Office Construction

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The latest office market briefing for Parramatta from Savills notes the market will see an increase in supply over the medium-term as various office buildings currently being constructed are completed.
According to the report, Savills is currently tracking approximately 220,000 square metres of commercial development within the Parramatta market, especially Parramatta square.
"Rousing commercial development activity is Parramatta Square; a three-hectare precinct right in the heart of Parramatta’s CBD. Parramatta Square can transform the city with a new civic heart. The project is expected to add approximately 171,000 square metres of prime office space across four buildings which will house up to 13,000 jobs upon completion," it said.
"The first building to be delivered within the Parramatta Square development, is One Parramatta Square (1PSQ), currently under construction and reaching its highest point in June 2016. 
"1PSQ comprises 26,500 square metres of commercial A Grade space, over 14 levels with ground floor retail. The commercial component has been fully pre-committed by Western Sydney University, to accommodate their new multi-level campus. 
"The asset is held in two separate Charter Hall managed funds, Core Plus Office Fund (CPOF) and Direct Office Fund (DOF). Completion is expected in the last quarter of 2016."
<a href="/images/2016/09/13/Screen%20Shot%202016-09-13%20at%203.58.13%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/13/Screen%20Shot%202016-09-13%20at%203.58.13%20PM.png" alt="">
 
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Parramatta office construction shores up supply 

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With vacancy rates at a record low and rising rents, Sydney's office construction cycle is expected to deliver the city's biggest commercial building boom since the 1980s, according to forecaster BIS Oxford Economics.
More than 2 million sqm of new office space is to be built across metropolitan Sydney between 2019 and 2023, with most of this construction occurring in the CBD, Macquarie Park and Parramatta, the Australian Financial Review reported citing BIS data.
This wave of new supply – the equivalent to North Sydney, Macquarie Park and Chatswood's current office stock combined – will come despite 2016 marking an eight-year high in office completions with 370,000 sqm of office towers coming online, including two towers at Barangaroo and Ernst &amp; Young's new headquarters at 200 George Street.
The surge in development will come from low vacancy rates and strong rental growth. BIS expects the metropolitan office vacancy rate to fall from 6.5 percent to just 4 percent by the end of 2018, a 30-year low, with vacancies even lower in the CBD.
"The Sydney office market is heading towards a sustained period of very low vacancies, which will drive strong rises in rents over the remainder of this decade," Lee Walker, senior project manager at BIS, was cited as saying by the AFR.
BIS said this marked the end of a "moderate supply cycle" that, aided by record levels of existing office building withdrawals, had easily been absorbed, with only a small rise in the metro vacancy rate to 6.5 percent from 6 percent.
As a consequence, Walker said Sydney's time to build commercial property was coming "with a big upswing on the cards".
However, there would be a pause between the recent Barangaroo-led boom and the next because of the time take to complete big office projects.
"Whilst some new projects have commenced as a result, focused on the CBD, Parramatta and North Sydney, large office projects typically take two to three years to build and won't be completed until 2019 or 2020 at the earliest," Walker said.
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Sydney likely to see biggest office construction boom since 1980s

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The new Parramatta office complex that will house the New South Wales Department of Education offices has 'topped out' and is expected to be complete by March 2018.
The department will have 1,800 employees working there.
The topping out ceremony on Monday of <a href="https://www.realcommercial.com.au/property-offices-nsw-parramatta-502320926" target="_blank">105 Phillip Street</a> was attended by Dr Geoff Lee, State Member for Parramatta along with senior executives of Dexus and Charter Hall.
The building has a fit-for-purpose design that focuses on its occupants, according to a media release. 
It is being developed by Dexus with Built as the builder. The property is owned by Charter Hall. Dexus will manage the property after its completion.
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Dexus recently announced three new tenancy commitments at <a href="https://www.urban.com.au/expert-insights/investing/72323-dexus-finds-major-tenants-for-mount-waverley-business-park" target="_blank">The Axxess Corporate Park</a> in Mount Waverley, following upgrades to the properties by the property group.
It will “essentially become a vertical community”, comprising 25,000 sqm of A-Grade office space and amenities that include a rooftop terrace with a communal outdoor dining area and sports court.
“The topping out is a significant milestone in the development of 105 Phillip Street. This development strongly supports Parramatta’s growth as a place to invest and to do business, while delivering a world-class, fit-for-purpose office space for our customer, the New South Wales Department of Education,” said Ross Du Vernet, chief investment officer at Dexus.
Dr Geoff Lee, State Member for Parramatta said it was the start for thousands of jobs coming to Parramatta. 
“Not only is Parramatta the capital of Western Sydney, it is the capital of education,” he added.
The building is close to transport links and incorporates end of trip facilities to complement the workspace. 
It has also achieved a 6-star Green Star Design rating, the first of its kind for a building in Parramatta and is expected to receive a 6-star Green Star As Built rating post completion and 5 star NABERS Energy rating.
As part of the project, the urban landscape will also undergo a makeover, replacing the plaza with a landscaped through site link between Phillip and George Streets, creating a connection with the streetscape.
 
