market as a result, savvy landlords of existing buildings are transforming their interiors and services to ensure they are well positioned to compete with these ‘new kids on the block’.
Full building refurbishments are an outstanding opportunity to rebrand an asset, setting the layout and interiors to appeal to either a specific industry or to a more general tenant market.
A good delivery partner will work closely with the landlord and with leasing agents to understand who they are seeking to attract, how they want to position the building and design a smart scheme that supports this. Transforming a lobby and common areas is the first obvious step in setting a new image for a building, but a project will be infinitely more successful when this transformation is extended to the lettable floors.
SYDNEY OFFICE UPDATE | 7
CASE STUDY
59 Goulburn Street
A building can also be re-positioned as a greener, healthier asset by reviewing and upgrading plant and equipment during a full building refurbishment. Aspirational workplaces are focussed on creating spaces where people ‘like to be’, so clever lighting design, good air quality and accurate temperature control are critical to boosting a building’s market appeal.
produce outstanding ‘end-of-trip’ facilities that are now demanded by ‘preferred employer’ tenants. Clever lobby redesign has also seen us accommodate retail space within schemes, providing room for outlets such as cafes and bars, which has had the benefit of generating further income for the landlord as well as being a hook for tenants.
Tenants have become far more aware of energy efficiency considerations and NABERS ratings mean they can make well-informed leasing decisions. As a result, owners of ‘sustainable’ buildings are reporting lower vacancy rates and greater yields. In many cases, new more efficient equipment can deliver significant savings to operating costs which can be off-set against the capital investment.
Aside from boosting a building’s marketability, a full refurbishment also delivers significant economies of scale by consolidating what may have been a decade of improvements into a single project. This is not limited to the discounts generated by larger material orders, but it also maximises the value of on-site labour, scaffolding hire and site preparation. It also means that disruption to the building and its surrounds is confined to a limited period and a good delivery partner will be able to carry out the works with minimum impact on existing tenants. And in this era of relatively inexpensive finance, Sydney’s landlords are ‘making hay while the sun shines’.
Full building refurbishments are also the perfect time to review a building’s amenities, bringing it in line with contemporary office aspirations. At Intermain, we have worked with landlords to reconfigure redundant storage space in basements to
Fortius Asset Management property at 59 Goulburn Street was recently transformed by Intermain, boosting its market standing to compete with new tower constructions in the area and helping to protect existing long-term tenancies. Key elements included a cost-effective rejuvenation of the external forecourt, with clever landscaping and feature lighting instantly updating the property’s external image. A stunning new lobby has been transformed into a tech hub, complete with charging points and WiFi. Statement lighting and classic contemporary furnishings sit in harmony with stone and timber finishes throughout the public areas. Maximising tenant appeal, this scheme was extended to common corridors throughout the floors. The refurbishment was an ideal opportunity to enhance the building’s amenities and an outstanding end-of-trip facility, including shower rooms, lockers and bike storage was cleverly incorporated into the existing basement floorplate. Intermain completed the works over the Christmas holiday period, minimising any disruption to the fully tenanted building.
Andrew Johnson is Managing Director of Intermain, an established multi-skilled commercial fit-out company focussed on excellent customer service and high-quality building standards across building refurbishment, design and construct for corporate offices, ‘make-goods’, retail and hospitality. Intermain work nationally from offices in Sydney, Melbourne and Brisbane and have one of the largest, state-of-the art joinery workshops in Australia. www.intermain.com.au
8 | SYDNEY OFFICE UPDATE
RECENT LISTINGS AGENT: MARCUS PLUMMER
401/261 GEORGE STREET •
East facing suite with views over George St
•
Large windows and great light
•
Open plan tenancy with no current fit out
•
Direct lift exposure, frameless glass entry doors
•
Available 1 Nov 2018, new direct lease 3 yrs +
Area: 75 m2. Price: $850 psm pa gross
AGENT: JEREMY PIGGIN & ANTHONY HARRIS
30/264 GEORGE STREET
•
Sub lease terms from 3 to 5 years
•
High quality partitioned tenancy
•
Fitted with 10 offices and 12 workstations
•
Great natural light and views from this high floor tenancy
Area: 269 m2. Price: $1,100 psm pa gross
AGENT: CHRISTIAN MINARDS & ANTHONY HARRIS
1-8/283 CLARENCE STREET
•
Choice of 8 warehouse floors of 175m2 each, up to 1400m2 in total. Completion due Q3 2018
•
Amazing 2 level rooftop bar restaurant opportunity
•
Timber windows, 3 to 4 metres high ceilings, great light
•
Independent floors, private bathrooms & kitchen
Area: 1,400 m2. Price: $995 psm pa gross
AGENT: CHRISTIAN MINARDS
1001/67 CASTLEREAGH STREET •
High quality and functional fit out with natural light
•
9 executive sized offices, a reception, administration
•
Meeting room, a generously sized conference room
•
Access to a modern and contemporary kitchen facility.
•
Male and Female amenities on the floor, with showers
Area: 400 m2. Price: $950 psm pa gross
SYDNEY OFFICE UPDATE | 9
AGENT: NAOMI VILAR
701/109 PITT STREET •
Fully fitted with small waiting area, 10 workstations & boardroom
•
Own kitchen with 2 fridges
•
Storage, cabling in suite & natural light throughout
•
Available now
Area: 112 m2. Price: $775 psm pa gross
AGENT: JERE MY PIGGIN & ANTHONY HARRIS
901/50 MARGARET STREET
•
Partitioned suite with great views over Wynyard park
•
3 meeting rooms, 1 boardroom, 24-26 workstations
•
Internal full kitchen and your own shower in tenancy
•
Brand new End Of Trip facilities
•
Available from mid August 2018, direct lease
Area: 254 m2. Price: $950 psm pa gross
AGENT: CHRISTIAN MINARDS & ANTHONY HARRIS
1/66 CLARENCE STREET
•
Whole floor tenancy to be refurbished back to open plan
•
Large windows with Clarence Street outlook
•
Unique central hallway connecting each wing
•
Direct lease, available from approx Mid September
Area: 622.3 m2. Price: $850 psm pa gross
AGENT: NAOMI VILAR & ANTHONY HARRIS
804/46 MARKET STREET •
East facing suite with views over George Street
•
Good quality existing fit out in place
•
Reception, meeting room, offices, open plan
•
Minimum 4 year lease, vacant on 60 days notice
Area: 106.3 m2. Price: $870 psm pa gross
10 | SYDNEY OFFICE UPDATE
THE CONNECTION BETWEEN RESEARCH AND DESIGN BY
Research can fuel new and innovative ways of solving design problems. Earlier this year, in the January issue of the Sydney Office Update, we introduced Gensler’s Experience IndexSM, the result of a multi-year research effort to identify and quantify the factors of design that impact the human experience. The research identifies the key drivers of a great experience and provides a holistic framework for understanding experience across retail, public spaces, and workplaces. The results demonstrate that design is the key differentiating factor between a good experience and a great one, something designers have always believed to be true but that we now have hard data to support. Businesses that don’t invest in design are overlooking an opportunity to improve sales, build customer loyalty, and engage employees.
Beyond creating visual appeal, investing in powerful design can grow retail’s bottom line and, from a workplace perspective, the data demonstrates that design impacts an employee’s experience which drives recruiting, retention and engagement. Great design creates great places that engage people’s emotions and keep them coming back. The Experience IndexSM is just one of many examples of not only the value of design, but the value of design research itself.
