Colliers, announced the successful leasing of Level 3, 131 St Georges Terrace to Cadds Group on behalf of Brookfield Properties. 

Cadds Group is one of Western Australia’s largest privately owned multidisciplinary drafting services and design consultancy group.

Colliers Senior Executive Office Leasing, Grace Bailey completed the transaction on a 5-year term prior to practical completion of the speculative fit out designed by Hassell architects.  

Ms Bailey said “Cadds Group were looking to upgrade the quality of their CBD head office accommodation, expand in size and move closer to the core CBD and their major clients.  The Royal Insurance Building at 131 St Georges Terrace offers just this, as it forms part of the largest heritage streetscape on St Georges Terrace and is located in the heart of Perth's CBD within the Brookfield Place precinct.” 

“We are continuing to see a strong appetite for high quality fit outs for majority of small to medium enterprise tenants and demand for those office buildings that provide extra amenity and entice employees to enjoy being part of the office experience when they are in” said Ms Bailey. 

Colliers, Research Manager WA, Yashwini Halai said “Net absorption in the Perth CBD has been positive since July 21 highlighting strong demand. In the last six months to July 2023, there was positive net absorption of 23,950 sqm according to the latest PCA figures." 

Colliers, National Director Office Leasing, Jemma Hutchinson “There is strong leasing demand off the back of significant infrastructure investment, strong population growth underpinned by high levels of net overseas migration in the State, WA having the lowest inflation rate and a record high for WA exports in the year to May which represents a 13.8 per cent increase on the year to May 2022. These positive indicators have resulted in increasing office demand, positive net take-up and rental growth which will continue to lead to a declining vacancy trend moving forward.”