Commonwealth Bank Reissues Melbourne CBD Office Leasing Requirement

A memo circulated by GVA Grimley to agents last month says the bank is now seeking between 25,000 square metres and 30,000 sq m of new, or existing A-grade space in the CBD. The space must be ready for occupation by March 2009, when CBA’s 22,000 sq m lease at 385 Bourke Street expires.

The requirement replaces one released in October last year, requesting developers and agents submit proposals for one of two leasing options – the first for between 25,000 sq m and 33,000 sq m, and the second for between 15,000 sq m and 20,000 sq m.

Like rival bank Westpac which also put feelers out to the market last year, CBA has delayed making a decision about its future accommodation, sparking speculation that – like Westpac – it is negotiating with its existing landlord ways to stay put.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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