Project lease evidence of green shoots Perth office market
Project lease evidence of green shoots in Perth office market
| 23 March 2017
MSP Engineering has secured a footprint in West Perth’s office market after finalising a 2,568sqm sublease agreement in the area.
MPS Engineering will establish its new head office and supporting project office on levels three and four of 1100 Hay Street after signing a two-year sublease deal.
The sublease space was the balance of a larger parcel for sublease and followed the first full floor sublease in the building negotiated by CBRE in 2016.
CBRE’s Lachlan Lewis, who negotiated the sublease, said despite the challenging, high vacancy environment, the property was still strongly contested.
“Whilst tenants today have many good options to choose from, MSP had to reach that little bit harder to win the space over a competing tenant,” Mr Lewis added.
The new lease was triggered with MSP Engineering being engaged as head contractor for the $400 million Tianqi’s lithium processing plant to be built in Kwinana.
“The appeal of 1100 Hay Street premises was primarily due to the holistic cost effectiveness of the opportunity, with it being fully fitted and furnished, voice and data cabled and competitively priced.”
The commencing gross rent was circa $340sqm plus parking fees over 10 licensed bays.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.