In this issue, we take a closer look at the connection between research and impactful design at Gensler—and the added value that connection translates to for our clients.
WHY WE RESEARCH AT GENSLER Our design philosophy is centred on enhancing the human experience. As a firm and community, we are committed to making a positive impact on how people live and work in our modern world. To truly enhance the live of people, our design approach is informed by insight, observation, and research. We call this the design/ research cycle. To us, all design is a research opportunity, and all research is a design opportunity.
ALL DESIGN IS A RESEARCH OPPORTUNITY, AND ALL RESEARCH IS A DESIGN OPPORTUNITY.
SYDNEY OFFICE UPDATE | 11
WHAT IS DESIGN RESEARCH?
RESEARCH GRANT PROGRAM
EXAMPLES
Design research typically falls into one of two categories. First is the kind of research that is specifically related to a project or client relationship, which informs the formation or understanding of a project brief and the strategy and design approach that follows. But there is also nonproject-related design research that is undertaken for the purpose of understanding broader cultural or business trends impacting design. The latter is the focus of The Gensler Research Institute.
Every year, every person at Gensler around the globe is invited to apply for an internal research grant from the firm or innovation funding from their region. Both the Gensler Research Institute and the research grant process are all about providing opportunities for our professionals to learn, grow, and participate in research investigations which they are personally passionate about. In addition to submitting proposals for research, everyone at Gensler is also invited to participate in ongoing research reviews and projects, and leverage our published research in client work.
Gensler’s research initiatives are remarkably diverse. This is in part a direct reflection of the diversity of the innumerable challenges our clients, communities and planet are facing. It’s also a reflection of the diversity of our people, their unique perspectives and the approaches they apply to researching and solving such challenges.
THE GENSLER RESEARCH INSTITUTE Gensler established its research program over a decade ago to conduct in-depth investigations into the connection between design, business, and the human experience. Over the course of those years, the program has grown in both scope and scale—we now fund some 30+ global research grants every year, and publish multiple industry-leading publications including our Workplace Surveys, Impact by Design reports, and, as mentioned, the new Gensler Experience IndexSM. To recognise the expansion of our research program and the rigor and depth of the research we conduct as a firm, we rebranded our research program last year as The Gensler Research Institute. It’s a collaborative network of researchers who, through a combination of global and local research grants and external partnerships, seek insights focused on solving the world’s most pressing challenges. As a firm, we are committed to unlocking new solutions and strategies that will define the future of design.
Research projects at Gensler are practitioner-led, connecting research directly to project application. Teams who receive a research grant receive a budget which they can apply to their project over the course of the fiscal year. Additional support is available from the Gensler Research Institute team, which brings expertise in quantitative and qualitative research design, analysis, and communications. Research proposals are vetted by the Gensler Research Institute team in partnership with Gensler’s leadership. Projects are organised by topic and category to ensure a wide variety of research each year, and are selected to prioritize global impact, untapped areas of opportunity, and ways to meet the needs of our clients in new and innovative ways. This year, out of 150 proposals that were submitted globally from around the firm, 34 teams were awarded research grants.
OUR RESEARCH IS ALLOWING US TO UNCOVER MEANINGFUL INSIGHTS INTO TOPICS THAT ARE TIMELY AND RELEVANT TO SHAPING OUR CITIES, TODAY AND TOMORROW. We’re researching topics ranging from the impact of driverless cars on the future of real estate development, to the future of aged care, the future of prefab construction, the future of 3D printing, the future of customer experience, and much, much more. On the next page are just a few examples of the breadth and depth of our research projects over the past few years. To access the individual research reports, click on the title or image. A more extensive collection can be found online at gensler.com/research. Story continues next page >
12 | SYDNEY OFFICE UPDATE
CULTURAL TRANSFORMATION
EVOLVING CITIES
DESIGN PREMIUM
The institutions that form the bedrock of our neighbourhoods and communities are being reconsidered, shifting the ways we learn, how we stay healthy, and how we connect with and experience art and culture.
As the migration toward urban centres continues, the way we design our cities must evolve to accommodate increasing populations, shifting expectations, new technologies, and a growing understanding that globalization must be balanced with local, communitycentric design solutions.
Can we quantify architecture’s impact on building value?
A BREATH OF FRESH AIR Can workplace and building design help filter polluted air?
THE PREFAB CITY Can the traditional construction process be replaced by modern manufacturing techniques?
FUEL CELLS NOW What role will fuel cells play in our alternative energy future?
ORGANIZATIONAL STRATEGY The who, what, and how of work are in a constant state of flux, driven by the pressures of global competition, emerging technologies, and the ongoing need to inspire and motivate employees to maximise performance. As a result, organisations are focused on the value proposition of workplace design more than ever before. EMERGING WORK STYLES
3D PRINTING TAKES FLIGHT Can we build a fully mobile 3D printer, not limited by the X, Y, or Z axis?
Can individual work survive in the “collaborative” workplace?
TOWARD A WELLNESS-BASED WORKPLACE
OFFICE BUILDING OF THE FUTURE
Does a healthy workplace improve the bottom line?
Can existing buildings adapt to stay relevant?
MEASURING URBAN EXPERIENCE How can we quantify the quality and authenticity of our urban spaces?
SYDNEY OFFICE UPDATE | 13
TRENDS IN THE LEGAL WORKPLACE Will the legal office adapt to new working realities?
ASIA WORKPLACE SURVEY Can Asian organizations embrace experimentation and balance to create a distinct workplace identity?
IN CONCLUSION So why does Gensler invest in research? We do research to drive innovation across the firm, investing in our teams’ efforts to explore new opportunities to enhance the value design delivers to our clients every day. Importantly, these investments are outside of our teams’ day-to-day project work. Research projects are an opportunity to ask big questions and take risks in search of new knowledge and solutions that will benefit our clients. Research is an investment in the future. The status quo is not an option for us or our clients. We view research as central to our ability to support our clients, lead our industry, and properly fulfill our role as global citizens and designers. Core to this commitment is the knowledge that great design is value-added.
THE GENSLER RESEARCH CATALOGUES
The Gensler Research Catalogue Volume 1 received significant praise from academic, business, and design audiences – both for the insights it contained and for its graphic design. Volume 2 builds on this tradition, focused on the expression of research findings and insights in compelling, highly visual forms that are both easily accessible and graphically beautiful.
Our research teams seek to put design in the context of larger business and social issues, ensuring that every strategy and every solution makes a difference where it really matters. As we look to the future, we increasingly recognize the virtuous design/research cycle that connects our daily work with our ongoing research investigations. As our professionals design and deliver projects, questions emerge that fuel new research investigations and ultimately lead to new insights. These insights and the high-performance solutions they enable are the foundation of Gensler’s culture of design innovation. As the world continues to change—becoming increasingly urban, increasingly connected, and increasingly fastpaced—the need for creative, research-based design solutions has never been greater.
