Askew House Office Space For Lease, Melbourne

As upstairs office levels were vacated, however, throughout the last decade, they were not re-leased.

Kliger Wood’s Rogan Sedger expects the recently renovated 3400 square metre high-end office space to attract either a major corporate, prepared to take the space as a whole, or a group of smaller tenants which may commit to part of the space. The asking rent is $350 to $360 per square metre per annum.

Mr Sedger said the building levels were taken back to the bare concrete and that the subsequent office refurbishment cost the owners many millions of dollars.

Prior to the office being purchased by its current owners, a permit existed to extend Askew House, and refit the internal space into student apartment flats.

Earlier this week, the Property Council of Australia released its Office Market Report, which showed Melbourne CBD office vacancy fell from 6.5 per cent to 6.3 per cent. This makes it the best performing CBD office market on the mainland (Hobart came in at 4.6 per cent).

Within the industry, a CBD office vacancy rate of less than 7 per cent is considered healthy. Perth, Brisbane and Adelaide have the highest CBD office vacancy rates in the country.

Sydney – Australia’s biggest CBD office market – recorded a drop in CBD vacancy from 8.5 per cent to 8.2 per cent.

In a show corporate Australia is improving, Sydney tenants have almost sapped up the last of that city’s highest-quality “Premium” space – known to pull in rents of $1000 per square metre, per annum, or more – almost twice that of Melbourne’s best.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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