Savvy office tenants in Sydney’s CBD are taking advantage of flexible lease terms and discounted rents particularly in locations earmarked for major upgrades and redevelopment, according to Ray White Commercial.
Ray White Commercial’s John Skufris said: “Tenants are benefitting from walk-in opportunities requiring minimal set up costs.
“We have seen lease terms from six months considered, particularly in the area between Martin Place and Circular Quay.”
Mr Skufris said insolvency, turnaround management and forensic accounting firm Jirsch Sutherland recently secured a two year lease at Level 9, 23 O'Connell Street, Sydney.
The 368 sqm whole floor tenancy was leased with existing fit out and furnishings in situ at an initial gross rent of $495 per sqm per annum.
"We have seen more tenants eyeing short term leases thus far in 2012,” Ray White Commercial's Jeremy Piggin said.
“It offers greater flexibility, suiting immediate lease expiries and serviced office tenants.”
Mr Skufris said the O’Connell Street tenancy is owned by Accord Pacific Resorts and offers natural light from two sides.
“The tenancy includes a reception and waiting area, a combination of boardroom, meeting rooms, executive offices plus own amenities as well as the availability of additional storage space,” he said.
ENDS
Further inquiries:
John Skufris
Ray White Commercial Director (Office Leasing)
Mb: 0414 969 221
Email: jskufris@raywhite.com
Jeremy Piggin
Ray White Commercial Director (Office Leasing)
Mb: 0413 336 161
Email: jpiggin@raywhite.com
About Ray White:
Ray White is the largest real estate and property group in Australasia. The company, established in 1902 at Crows Nest in Queensland, has almost 1,000 individual offices spread across Australia, New Zealand, Indonesia, China and Thailand, more than 8,000 staff, annual sales turnover of in excess of $30 billion and manages more than 200,000 rental properties.