14 | SYDNEY OFFICE UPDATE
MAINTAINING, DEVELOPING OR RENOVATING? DO YOU NEED TEMPORARY ACCESS TO YOUR NEIGHBOUR’S PROPERTY? BY JHK LEGAL I N PARTN ERSH IP WITH RAY WH I T E C O M M ERC I AL JHK LEGAL SHEDS LIGHT ON GA I N I N G ACC E S S TO YO U R NEIGHBOUR’S ADJOINING PROPERTY USING THE CO R R EC T P RO C E S S , S O YO U C A N M A I N TA I N , D E V E L O P O R R E N O VAT E Y O U R O W N P R O P E R T Y. If you are a landlord or tenant and are considering undertaking maintenance, development or renovation works on your property, one item you need to consider is whether you may need temporary access to neighbouring property to complete the works. The best way you can gain access to your Neighbour’s property to complete your own development plans is to simply ask. However, it is always beneficial that you enter into a written agreement with your Neighbour to protect both parties’ rights. Depending on the impediment you may cause to your neighbours property, you may have to arrange specific insurance to protect the property which may include additional third party and public liability insurances. Further, you may have to provide security or indemnity to ensure your access and ensure your neighbour is compensated for the impediment you may cause.
CAN MY NEIGHBOUR REFUSE MY REQUEST FOR TEMPORARY ACCESS TO THEIR PROPERTY? Yes, your neighbour can refuse access by operation of law and may not be inclined to grant you access, or enter into an agreement with you. If this is the case, you cannot enter your neighbours property without their permission. Without permission any entry to their property is considered to be trespassing and is a criminal offence, as set out in Section 89 of the Crimes Act 1914.
WHAT CAN I DO IF THEY REFUSE ACCESS FOR MY NECESSARY WORK? If your neighbour refuses to grant your access to their property, you may apply for a land access order through the Court pursuant to section 7 of the Access to Neighbouring Land Act 2000 (“the Act”). Section 10 of the Act requires you to give your neighbours 21 days’ notice of lodging the application with a Court and the Court will consider if the requirements for completing the works on your property require access to neighbouring property.
In order for the Court to make such access orders, section 11 of the Act provides that it must be satisfied that you have made every effort to reach an agreement with your neighbour.
CAN I APPLY FOR A NEIGHBORING PROPERTY ACCESS ORDER IF I DON’T OWN MY PROPERTY? The court will allow for an occupant of property to apply for a neighbouring access order with consent of the owner of the property. The court may waive the requirement of consent under specific circumstances such as if the land owner cannot be located. If you require any further assistance in applying for a neighbouring property access order in the Court, or alternatively require assistance with advice as to entering into an agreement with your neighbour, then please do not hesitate to contact JHK Legal.
Contact us at JHK Legal. 02 8239 9600 or visit JHKlegal.com.au
SYDNEY OFFICE UPDATE | 15
SYDNEY STRATA SALES S O FA R T H E C A L E N D A R Y E A R 2 0 1 8 H A S P R O V E N T O B E JUST AS STRONG AS 2017 AS THE GROWTH IN SALES PRICES ACROSS THE BOARD HAS CONTINUED, AS E V I D E N C E D W I T H T H E B E L O W A U C T I O N R E S U LT S F R O M F E B R U A R Y T O M AY 2 0 1 8 . These sales results highlight a number of factors; 1
2
here is healthy demand for well T presented suites within well run strata plans, from buyers that owner occupiers or investors o new strata office projects N means no new supply can dilute price growth
3
ommercial CBD property is C a highly desirable asset class, particularly within the nation’s biggest capital city - Sydney
4
he auction method , when T run by a competent agent that understands the process delivers the best results.
As the strata office market is now well into it’s third year of price growth, we believe that these market conditions are now top of the cycle. It may be the time to consider taking advantage of market conditions and should you be thinking of selling or be curious to know what your strata suite or floor could be worth, please do not hesitate to contact me. C H R ISTIA N MIN A R DS 0447 7 7 7 037 C MIN A R DS@R AYW H ITE.COM
MAY P UB L IC AU C T IO N RES U LTS AS RE PORTE D BY au ctio n WORK S
SUITE 101, 2 BARRACK STREET, SYDNEY
PART LEVEL 11, 99 YORK STREET, SYDNEY
LOWER GROUND, 84 PITT STREET, SYDNEY
AREA 204 sqm + 14 sqm CS on separate title (218 sqm) TENURE Vacant possession PRICE $ 3,050,000.00 + GST PSM $ 14,460.80 (On assumption car space is $ 100 k)
AREA TENURE PRICE PSM
AREA 340 sqm TENURE Tenanted investment, lease to CX Computers PRICE $4,555,000.00 PSM $13,397.06 psm
472 sqm, 4 titles in one line. Vacant possession $5,192,000.00 + GST $11,000 psm
LISTINGS
SAL R FO
E
SAL R FO
E
SAL R FO
E
PART LEVEL, 109 PITT STREET, SYDNEY
16 O’CONNELL STREET, SYDNEY
LEVEL 7, 16 O’CONNELL STREET, SYDNEY
For Sale $900,000 + GST Floor Area 64 m2 Tenure Type Vacant Possession
For Sale Price on application Floor Area 277 m2 Tenure Type Tenanted Investment
Auction Bidding from $3,600,000 Area 277m2 Tenure Type Tenanted Investment
16 | SYDNEY OFFICE UPDATE
MAY TRANSACTIONS AGENT: NAOMI VILAR
13.01/84 PITT STREET Granite Power is a power company delivering low carbon emission electricity principally to remote and off the grid locations around the world which is cheaper than conventional energy. They vacated 9 Barrack Street due to full floor refurbishment and moved to 84 Pitt Street on a 3 year lease in 210m2 at $700 psm gross. Area: 210 m2. Price: $700 psm pa gross
AGENT: NAOMI VILAR
701/62 PITT STREET Ronayne Lawyers is a law firm providing services to banking and finance, property and construction, advertising and marketing sectors. They have relocated from 36 Carrington Street due to impending building development and have taken higher quality space at 62 Pitt Street on a 4 year lease on 129m2 at $985 psm gross. Area: 129 m2. Price: $985 psm pa gross
AGENT: NAOMI VILAR
506/83 YORK STREET Campbell Page are a not-for-profit jobs placement company dedicated to supporting people into great jobs and a brighter future. Focusing on short term and value space they have secured 166m2 at 83 York Street on a 2 year lease at $450 psm pa gross
Area: 166.45 m2. Price: $450 psm pa gross
AGENT: JEREMY PIGGIN & ANTHONY HARRIS
9/420 GEORGE STREET
JAT Finance have taken on a sub lease previously used by Investa Property Group as an on site management office at 420 George Street. JAT finance specialise in loans for residential, commercial, retail and asset finance. The lease deal was for about 3 and a half years.