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105 Phillip Street Parramatta tops out: Dexus

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Lendlease has reached structural completion of the world’s tallest and largest engineered timber office building, 25 King, at Brisbane Showgrounds.
Designed and manufactured by Lendlease and owned by Impact Investment Group (IIG), the ground floor plus nine-storey timber commercial tower features open and flexible office space.
Lendlease is targeting a 6 Star Green Star rating, 5 Star NABERS Energy rating and WELL Core &amp; Shell rating for the 25 King Street tower.
Global engineering firm, Aurecon, will occupy 43.5% of the net lettable area, with IIG working within Lendlease to secure new tenants for the remaining office space.
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25 King (pictured above) is on track for completion later this year.
"The topping out of 25 King represents another significant milestone in the completion of what will be the world’s tallest and largest engineered timber office building by gross floor area," said Tony Orazio, General Manager QLD &amp; NT, Lendlease Building.
“With each new milestone, we get more and more excited about this brilliant building. 25 King is the definition of a connected, collaborative workspace for high-performance teams,” stated Darren Brusnahan, Head of Funds Management – Real Estate, Impact Investment Group.
JLL has been appointed to manage 25 King Street, the world’s largest engineered timber office building. 
It is a Queensland first and the world's largest by gross floor area.
The management role will be led by JLL Director and Head of Commercial Management, Lydia King. 
At a height of almost 45 metres, the ground plus nine-storey tower designed by architect Bates Smart will become the future home of global engineering firm Aurecon, which is also the project’s lead engineer. 
Aurecon has committed to 6,500 square metres on a 10-year lease. 
Aurecon was advised by JLL's Michael Greene, while Lendlease was represented by JLL’s Adam Barrett and Sam Barr. 
The tower includes three bespoke ground level retail tenancies built using a revolutionary building timber technology called cross laminated timber (CLT) and glulum (glue laminated timber) which has a structural strength akin to traditional concrete and steel.
Constructed with wood, CLT has a far lower carbon footprint than other building materials, the production process produces zero waste, and timbers are sourced from certified sustainably managed forests.
King said 25 King Street represented the next generation of workplace design. 
“25 King is targeting a 6 Star Green Star Design and As Built v1.1 and a NABERS Energy 5 Star rating," she said.
The building will be LendLease’s fifth engineered timber building in Australia.
JLL also manages Kingsgate, the first tower developed by LendLease at the RNA precinct. 
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World's tallest timber tower reaches structural completion in Brisbane

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Goldfields’ $300 million, 24-level office tower on Chapel Street in South Yarra has opened its arms to prospective tenants. 
Works have just commenced on the PCA A-Grade tower at 627 Chapel Street.
It has been billed as "South Yarra’s most significant commercial development in generations," set for completion by September 2021.
 Goldfields Chief Operating Officer, Lachlan Thompson said, "a landmark development, it is the largest commercial project to hit South Yarra in decades and will change the landscape of the Melbourne office leasing market, delivering over 24,000 sqm of A-Grade commercial transport and amenity-rich space in a traditionally residential location."
“With an approximate floorplate range of 900 sqm to 1250 sqm, coupled with a building design that easily allows for interconnecting staircases, we’ve had strong interest from larger businesses with two to three-year views on their lease expiries seeking space in the 3000 sqm to 6000 sqm range."
“At the same time, we’re already seeing enquiries from smaller businesses, looking for space in the 900 sqm to 1200 sqm range, who traditionally start searching for their next home about 12 – 15 months from their lease expiry.
“This is due to the fact that current leasing options for these prospective tenants are very limited, and we expect demand from the SME market segment to strengthen even further over the next six months as we get closer to our September 2021 completion date,” he said.
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Adam Spencer-Shirley, Director of Office leasing – Victoria, at Cushman Wakefield, said Goldfields’ decision to speculatively develop the site was not only a vote of confidence in the strength of the Melbourne office leasing market, but also offered genuine certainty for potential tenants.
“With no pre-commitment required to commence construction as a result of the developer’s speculative approach, prospective tenants can have complete confidence that the project will be delivered by the September 2021 deadline,” said Mr. Spencer-Shirley.
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