Charter Hall has leased over 3,330sqm of office space within Brisbane’s landmark Santos Place office tower. Appointed leasing agents CBRE and Knight Frank have steered the successful 32 Turbot Street leasing campaign on behalf of Charter Hall.

The Federal Government’s Department of Health has secured 1,110sqm of space in the 32 Turbot Street tower on a five-year term, while anchor tenant Santos has put its foot on a further 2,220sqm of space after striking a seven-year lease commitment.

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The deals follow the consummation of an earlier, 1,700sqm lease to the Australian Competition & Consumer Commission, which relocated to the building under a 10-year lease agreement.

Appointed leasing agents CBRE and Knight Frank have steered the successful 32 Turbot Street leasing campaign on behalf of Charter Hall.

CBRE’s Gerry Leyden noted that the recent activity and heightened interest in the remaining 6,000sqm of available space - highlighted an ongoing ‘flight to quality’ trend in the Brisbane CBD, as occupiers sought out buildings with strong technology overlays, base building amenity and efficient floorplates to suit evolving workplace needs.

“These trends were already apparent pre COVID-19 but have gained added momentum in the past year, which is likely to result in the vast majority of active CBD tenant demand gravitating to prime office offerings in 2021,” Mr Leyden said.

“At 32 Turbot Street, we’re fielding particularly strong interest from Federal Government, resource and legal tenants, with a strong roster of government occupiers in the building and surrounding precinct helping to draw demand in tandem with the tower’s proximity to Brisbane’s law courts.”

Mr Leyden added; “The greatest challenge for landlords in attracting new occupiers is the ability to demonstrate building attributes such as base build technology, wellness initiatives and asset amenity which supports new ways of working. This is favouring landlords like Charter Hall who are investing significant capital into their assets – such as the new lobby investment at 32 Turbot Street, which will provide functional spaces for both work and relaxation to enhance occupants user experience, as well as technology investments such as the group’s Charli all-in-one workplace app.”

32 Turbot street is regarded as one of the benchmark prime grade buildings in Brisbane’s North Quarter precinct.

The tower was the first building in Brisbane to achieve a 6 Star Green Star Rating (Office Design and As-Built V2) and also offers a 5.5 Star NABERS Energy rating, underpinned by features such as rainwater harvesting for bathroom facilities, external façade screening and high quality end-of-trip facilities including over 293 bike racks.

Knight Frank’s Jamie Nason said the building’s leasing success came amid a rebalancing in Brisbane leasing conditions in 2021 as business confidence and sentiment improved.

“We anticipate that a series of major occupiers will reenter the marketplace this year considering both their physical premises and new workplace strategies,” Mr Nason said.

“Flexibility will remain key for major occupiers and landlords will need to demonstrate their ability to provide added tenant amenity such as enhanced collaboration spaces and quality retail offerings.”

Mr Nason noted that while overall lease transaction volumes had dipped, not unsurprisingly, in 2020 due to COVID-19, the Prime grade sector had been the most resilient, with 20 new transactions completed during the year.

“As we move further into 2021, we’re buoyed by the prospect of some major transactions being completed over the coming months which will provide a level of market momentum not seen for 18 months,” Mr Nason said.

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