Sheffield expanding on improving office market

In a sign of an improving CBD office market, Perth based office leasing specialist, Sheffield Property, has expanded its transaction and research team.

Sheffield co-owner Digby Sutherland said the business has recently won significant mandates to deliver the leasing strategy for two key office assets within the Perth CBD.

Primewest has appointed Sheffield to coordinate the leasing campaign for the recently acquired $175m office asset, Quadrant at 1 William Street and Lendlease has engaged Sheffield to implement the pre-commitment leasing strategy for its 12,000sqm office campus development within the new $2Bn Waterbank precinct located on the river in East Perth.

Fellow co-owner Mark Clapham said Sheffield recruited Jo Pages-Oliver to its transaction team, as an Associate Director following a successful valuation career at CBRE. “To assist Jo and the rest of our transaction team we have also recruited Oisin Cummins as Head of Research through our graduate guidance programme”.

Mr Sutherland said although 2017 had been a very challenging time in the office market, Landlords should take heart from an increased business confidence that has translated into companies now being prepared to enter into long-term office lease commitments. What we are seeing in the market reflects the statistics presented in the mid year Property Council of Australia Office Market Report, showing a sustained improvement in the vacancy rate in Prime Grade office towers.

Provided the landlord has implementable a carefully considered refurbished and repositioning strategy the building will lease at market rates. If these works are not undertaken the floors could remain vacant for a number of years.

Sheffield has enjoyed significant leasing success over the past 12 months in a tough market by securing the WA State Government as a pre-commitment tenant for circa 30,000sqm of A Grade accommodation across two new office developments in Fremantle and Joondalup. In addition, Sheffield secured the largest lease in the Perth CBD with a new 13,000sqm gas giant INPEX.