Earlier this month, The Property Council of Australia announced Perth’s official CBD office vacancy rate at 19.2%. The highest it’s been in over two decades with 333,993 square metres of space now available in the city, and over 15% vacancy rates across all stock (no longer just the lower grade assets). While it’s a competitive time for commercial property owners, managers and leasing agents to attract new tenants, it’s a golden opportunity for tenants who are interested in a newly upgraded office in the CBD and a time to choose the lease and fitout carefully.
At Intermain we are seeing increased levels of movement and traction in this market. Over the past six months we have completed commercial fitouts for prominent WA businesses including HFM Asset Management and IBMS. Both companies have secured premium offices in the CBD, leaving the suburbs behind in a move that is both logistical and symbolic. However, business conditions are still tough, owners are cost- conscious, and most tenants are looking to spend their incentive, and no more.
We recognise the crucial role we play in supporting tenants and building owners, it’s not a ‘one size fits all’ but a cost-led approach that is tailored for each job. We never assume that the standard approach of engaging a designer first, and a project manager/ builder second, will deliver the best results for every project. For small projects especially, it may not make sense from a cost or time perspective so it’s important to be aware of the fitout options available.
This is where Intermain has built a reputation for both quality workmanship and client services which includes advice on the best direction for each client. With detailed budgets and building programs, Intermain always looks for innovative ways to ensure that the client, above all else, gets a great result from their investment.
So, as the Perth market gets ready to gain momentum, companies should remember that there is always more than one way for a project to be delivered.