Area: 146 m2. Price: $975 psm pa gross
SYDNEY OFFICE UPDATE | 17
RECENT TRANSACTIONS Add re s s
Are a ( Sq m)
Leas e St art Date
Term ( Years)
Gro s s Rent (Ps m)
Suite 701, 62 Pitt Street
122.9
May 2018
1
$985
Ronayne Owens Lawyers
Suite 506, 83 York Street
166.45
April 2018
2
$450
Campbell Page
Level 23, 9 Castlereagh Street
300
May 2018
3
$950
Blenheim
Level 1, 3 Barrack Street
91.1
May 2018
3
$625
SB Architects
Suite 902, 420 George Street
146.6
March 2018
3.625
$975
Streamline Investment Group
Suite 1301, 84 Pitt
210
Dec 2017
3
$700
Granite Power Limited
Suite 204, 189 Kent
69.5
March 2018
3
$750
Magic Memories
Suite 1102, 17 Castlereagh Street
160
June 2018
5
$885
Merlon Capital
Level 1, 1 Barrack Street
199.6
Oct 2017
4
$715
Katana 1
Suite 901/66 Hunter Street
58
Feb 2018
2
$925
Artifex Property Group
Suite 60B/104 Bathurst Street
61
April 2018
3
$600
Stephen Smart & Associates Lawyers
Level 2/86 Liverpool Street
151
Jan 2018
3
$630
Mad Clarity
Level 11, 61 York Street
208.3
April 2018
4
$830
Playground XYZ
Lot 2, Level 3, 65 York Street
200
Feb 2018
3
$850-$950
Boyd House & Partners
Level 1, 89 York Street
516
Jan 2018
3
$800-$900
CUSCAL
Les s ee
SYDNEY OFFICE UPDATE | 18
1 / 24 HIC K S O N ROAD WA L SH BAY
321 K EN T STR EET SYDN EY
FIND YOUR PERFECT SPACE
L EVE L 3 0 2 6 4 GE O RG E ST RE E T SY D N E Y
CENTRAL LOCATIONS, CITY VIEWS
19 | SYDNEY OFFICE UPDATE
TENANT REP BRIEF TABLE Te na nt Na m e
Are a ( Sq m)
Ti mi n g
Lo c at i o n
Co mment s
Confidential Client
450-500
Q1 2019
CBD
5 years plus option, fitted or unfitted
Upside
450-550
Q4 2018
CBD & Fringe
AuctionPlus
320-400
Nov 2018
CBD & Fringe
5 + 5 year option, fitted out space favoured
Confidential Client
130-150
Nov 2018
CBD
3-5 years, preference for fitted tenancies
LEAP Software Developers
1400-1600
Nov 2019
CBD & Fringe
Will consider options with existing, modern & open plan fitouts
Confidential Client
100-200
Q3 2018
CBD
2-year term, good quality fitout in situ
Confidential Client
100-300
Q3 2018
CBD
Unfitted
Confidential Client
900-1000
Feb 2019
Fringe
5 + 5 years term, with good natural light
Confidential Client
1200-1800
Q4 2018
CBD
10 years, preference for premises within Core or Western Corridor
Confidential Client
750-900
Feb 2019
CBD, Fringe & South
Preference for properties near Town Hall
Aeona
2000
Q4 2018Q1 2019
CBD & Fringe
Broadbean Technology
200-300
Q1 2019
CBD
Requires existing fitout to cater for open plan layout
The Capital Group
400-500
Sep 2019
CBD
Medium term with options
Confidential Client
275-350
Dec 2019
CBD
Minimum of 3 year lease term, 24/7 access
Icon Co
800-1000
Q3/Q4 2018
North Syd & Fringe
Long term lease agreement sought - initial of at least 5 years
SYDNEY OFFICE UPDATE | 20
New York loft style offices Levels 1-8, 283 Clarence Street , Sydney Steel framed building built in 1910 regarded as Sydney's first skyscraper. Full building refurbishment due for completion Mid 2018. New glass entry lobby, two new lifts, 8 fully refurbished floors of approx. 175m2 each. Ground and upper floor retail opportunity, plus an amazing rooftop bar over 2 levels. - Choice of 8 warehouse floors of 175m2 each, up to 1400m2 in total. - Amazing 2 level rooftop bar restaurant opportunity - Timber windows, 3 to 4 metres high ceilings, great light and outlook - Independent secure floors with private bathrooms and kitchen
Area m2: $/m2:
Rent Rental PA:
1400 approx $995 Gross $1,393,000
Anthony Harris 0409 319 060 aharris@raywhite.com Christian Minards 0447 777 037 cminards@raywhite.com
21 | SYDNEY OFFICE UPDATE
Whole building opportunity Levels 1 & 2, 94 Beattie Street , Balmain Built in 1885, the old Exchange Hotel boasts a long history of being Balmain’s favourite meeting place. Now converted into boutique office suites with shared kitchens, boardrooms and breakout rooms. - Whole of levels 1 and 2 on short or long leases - Fully fitted and furnished, own kitchen and bathrooms - Ground floor cafe and wine bar - Bus stop at front door, free car parking 10 mins walk
Area m2:
850 approx 2
Rent $/m : Rental PA:
$750 Gross $637,500
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 22
Brand new fit out with Barangaroo views Part 20, 321 Kent Street , Sydney 321 Kent Street is a prominent A-Grade office tower in the heart of Sydney’s evolving Western core precinct. The impressive lobby entrance, flooded with natural light offers three onsite cafÊs, a conference facility and childcare centre to ensure that all your staff needs are met. - Sub lease or assignment from Feb 2019 for 6 years - Brand new high quality fit out and furniture in place - Great light and views over Barangaroo
Area m2: $/m2:
Rent Rental PA:
671 approx $980 Gross $637,450
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
23 | SYDNEY OFFICE UPDATE
Creative space in a heritage building Part 1, 24 Hickson Road , Sydney Bond Store 2 is the former "Grazco" wool and bond store located on Hickson Road at Walsh Bay. The building provides character space over 5 levels, prominent brick facade, and is tightly held as it offers tenants a unique identity in the Sydney commercial landscape. - Current fit out accommodates 50-60 staff - Direct lift access, high ceilings and functional fit-out - Kitchen, meeting rooms, boardrooms, open plan work space - Sub lease until March 2019 or new direct lease with adjusted terms
Area m2:
637 approx
Rent $/m2: Rental PA:
$895 Gross $570,115
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
SYDNEY OFFICE UPDATE | 24
Whole floor to be refurbished Level 1, 66 Clarence Street , Sydney 66 Clarence Street is a 13 storey office tower, comprising basement level secure parking, ground floor retail and 11 floors of office accommodation. Secure under cover parking and end of trip facilities in basement. Short walk to Martin place and Barangaroo - Whole floor tenancy to be refurbished back to open plan - Large windows with street outlook over Clarence Street - Unique central hallway connecting each wing of this floor - Direct lease, available from approx Mid September
Area m2:
622.3 approx 2
Rent $/m : Rental PA:
$850 Gross $528,955
Anthony Harris 0409 319 060 aharris@raywhite.com Christian Minards 0447 777 037 cminards@raywhite.com
25 | SYDNEY OFFICE UPDATE
126 Phillip Street Suite 2102, 126 Phillip Street , Sydney Deutsche Bank Place is located on the corner of Hunter and Phillip Streets. Completed in September 2005, the ground level features a 15 metre high public square known as the Assembly, containing a large, flowing water feature bordered by cafes and retail outlets. - Currently fitted out open plan suite - Boardroom, meeting rooms, quiet room, break out area - Wonderful views - Available August 2018
Area m2:
551 approx
Rent $/m2: Rental PA:
$1,733 Gross $954,883
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 26
Huge outdoor terrace Level 3, 131 Macquarie Street , Sydney 131 Macquarie Street is located between Bridge and Bent Streets opposite the Royal Botanical Gardens. This is a landmark Macquarie Street building that provides 17 levels of office space. All floors enjoy an Eastern aspect and outstanding views over the Botanical Gardens and Sydney Harbour. - Partitioned whole floor with excellent natural light - Boardroom, kitchen, offices and workstations - Large balcony overlooking the Botanical Gardens - Perfect for Summer BBQ's and staff entertaining
Area m2: $/m2:
Rent Rental PA:
520 approx $1,100 Gross $572,000
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
27 | SYDNEY OFFICE UPDATE
Whole floor opportunity Level 9, 46 Market Street , Sydney 46 Market Street, located on the corners of York, Market and George Streets, opposite the Queen Victoria Building. There are male and female showers in the basement. The building is connected to high speed fibre. - Currently 3 suites, can be combined to whole floor - Light on 2 sides, great views over QVB - Stunning outlook of city skyline
Area m2:
500 approx
Rent $/m2: Rental PA:
$875 Gross $437,500
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 28
