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The once troubled Box Hill office market is enjoying record low vacancy, after a string of lease deals totaling almost 3000 square metres.
The biggest deals were to software management group ManageSoft, which will lease 728 square metres at 18 – 20 Prospect Street, and healthcare merchandiser Melaleuca, which will lease 506 square metres at 826 Whitehorse Road.
Several smaller deals including one to Cellnet-owned flash memory manufacturer VME Systems for space at 37 – 41 Prospect Street filled another 1700 square metres.
CBRE leasing executive Scott Panton said the deals bring Box Hill’s vacancy to just below 3 per cent, down from 18 per cent four years ago.
The news is sure to please private investor Joel Freeman, who is sitting on a prime development site at the corner of Station Street and Carrington Road, mooted for a 9150 square metre 10-level office building and believed to be seeking a tenant.
The building, which would be connected to the Box Hill train station and Centro’s Whitehorse Plaza, would be the suburb’s first high rise office.
Mr Panton said Box Hill’s next lick of office space will come next year, when around 2000 square metres of new space at 15 – 17 Prospect Street will come onto the market.
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