BRISBANE'S OFFICE MARKET SOARS WITH SKYRING
25 June 2014, Written by Karen Rickert
BRISBANE’S office market continues to be a strong performer, underpinned by Charter Hall’s $175 million 100 Skyring project.
The 12-storey building in Newstead is nearing completion, with some of the state’s top companies setting up shop in the area.
Bank of Queensland will occupy 54 per cent of the building, located next to the future headquarters of Tatts Group at the Gasworks precinct.
Charter Hall regional asset manager Belinda Kalinin says Energex, Leighton Contractors and Virgin Airlines have also chosen to base themselves in the area.
“Office leasing in Brisbane looks likely to remain competitive up to 2016 as new supply is added, but there is also a significant level of secondary stock mooted for withdrawal and conversion,” she says.
“With few new major office buildings planned for the fringe in the short term, there will only be a limited amount of options available in these areas.”
Kalinin says 100 Skyring meets growing demand for office space that combine work and play, based on its inspiring design and entertainment venues nearby.
“With work increasingly being conducted outside of traditional office hours, businesses are looking for locations that make it easy to achieve this work-life balance.
“100 Skyring has been designed to connect and engage with the precinct’s open green space, cafes, restaurants and other amenities, extending the workspace outdoors.”
The development is set to become a prominent feature in Charter Hall’s portfolio in the city, along with the refurbishment of 175 Eagle Street.
Kalinin says favourable socio-economic conditions make Brisbane a vital growth area for the company.
“From our perspective, the Brisbane market has proven itself a strong performer over the longer term and with Queensland’s population and employment growth remaining well above the national average, Brisbane will continue to form a key part of our $6.1 billion Australian office property portfolio,” she says.
ML Design’s senior project manager Paul Hanley says the exterior was created to make the most of its surrounds.
“100 Skyring’s design allows for tenants on all floors to have an amazing view of the Brisbane River and beyond thanks to an east-facing, gently curved facade,” Hanley says.
“This also allows the building to prominently front the neighbouring Gasometer with its green public plaza.”
100 Skyring is expected to reach partial completion in August, with office space still available to lease.