20 Windmill Street Ground Floor, 20 Windmill Street , Sydney Designed to achieve a 4.5 star Australian building greenhouse rating standard, Bond One is a property opportunity that seeks to align the design, technology and cultural requirements for modern business. - Ground floor office fully fitted out to a high quality - Prominent street frontage and 'diner' styled kitchen - Could accommodate approx. 50 staff with open plan work spaces
Area m2: $/m2:
Rent Rental PA:
490 approx $850 Gross $416,500
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
29 | SYDNEY OFFICE UPDATE
Whole floor with fit out Level 3, 22 Market Street , Sydney 22 Market Street, a 14-storey office building. Situated on the North-Eastern corner of Kent and Market Streets, this location provides a convenient access to Town Hall station, QVB and the entertainment precinct of Cockle Bay/ King Street Wharf. - Whole floor with excellent natural light - Prime fitted-out floor, just unpack! - 10 Offices, approx. 30 workstations, Storage room, Boardroom - Kitchen, comms room, reception and Exclusive Shower
Area m2:
465 approx 2
Rent $/m : Rental PA:
$800 Gross $372,000
Christian Minards 0447 777 037 cminards@raywhite.com
SYDNEY OFFICE UPDATE | 30
Culwulla Chambers 1001, 67 Castlereagh Street , Sydney Constructed to an impressive height of 170 Ft, Culwulla Chambers was the CBD's first true Skyscraper. Stepping into a recently refurbished ground floor foyer, the feeling of sophisticated opulence is immediately apparent. It creates a statement not only about the building, but its diverse occupants as well. - High quality and functional fit out with natural light from 3 sides - Nine executive sized offices, a reception, administration - Meeting room, a generously sized conference room - Access to a modern and contemporary kitchen facility.
Area m2: $/m2:
Rent Rental PA:
400 approx $950 Gross $380,000
Christian Minards 0447 777 037 cminards@raywhite.com
31 | SYDNEY OFFICE UPDATE
Fully refurbished whole floor Whole floor, 70 Castlereagh Street , Sydney 70 Castlereagh Street is located at the ever popular intersection of King and Castlereagh Streets, bounded by Chanel, Bulgari and the MLC Centre, close to Martin Place and Sydney's Westfield. - Whole floor to be fully refurbished - New ceiling grid, carpet, lighting - Bathrooms to be upgraded - Excellent light on 2 sides - Direct lease, available June / July 2018
Area m2:
390 approx 2
Rent $/m : Rental PA:
$950 Gross $370,500
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 32
Whole floor with fit out Level 6, 23 O'Connell Street , Sydney Permanent Trustee House is a 13-storey strata titled building situated at the epicentre of Sydney's buzzing financial Precinct. The building is situated on the western side of O'Connell Street between Bent and Hunter Streets. - Whole floor with existing fitout & furniture in place - Reception/waiting area, meeting rooms, 13 workstations, offices - Flexible lease terms considered - Available now for a new direct lease
Area m2: $/m2:
Rent Rental PA:
368 approx $850 Gross $312,800
Andrew Telepis 0415972696 atelepis@raywhite.com
33 | SYDNEY OFFICE UPDATE
Unique heritage warehouse style space Suite 201, 24 Hickson Road , Sydney "Bond Store 2 is the former "Grazco" wool and bond store located on Hickson Road at Walsh Bay. The building provides character space over 5 levels, prominent brick facade, and is tightly held as it offers tenants a unique identity in the Sydney commercial landscape. - Features high ceilings, exposed original structural details - Boardrooms, 2 meeting rooms, 27 workstations and reception - Lease runs to 31 May 2019 but longer term available
Area m2:
329 approx 2
Rent $/m : Rental PA:
$618 Gross $203,322
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 34
Premium sub lease opportunity Part 39, 161 Castlereagh Street , Sydney Liberty Place is a new Premium Grade office complex in the heart of the Sydney CBD. The ANZ Tower features harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets. - Virtually brand new high quality fitted out office - Sensational views and aspect from level 39 - Lease term remaining until April 2021 - Existing fit out and furniture in place
Area m2: $/m2:
Rent Rental PA:
316 approx $950 Gross $300,200
Christian Minards 0447 777 037 cminards@raywhite.com
35 | SYDNEY OFFICE UPDATE
Scope to design your own fit out Level 7, 9 Barrack Street , Sydney 9 Barrack Street is a heritage office building prominently positioned on the corner of York Street. The building is in close proximity to Martin place, Wynyard Station and the Queen Victoria Building. The lifts and foyer have been recently upgraded. - Images shown are taken from other floors and are indicative - Lessor to fully refurbish tenancy throughout - Terrific light on 3 sides, opening windows with sunny aspect - Available from approx May 2018
Area m2:
313 approx 2
Rent $/m : Rental PA:
$925 Gross $289,525
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 36
66 Clarence Street Suite 102, 66 Clarence Street , Sydney 66 Clarence Street is a 13 storey office tower, comprising basement level secure parking, ground floor retail and 11 floors of office accommodation. Secure under cover parking and end of trip facilities in basement. Short walk to Martin place and Barangaroo - South wing of level 1, to be fully refurbished - Good natural light at the front facing Clarence Street - Direct lease, available from approx Mid September 2018
Area m2: $/m2:
Rent Rental PA:
310 approx $825 Gross $255,750
Anthony Harris 0409 319 060 aharris@raywhite.com Christian Minards 0447 777 037 cminards@raywhite.com
37 | SYDNEY OFFICE UPDATE
Sub Lease at Australia Square Part 30, 264 George Street , Sydney Australia Square, a landmark office development comprising an entire block which is bounded by George Street, Pitt Street, Bond Street and Curtin Place. This is the heart of the core CBD being opposite the Stock Exchange. - Sub lease terms from 3 to 5 years - High quality partitioned tenancy - Fitted with 10 offices and 12 workstations - Great natural light and views from this high floor tenancy
Area m2:
269 approx 2
Rent $/m : Rental PA:
$1,100 Gross $295,900
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 38
Heritage whole terrace Terrace, 40-42 Young Street , Sydney First time offered for lease, the Young Street terraces were completed in 1875. The terraces have been used as Government offices and then nurses quarters in the past. The buildings were restored in 1995 and a minor refurbishment was done in April 2018. More recently used by the Museum of Sydney office administration. - Fitted with meeting rooms, open plan area & kitchen - Freshly painted throughout, terrace has direct access to Young St - Spans over 3 levels and has a large balcony overlooking Young St
Area m2: $/m2:
Rent Rental PA:
255 approx $800 Gross $204,000
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com
39 | SYDNEY OFFICE UPDATE
Wynyard Park Views Suite 901, 50 Margaret Street , Sydney 50 Margaret Street overlooks Wynyard Park positioned on top of Wynyard train station and close proximity to Barangaroo via the recently opened Wynyard Walk. The building enjoys excellent natural light and expansive views. Extensive building upgrades to ground floor lobby. - Partitioned suite with great views over Wynyard park - Currently has 3 meeting rooms, 1 boardroom, 24-26 workstations - Internal full kitchen and your own shower in tenancy - Brand new End Of Trip facilities
Area m2:
254 approx 2
Rent $/m : Rental PA:
$950 Gross $241,300
Jeremy Piggin 0413 336 161 jpiggin@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 40
Culwulla Chambers 1001, 67 Castlereagh Street , Sydney Constructed to an impressive height of 170 Ft, Culwulla Chambers was the CBD's first true Skyscrapper. Stepping into recently refurbished ground floor foyer, the feeling of sophisticated opulence is immediately apparent. It creates a statement not only about the building, but its diverse occupants as well. - High quality and functional fit out with natural light from 4 sides - Four executive sized offices, a reception, administration - Meeting room, a generously sized conference room - Access to a modern and contemporary kitchen facility.
