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A fillip for building service contractors (BSCs) has come with news from Colliers International that appetite for leasing Australian office space is on the rise with year-to-date enquiry levels up 33 percent on the same time last year.
Deal volumes had remained relatively consistent – 263 year to June 2013 compared to 272 for the same period last year. Despite a fall in the total size of office space leased, the number of lease transactions in the first half of 2013 was 4.4 percent higher than in H1 2012.
There have been 310 more enquiries for an additional 273,989sq m of office space this year. Year to June 2013, Colliers International recorded 1,351 enquiries, compared to 1,041 enquiries for the same period in 2012.
Rick Thomas, head of occupier services for Singapore at Colliers International, said: “Occupier demands have evolved from the sole considerations of location, price/rent and basic amenities. Other factors that are becoming more important include flexibility, space efficiency, wellness and lifestyle amenities, and tenant experience.”
Said Tricia Song, head of research for Singapore at Colliers International: “Singapore CBD office demand has historically been broad-based, driven by the core sectors of financial services, professional services, energy and shipping.
Colliers also noted that given Singapore’s status as a global financial hub, it is unsurprising that the financial services sector occupies a lion’s share (42 per cent) of total office space in the CBD.
In addition, Colliers said that redevelopments in the Shenton Way/Tanjong Pagar area, including the Afro-Asia Building and the CPF Building (to be named ASB Tower), should raise rents further in 2020 when they are completed. Rental growth could also be further supported by the withdrawal of existing stock for redevelopment, as landlords adopt the URA (Urban Redvelopment Authority) incentive scheme, Colliers said.
It added that of the six micro-markets in Singapore’s CBD, rents in Shenton Way/Tanjong Pagar could grow at the fastest rate on a three- and five-year horizon, driven by redevelopment and rejuvenation in the area. According to Colliers, new buildings such as Frasers Tower, Guoco Tower, and UIC Building, which were completed in 2016-2018, have raised the image and rents of the area.
It also noted growth of the technology, media and telecoms (TMT) and flexible workspace sectors, which Colliers said accounted for most of the net absorption of office space in 2018 and 2019 year-to-date. In particular, flexible workspace stock has more than tripled since 2015, it added.
SEE ALSO: E-commerce growth to drive Singapore logistics services sector: Colliers
The real estate services and investment management firm also expects new supply in 2019-2021 to average 614,000 square feet (57,000 sq metres) per annum or 2 per cent of stock, versus 5 per cent over the past five years. This should keep vacancies tight in 2019 through 2021, Colliers said.
TMT and flexible workspace operators have the highest presence in Shenton Way/Tanjong Pagar, occupying 21 per cent and 6 per cent of the Grade A micro-market respectively.