Grosvenor Place, Sydney sitting at 96 percent full

Grosvenor Place, Sydney sitting at 96 percent full
Grosvenor Place, Sydney sitting at 96 percent full

 

DEXUS Property has advised occupancy (by area) at Grosvenor Place, Sydney increased to 96 percent from 94.5 percent at 30 June 2016.

 

It also secured 2,981 square metres of leasing at 385 Bourke Street, Melbourne increasing occupancy to 97.9 percent from 94.5 percent.

 

The advisory was part of DEXUS Property Group updating the leasing status across its property portfolio.

 

It advised it had leased 54,734 square metres of office space across 78 transactions, with occupancy maintained at 96 percent.

 

It also leased a significant amount of industrial space in a three month period securing 158,811 square metres1 of industrial space across 47 transactions, with occupancy improving to 92.3 percent.

 

Key metrics

30 September 2016

30 June 2016

Occupancy by income

96.0%

96.3%

Occupancy by area

95.9%

96.3%

WALE by income

4.9 years

4.7 years

Average incentive

15.4%

17.7%

Kevin George DEXUS Executive General Manager, Office & Industrial said the strength of demand in the Sydney office market continued to flow through to the DEXUS portfolio during the quarter.

"We have seen our overall average incentives fall across the portfolio, driven by some properties which are in high demand and as a result have achieved solid growth in rents and reduced incentives at these properties.”

Notable activity for the quarter included:

  • Securing leasing commitments across 10,784 square metres of space at 30 The Bond, Sydney, after the surrender of office space previously occupied by Lend Lease – including securing a new lease with Roche across 4,418 square metres. Only 5,347 square metres remains to be leased at 30 The Bond
  • Securing three new leases with various tenants across 4,000 square metres at Waterfront Place, Brisbane
  • Renewing a lease with the South Australian State Government across 9,253 square metres at 11 Waymouth Street, Adelaide

Despite the surrender of lease by Lend Lease, occupancy (by income) only decreased slightly to 96.0 percent from 96.3 percent at 30 June 2016 across the total office portfolio, while the weighted average lease expiry (WALE) increased by 0.2 years to 4.9 years.

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