Area m2: $/m2:
Rent Rental PA:
250 approx $950 Gross $237,500
Christian Minards 0447 777 037 cminards@raywhite.com
41 | SYDNEY OFFICE UPDATE
Whole floor at Kyle House Level 8, 27 Macquarie Place , Sydney Kyle House is a character building with art deco features and a magnificent heritage faรงade. The building enjoys direct access to the leafy Macquarie Place Park and is just a short stroll from Circular Quay. - High floor tenancy with great light all 3 sides - Whole floor with secure access - Offered with existing fit out or refurbished to open plan - Great views over Macquarie Place Park - Available from 1 July 2018
Area m2: $/m2:
Rent Rental PA:
228 approx $925 Gross $210,900
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 42
Sub lease space - fully furnished Part 14, 1 Market Street , Sydney BT Tower is an A-grade landmark tower rising 32 floors above the corner of Market and Kent Streets, dominating the skyline. BT Tower incorporates a modern central service core design giving any prospective tenant the advantage of column free office space. - High quality fitted out premises with furniture - Sub lease to 30 June 2023 - Great natural light with Darling harbour views - Shared use of boardroom
Area m2: $/m2:
Rent Rental PA:
225 approx $850 Gross $191,250
Andrew Telepis 0415972696 atelepis@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
43 | SYDNEY OFFICE UPDATE
Sensational views and light Suite 901, 46 Market Street , Sydney 46 Market Street, located on the corners of York, Market and George Streets, opposite the Queen Victoria Building. There are male and female showers in the basement. The building is connected to high speed fibre. - Sub lease or assign to 30/9/2021, or new direct - Flooded with sunlight, views over QVB - Stunning outlook of city skyline - High quality existing fit out in place
Area m2:
214 approx 2
Rent $/m : Rental PA:
$875 Gross $187,250
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 44
Whole floor tenancy Level 6, 64 Clarence Street , Sydney 64 Clarence Street is situated on the north western corner of Clarence and Erskine Streets in the heart of the north west precinct of the CBD. This is a convenient location close to transport facilities, the Barangaroo development site and Darling Harbour. - Whole floor tenancy, light on 3 sides - Large Boardroom, full kitchen - After hours air conditioning, 24/7 access - Open pan area with approx 20 workstations
Area m2: $/m2:
Rent Rental PA:
212 approx $895 Gross $189,740
Anthony Harris 0409 319 060 aharris@raywhite.com Christian Minards 0447 777 037 cminards@raywhite.com
45 | SYDNEY OFFICE UPDATE
Sublease Opportunity Level 8, 48 Hunter Street , Sydney 48 Hunter Street is located close to the intersection of O’Connell and Pitt Street and offers excellent proximity to surrounding premium towers. Foor by floor security, individual packaged air conditioning, shower and lockers - Whole floor tenancy in financial core - Existing fit out in place, reception, meeting room, own kitchen - 2 large offices, approx 16 workstations - Sub lease to September 2020
Area m2:
200 approx 2
Rent $/m : Rental PA:
$850 Gross $170,000
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 46
Warehouse style space Level 2, 1 Barrack Street , Sydney 1 Barrack Street is situated just a few minutes walk from Martin Place. Terrace style building with direct street access from Barrack Street. This is an ideal space for creative users wanting character features. - Warehouse style space just 5 mins walk from Martin Place - Level 2 via stairs, whole floor self contained tenancy - Own kitchen, shower and bathrooms - Reception, meeting room, workstations for over 20 staff
Area m2: $/m2:
Rent Rental PA:
200 approx $595 Gross $119,000
Anthony Harris 0409 319 060 aharris@raywhite.com
47 | SYDNEY OFFICE UPDATE
Whole floor in financial core Level 4, 48 Hunter Street , Sydney 48 Hunter Street is located close to the intersection of O’Connell and Pitt Street and offers excellent proximity to surrounding premium towers. Floor by floor security, individual packaged air conditioning, shower and lockers - Whole floor tenancy in financial core - Existing fit out in place, reception, meeting room, own kitchen - Approx 18 workstations in place - Great light looking over Hunter Street
Area m2:
200 approx 2
Rent $/m : Rental PA:
$875 Gross $175,000
Anthony Harris 0409 319 060 aharris@raywhite.com Marcus Plummer 0400 469 388 mplummer@raywhite.com
SYDNEY OFFICE UPDATE | 48
Ex yoga studio Lower ground, 27 Macquarie Place , Sydney Kyle House is a character building with art deco features and a magnificent heritage faรงade. The building enjoys direct access to the leafy Macquarie Place Park and is just a short stroll from Circular Quay. - Currently yoga studio but suitable for other uses including office - Direct lift access, secure floor, street signage - Potential for medical or health, gym or retail - New direct lease available now
Area m2: $/m2:
Rent Rental PA:
197 approx $590 Gross $116,230
Anthony Harris 0409 319 060 aharris@raywhite.com
49 | SYDNEY OFFICE UPDATE
Art deco classic Part 11, 66 Hunter Street , Sydney 66 Hunter Street is situated at the intersection of Hunter and Bligh Streets, and is also known as the City Mutual Building. The property is located close to Chifley Square, Martin Place, Wynyard Station and Circular Quay, with Rockpool Bar and Grill at ground level. - Prime position looking over Hunter and Bligh Street - Existing fit out in place with boardroom and open plan area - Rare opportunity in this tightly held building - Available now for a direct lease
Area m2:
195 approx 2
Rent $/m : Rental PA:
$875 Gross $175,000
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 50
83 York Street Suite 607, 83 York Street , Sydney 83 York Street positioned a short walk from the Queen Victoria Building on the Western side of York Street between King and Markets Streets. The building features a sandstone and brick facade, on-site building management, shower facilities, 3 new lifts plus a goods lift, and ample on-site parking. - Fitout consists of waiting area, 2 offices and 1 boardroom - Open plan area with storage room - Westerly outlook with natural light throughout - Available July 2018
Area m2: $/m2:
Rent Rental PA:
192.8 approx $450 Gross $86,760
Naomi Vilar 0431 209 888 nvilar@raywhite.com
51 | SYDNEY OFFICE UPDATE
Exposed brick walls Level 3, 81 York Street , Sydney Located near the corner of York and King Streets next to the Grace Hotel. 81 York Street is a character filled warehouse building comprising 5 whole floor tenancies. The building features brick and stone facade, a single lift with ability to lock off floors. - Whole floor tenancy, own kitchen, toilets and showers - Open plan area, glass meeting room and break-out space - Exposed brick work and polished timber floors - Good natural light and independent A/C
Area m2:
