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Property: Leasing demand bounces at Centuria Office after challenging year

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Demand from tenants looking for new workplaces in fringe locations increased strongly for the Centuria Office REIT through the back half of the 2020-21 financial year.
But occupancy across the 22-asset, $2 billion portfolio finished well down on the previous year because of multiple concurrent lease expirations, Foxtel’s unexpected early exit in Queensland and tough times in the Melbourne central business district.
Tenants are favouring fringe office buildings such as 154 Melbourne Street, South Brisbane, owned by Centuria Office REIT
Occupancy fell from 98.1 per cent at June 30, 2020, to a record low of 91.5 per cent six months later. It has since climbed to 93.1 per cent based on record leasing activity. ....

Centuria Office , Grant Nichols , சிஇஎன்டியுவ்ஆர்ஐஏ அலுவலகம் , மானியம் நிக்கோல்கள் ,

Suburban landlords capitalise on COVID-friendly offices despite vacancy hike

Suburban landlords capitalise on COVID-friendly offices despite vacancy hike
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Landlords are banking on businessesâ appetite to relocate workers into offices closer to home to counter rising vacancy rates in suburban and city-fringe locations.
COVID battered city-fringe markets were not immune to the softening demand and increasing supply that resulted in the national vacancy rate spiking to 11.7 per cent, a figure not seen since the 1990s recession.
Essendon Fields is set to launch a six-level 7500 sq m office after its vacancy rate fell to 2.2 per cent.
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Key precincts such as Parramatta in Sydney and East Melbourne weathered the storm better than most. Vacancy in the former ticked up to 6.4 per cent in January from 4.8 per cent the previous July and in the latter, it rose to 4.1 per cent. ....

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