Developers, agents in pre-Christmas race to meet companies’ office needs

DEVELOPERS and agents will be on overdrive as Christmas approaches and some of Australia’s largest companies work to meet their office requirements.

QSuper is set to be the anchor tenant of Charter Hall’s Brisbane Square Tower 2.

DEVELOPERS and agents will be on overdrive as Christmas approaches and some of Australia’s largest companies work through their office requirement shortlists.

Almost 100,000sq m of requirements are nearing the sharp end of the process.

Banking and insurance giant Suncorp has released its shortlist of five properties for a 30,000sq m to 40,000sq m headquarters, while Technology One has seven options for its 12,000sq m to 15,000sq m requirement.

The ATO (24,000sq m), Shell (8000sq m) and Westpac (6000sq m) are expected to finalise their shortlists by Christmas.

Colliers International national director office leasing Joseph Dean said it will be the “busy end of the year”.

“That is especially true for selected developers working on the Suncorp and Technology One requirements,” he said.

“Assuming Technology One, Suncorp and perhaps the ATO make commitments, we will see possibly another three new A-grade office towers being constructed in the CBD and the Fortitude Valley urban renewal precinct.”

Suncorp’s shortlist is the Brisbane GPO at 261 Queen St (Lendlease) which would retain the heritage building and use the air rights above the building for a new tower; 80 Ann St (Mirvac); The Regent in the Queen Street Mall (ISPT); 343 Albert St (Morris Property Group); and 370 Queen St (Investa/Charter Hall).

Technology One has not officially revealed its Fortitude Valley/Newstead focused shortlist.

However, market sources say Charter Hall’s 11 Breakfast Creek Rd; BPM/Grocon’s 358 Wickham St; La Salle Investment’s Valley Metro project; Lendlease’s timber office building at the RNA showgrounds, JGL Properties’ site at the Jubilee Hotel’s car park on St Pauls Tce and the Consolidated Properties 895 Ann St site make up the new tower shortlist.

The company could also stay at its long term home in HQ North at 540 Wickham St.

The requirements will signal the start of a new office-tower building phase, with Charter Hall’s proposed Brisbane Square Tower 2 on George St in the CBD seemingly on its way after QSuper signed a heads of agreement to be the anchor tenant.

The Taiwan-backed Shayher Group’s 47,000sq m office tower at 300 George St, for which QSuper had originally signed a heads of agreement to be the anchor tenant, is under construction.

Mr Dean said the State Government had a potential 140,000sq m office requirement over the next five years, and could also add to the wave of new office buildings.

“The State Government is in caretaker mode and major office commitments are going to be on hold until after the election,” he said.

“Phase 2 of the State Government’s CBD office accommodation strategy is likely to also occur following the election and will see up to 140,000sq m of demand in the CBD between 2019 and 2023.”