192.6 approx 2
Rent $/m : Rental PA:
$700 Gross $134,820
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 52
25 Bligh Street Suite 1702, 25 Bligh Street , Sydney 25 Bligh Street is situated on the western side of Bligh Street between Hunter and Bent Streets in the heart of the financial precinct. On-site amenities available to tenants include a gymnasium, showers, storage facilities and forecourt coffee cart - Full end of trip facilities and fitness suite plus squash court - Includes boardroom, 3 internal offices, 9 existing workstations and an open plan workspace - Has excellent natural light - Available June 2018
Area m2: $/m2:
Rent Rental PA:
175 approx $1,100 Gross $192,500
Anthony Harris 0409 319 060 aharris@raywhite.com
53 | SYDNEY OFFICE UPDATE
Office, medical, beauty or non food retail Mezzanine, 27 Macquarie Place , Sydney Kyle House is a character building with art deco features and a magnificent heritage faรงade. The building enjoys direct access to the leafy Macquarie Place Park and is just a short stroll from Circular Quay. - Currently used as a medical business with customised fit out - Also suitable for office, beauty or semi retail users - Unique floor with access by stairs and lift, signage opportunities - Beautiful heritage facade and outlook - Available from Sept 2018
Area m2:
165.5 approx 2
Rent $/m : Rental PA:
$925 Gross $153,088
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 54
Polished concrete floors Level 4, 86 Liverpool Street , Sydney 86 Liverpool Street is located at the corner of Kent Street, close walking distance to Town Hall, World Square and Chinatown. It is 4 - storey building with ground floor retail and 3 levels of office space. - Whole floor featuring polished concrete floors - High ceilings, large full height glass windows - Self contained with shower, 2 toilets and own kitchen - Available now
Area m2: $/m2:
Rent Rental PA:
153 approx $625 Gross $95,625
Naomi Vilar 0431 209 888 nvilar@raywhite.com Anthony Harris 0409 319 060 aharris@raywhite.com
55 | SYDNEY OFFICE UPDATE
Loft style office space Level 4, 213 Clarence Street , Sydney 213 Clarence Street is right in the heart of Sydney, a dynamic region nestled between the Financial District and Darling Harbour with excellent access into and out of the city, positioned on one of Sydney's busiest transport hub's - Town Hall and QVB. - Superb top floor tenancy, self contained - Exposed tubular air conditioning - Own bathrooms and kitchen on your floor - Boardroom in place, room for 12 workstations
Area m2:
133 approx 2
Rent $/m : Rental PA:
$675 Gross $89,775
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 56
36 Hickson Road Level 1, 36 Hickson Road , Sydney Located on the doorstep of Barangaroo, 36 The Bond is located at 36 Hickson Road, Sydney's inner-urban precinct. This heritage building is a unique opportunity to lease Character space in this sought after location. - Full floor opportunity comprising of creative-style floor plates - Refurbished floor with kitchenette in place - Creative Heritage space in beautiful sandstone building - Concierge services, parking and brand new end-of-trip facilities
Area m2: $/m2:
Rent Rental PA:
130 approx $1,000 Gross $130,000
Anthony Harris 0409 319 060 aharris@raywhite.com
57 | SYDNEY OFFICE UPDATE
Centrally Located Office Suite Suite 701, 109 Pitt Street , Sydney 109 Pitt Street is a contemporary 21-storey commercial building with six lifts. The building is situated between the intersections of Martin Place and Hunter Street and is in close proximity to Circular Quay, Australia Square, Pitt Street Mall and Wynyard Station. - Fully fitted with small waiting area, 10 workstations & boardroom - Own kitchen with 2 fridges - Storage, cabling in suite & natural light throughout - Available now
Area m2:
112 approx 2
Rent $/m : Rental PA:
$775 Gross $86,800
Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 58
Fitted suite ready to move into Suite 804, 46 Market Street , Sydney 46 Market Street, located on the corners of York, Market and George Streets, opposite the Queen Victoria Building. There are male and female showers in the basement. The building is connected to high speed fibre. - East facing suite with views over George Street - Good quality existing fit out in place - Reception, meeting room, offices, open plan - Minimum 4 year lease, vacant on 60 days notice
Area m2: $/m2:
Rent Rental PA:
106.3 approx $870 Gross $92,481
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
59 | SYDNEY OFFICE UPDATE
East aspect over George Street Suite 903, 46 Market Street , Sydney 46 Market Street is located on the corners of York, Market and George Streets. The building underwent a recent refurbishment including lift upgrades, new foyer, new tea rooms, new bathrooms and refurbished floors. The building is connected to high speed optic fibre. - Partitioned suite with East aspect over George Street - Reception and glass fronted boardroom - 4 offices and 8 workstations - Power and data cabling in place
Area m2:
103.3 approx 2
Rent $/m : Rental PA:
$870 Gross $89,871
Anthony Harris 0409 319 060 aharris@raywhite.com Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 60
Aurora Place Sub Lease Part 12, 88 Phillip Street , Sydney Aurora Place is a landmark 42 storey office building constructed in 2000. The building boasts state of the art services and is on the northeastern corner of Phillip and Bent Streets adjacent to Botanical Gardens and just a short walk to Martin Place and Circular Quay. - 8 desks available for sub lease at $15K per annum per desk - Co sharing with property development company - Shared reception, boardroom, meeting room and kitchen - Flexible and very competitive sub lease terms
Area m2: $/m2:
Rent Rental PA:
100 approx $1,200 Gross $120,000
Anthony Harris 0409 319 060 aharris@raywhite.com
61 | SYDNEY OFFICE UPDATE
15 Lime Street Suite 302, 15 Lime Street , Sydney The King Street Wharf development provides direct waterfront office accommodation positioned just west of the city centre only 10 minutes walk from Martin Place. This fast-moving dynamic precinct is home to some of Sydney's best bars and restaurants and is the new hub for elite businesses such as Macquarie Bank, KPMG and Westpac. - Water front offices with fantastic views and light - Very large balcony with stunning harbour panorama - Full bathroom facilities, shower included
Area m2:
96 approx 2
Rent $/m : Rental PA:
$850 Gross $81,600
Anthony Harris 0409 319 060 aharris@raywhite.com
SYDNEY OFFICE UPDATE | 62
Ideal for medical or fitness Suite 1/Basement, 27 Park Street , Sydney 27 Park Street is strategically positioned on the corner of Castlereagh & Park Street. Within close proximity to Town Hall station and Hyde Park. - Open plan room ideal medical or fitness - Use of entry ways, reception ,storage and change room, showers - Direct street access & potential street signage - Shared space with F45 & Physio - Available now
