DLA Piper and Allens have precommitted to the North Tower of Waterfront Brisbane

Two top tier law firms have precommitted to Dexus’ Waterfront Brisbane’s first office tower which is now more than 50 per cent full ahead of its completion in 2028.

Two top tier law firms’ new precommitments have ensured the first office tower of Dexus’ Waterfront Brisbane is more than 50 per cent full, four years ahead of its completion.

DLA Piper and Allens have precommitted to 7000sq m in North Tower of the $2.5bn development in the Brisbane CBD.

DLA Piper has secured 2250sq m across level 35 and level 36 while Allens, has committed to 4800sq m across levels 39, 40 and 41.

They will join Deloitte, Minter Ellison, Gadens and Colliers in the North Tower, with 52 per cent now committed, ahead of the project’s scheduled completion in early 2028.

DLA Piper Brisbane managing partner Sophie Devitt said they were excited to secure the location for its employees and clients.

“We were impressed with the project’s sustainability credentials and state-of-the-art facilities and technology,” she said.

“We’re confident these premises will meet our future business needs, while prioritising the wellbeing of our people.”

Artist’s impression of the Waterfront Brisbane development.

The project is expected to deliver a global-standard business and tourist destination that aims to maximise its prime riverside location with enhanced open spaces and amenity and a revitalised premier waterfront dining hub.

It will comprise two new office towers, a riverfront retail precinct and expanded public space, including the widening of the riverwalk and a new destination dining experience at Naldham House.

Dexus executive general manager, office Andy Collins said the precommitments demonstrated the continued demand for high quality sustainable workspaces.

“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,” he said.

Construction of the first office tower started in January 2023.

Colliers’ Matt Kearney and Kyle Cully are the exclusive agents for the project.

The Property Council’s last survey found that in the six months to July 2023, Brisbane’s CBD vacancy rate fell from 12.9 per cent to 11.6 per cent.

Knight Frank partner, research and consulting Queensland Jennelle Wilson said underlying demand for the Brisbane CBD was forecast to remain sound through the medium term, and with little supply coming online, this would translate into further falls in the vacancy rate.

“We expect the vacancy rate to dip to 8.9 per cent by July 2024 before increasing again due to new supply from late 2024 in 2025,” she said.

“The expected lack of new supply in 2026 and 2027 will assist the vacancy to fall below 10 per cent again and mid-term it will stabilise between 8.7 per cent and 9.5 per cent.”

Originally published as DLA Piper and Allens have precommitted to the North Tower of Waterfront Brisbane