CBRE this week announced a number of strong leasing deals that have reduced the 29,929 square metre tower’s vacancy rate to just 0.7 per cent - down from 30 per cent at the start of 2019.

Dampier Bunbury Natural Gas Pipeline (2,200 square metres) and AngloGold (2,110 square metres) have both committed to two whole floors each in the building on long terms leases.

They join other new tenants such as Downer (1,014 square metres), Veridian Advisory (697.1 square metres) and Talent International (282.3 square metres).

At a glance:

• Strong leasing deals reduce vacancy rate at 140 St Georges Terrace from 30 per cent to just 0.7 per cent this year
• Deals made with 12 new building tenants totalling 8,899 square metres transform 140 St Georges Terrace in just one year
• Recent refurbishment and flexibility of the building’s floor plates key to success

All the leases were negotiated by CBRE’s Andrew Denny and Luke Bray.

Mr Denny said that deals with 12 new building tenants totalling 8,899 square metres had transformed 140 St Georges Terrace this year.

“No other Perth office building comes close to the success at 140 St Georges Terrace in 2019,” he said

“The location of the building coupled with the quality of the recent refurbishment have been key to this year’s leasing success.

“The ground floor lobby refurbishment has been particularly effective, providing an active and highly functional area through the strategic use of both small and large informal meeting room tables and a variety of seating choices.”

A speculative fitout strategy has been another driver of leasing activity, with AMP Capital undertaking a proactive, rolling program of new and upgraded fitouts.

“This ensured real momentum and resulted in tenants competing for the limited spaces remaining in recent months,” Denny said.

CBRE’s Mr Bray noted that the flexibility of the building’s floor plates had been another driving factor.

“The square full floors of 1,100 ssquare metres with a central core are not only highly efficient but provide natural light on all four sides,” Bray said.

“Splitting the floors to suit tenants’ exact requirements was also easily achieved.”

Similar to this:

Businesses looking for key extras in Perth and West Perth office leasing market

Perth CBD leasing market looks healthier than official figures might suggest

WA on the rebound, according to Ray White report