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Real estate investment group Dexus’s (ASX: DXS) $2.5 billion Brisbane Waterfront development is shaping up to become the Brisbane CBD’s premier legal precinct after law firms DLA Piper and Allens pre-committed to more than 7,000sqm in the first stage.
The leases come on the heels of law firm Gadens’ commitment to 4,500sqm across three levels announced last year, adding to plans by Deloitte, MinterEllison and Colliers to join the tenant lease on the first of two towers currently under construction.
DLA Piper has signed up for 2,250 square metres of office space across level 35 and level 36 of the North Tower, while Allens is taking 4,800sqm across levels 39, 40 and 41.
The latest lease commitments take the first-stage North Tower to 52 per cent occupancy.
Dexus says the rush of commitments is a sign of pent-up demand for premium office space in Brisbane’s CBD, with the project still more than four years away from completion in 2028.
The most recent data from the Property Council of Australia show that Brisbane’s office vacancy rate fell from 12.9 per cent to 11.6 per cent in the six months to the end of July, outshining the Sydney and Melbourne markets in terms of positive uptake of space.
“Leasing success at Waterfront Brisbane demonstrates the continued demand for high quality sustainable workspaces,” says Andy Collins, executive general manager, office, at Dexus.
“Brisbane has a decade of opportunity in the lead-up to the Brisbane 2032 Olympic and Paralympic Games, with projects like Waterfront Brisbane unlocking investment and creating jobs for years to come.”
DLA Piper says the move to Waterfront Brisbane was motivated by benefits to employees as well as clients.
“We were impressed with the project’s sustainability credentials and state-of-the-art facilities and technology,” says Sophie Devitt, Brisbane managing partner at DLA Piper.
“We’re excited to secure this premier location for our employees and clients. We’re confident these premises will meet our future business needs, while prioritising the wellbeing of our people.”
The twin-tower Waterfront Brisbane development, taking shape on the former Waterfront Place and Eagle Street Pier development built in the 1980s, is set to transform the Brisbane city waterfront with a new riverfront retail and dining precinct.
Construction began earlier this year on the development, co-owned by Dexus and Dexus Wholesale Property Fund, after the appointment of John Holland as builder.
Waterfront Brisbane will comprise two office buildings of 52 and 44 storeys and premium riverfront retail space, with the project set to widen its section of Brisbane’s riverwalk while improving links between the river and the city streets.
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