Area m2: $/m2:
Rent Rental PA:
95 approx $695 Gross $66,025
Naomi Vilar 0431 209 888 nvilar@raywhite.com
63 | SYDNEY OFFICE UPDATE
261 George Street Suite 401, 261 George Street , Sydney 261 George Street is located near Wynyard Station, opposite Australia square. The building has a bright modern foyer, high quality lifts and excellent natural light to all tenancies - East facing suite with views over George St - Large windows and great light - Open plan tenancy with no current fit out - Direct lift exposure, frameless glass entry doors - Available 1 Nov 2018, new direct lease 3 yrs +
Area m2:
75 approx 2
Rent $/m : Rental PA:
$850 Gross $63,750
Anthony Harris 0409 319 060 aharris@raywhite.com Marcus Plummer 0400 469 388 mplummer@raywhite.com
SYDNEY OFFICE UPDATE | 64
Co Working Space at Hyde Park Part Level 22, 227 Elizabeth Street , Sydney 227 Elizabeth Street is situated in close proximity to the law courts, all amenities and public transport. This building provides tenants with refurbished office space with good natural light in a sought after location. Pleasant outlook over Hyde Park. - Co-Tens co working office at 227 Elizabeth St - Private office for 7 staff plus shared use of boardrooms and kitchen - Views over Hyde Park and East, Sydney Harbour and the Heads - High quality reception area, boardrooms and meeting rooms
Area m2: $/m2:
Rent Rental PA:
70 approx $857 Gross $59,990
Marcus Plummer 0400 469 388 mplummer@raywhite.com
65 | SYDNEY OFFICE UPDATE
Fantastic Hyde Park Views Suite 704, 60 Park Street , Sydney 60 Park Street is a 13 storey strata title building built on the site of the former Kings Head Hotel. Known to be a home to many other dental specialists. Conveniently located on the East fringe of the city and just a short walk to Town Hall train station. - Ideal for Medical or Legal user - Elevated position with Hyde Park views - Small reception, large boardroom, open plan work space - Small kitchenette within suite
Area m2:
66 approx 2
Rent $/m : Rental PA:
$800 Gross $52,800
Anthony Harris 0409 319 060 aharris@raywhite.com Marcus Plummer 0400 469 388 mplummer@raywhite.com
SYDNEY OFFICE UPDATE | 66
Sub lease / assignment opportunity Suite 2505, 31 Market Street , Sydney St Martins Tower is bounded by Market, York and Clarence Streets and directly opposite the QVB. The building offers basement parking, showers, Japanese landscaped garden, childcare facilities, efficient central core floor plate and 24 hour on-site security. - Make an offer must be leased !!!! - Assign or sub lease to 30 Aug 2019 - Existing fit out in place - Rare chance to secure a small suite
Area m2: $/m2:
Rent Rental PA:
65 approx $925 Gross $60,125
Anthony Harris 0409 319 060 aharris@raywhite.com
67 | SYDNEY OFFICE UPDATE
Co share workspace Upper Ground, 71 York Street , Sydney Company Director House is a 6 storey building built circa 1880. The building provides a commanding presence to York Street with beautiful sandstone faรงade and classic black and white tiling in the main foyer. There is onsite parking. - 4 desks at $700 per month per desk plus GST = $33,600 per annum - Amazing creative space in heritage building - Soaring high ceilings, polished timber floors, sensational light - Shared meeting rooms and services with brand agency - 50% discount for first month on 6 month lease
Area m2:
40 approx 2
Rent $/m : Rental PA:
$1,080 Gross $43,200
Naomi Vilar 0431 209 888 nvilar@raywhite.com
SYDNEY OFFICE UPDATE | 68
OUR OFFICES
48
OFFICES ACROSS AUSTRALIA, NEW ZEALAND, CHINA AND HONG KONG
FROM HUMBLE BEGINNINGS IN 1902 IN THE SMALL QUEENSLAND COUNTRY TOWN OF CROWS NEST, RAY WHITE HAS NOW BECOME A HOUSEHOLD NAME CONNECTED TO THE PROPERTY AND REAL ESTATE INDUSTRY, HOME LOANS AND INSURANCE, WITH AN ANNUAL TURNOVER IN EXCESS OF $40 BILLION.
NT OFFICE
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QLD OFFICES
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NSW OFFICES
Ray White was awarded the Family Business Award at the 2015 EY Entrepreneur Of The Year Awards. Recognising three generations of business, the EY Awards are considered the most prestigious business awards globally. In 2016, Ray White won the Major Network of the Year Award at the Real Estate Business Award at the Real Estate Business Awards, the real estate industry’s premier awards, open to every professional and real estate group in the industry.
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VIC OFFICES
O FFICE
CONTAC T
OFFICE
CO N TAC T
Ray White Advisory
(02) 9262 3700
Ray White Commercial (Parramatta)
(02) 92493725
Ray White Business Sales (Sydney CBD)
(1800) 858 696
Ray White Commercial (Pine Rivers)
(07) 3889 8000
Ray White Commercial (Adelaide Asset Management)
(08) 7228 5600
Ray White Commercial (Queensland)
(07) 3231 2211
Ray White Commercial (Bayside)
(07) 3245 7199
Ray White Commercial (Runaway Bay)
(07) 5528 8878
Ray White Commercial (Cairns)
(07) 4044 1111
Ray White Commercial (South Sydney)
(02) 9101 8000
Ray White Commercial (Caloundra)
(07) 5491 4600
Ray White Commercial (Southport)
(07) 5552 6388
Ray White Commercial (Christchurch)
(03) 379 4120
Ray White Commercial (Springwood)
(07) 3290 5383
Ray White Commercial (Coomera)
(07) 5573 1077
Ray White Commercial (Tauranga)
(07) 928 0000
Ray White Commercial (Eastern Suburbs)
(02) 9362 9000
Ray White Commercial (Toowoomba)
(07) 4613 1455
Ray White Commercial (GC South)
(07) 5535 0500
Ray White Commercial (Townsville)
(07) 4726 7888
Ray White Commercial (Gladstone)
(07) 4972 3288
Ray White Commercial (TradeCoast)
(07) 3899 5888
Ray White Commercial (Glen Waverley)
(03) 9574 9555
Ray White Commercial (Vic-Nunawading)
(03) 9955 0055
Ray White Commercial (Gold Coast)
(07) 5555 8600
Ray White Commercial (WA)
(08) 6253 5222
Ray White Commercial (Inner West)
(02) 9810 3422
Ray White Guangzhou: China
23761088
Ray White Commercial (Ipswich)
(07) 3282 9655
Ray White Hotels Australia (NSW)
(02) 8016 3810
Ray White Commercial (Newcastle)
(02) 4974 3011
Ray White Hotels Australia (QLD)
(07) 3046 4300
Ray White Commercial (Noosa & Sunshine Coast North)
(07) 5474 7600
Ray White Industrial (Gold Coast)
(07) 5555 8600
Ray White Commercial (North Coast Central)
1300 25 50 75
Ray White Industrial (M1 North)
(07) 3807 0001
Ray White Commercial (NSW Greater Sydney South)
02) 9099 1128
Ray White Industrial (Milton)
(07) 3331 5444
Ray White Commercial (NSW)
(02) 9262 3700
Ray White Projects (NSW)
02 9262 3700
Ray White Commercial (NSW-Sydney City Fringe)
(02) 9660 1717
Ray White Retail (Sydney)
(02) 9249 3753
Ray White Commercial (NT)
(08) 8943 3500
Ray White Special Projects (Queensland)
(07) 3231 2241
Ray White Commercial (Oakleigh)
(03) 9568 2000
Ray White Tsim Sha Tsui: Hong Kong
23761088
Ray White Commercial (Office Leasing - Sydney)
(02) 9249 3709
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