FEBRUARY 2011 AUSTRALIAN CBD OFFICE

Transcription

1 RESEARCH FEBRUARY 0 AUSTRALIAN CBD OFFICE Annual Development Activity Report HIGHLIGHTS Bligh Street, Sydney - co-owned by DEXUS Property Group, DWPF and Cbus Property. After gross supply additions of. million m² over the past two years, 0 and 0 are expected to deliver 0,000m² of new and refurbished stock (,m² in 0 and,0m² in 0). Many landlords took the opportunity to complete refurbishment programs on vacant buildings in 00 and 00 in an effort to reposition the asset and boost market appeal. However, only 0% of the space coming online over the next two years will be made up of refurbishment projects, as new development projects have been underpinned by major tenant commitments and equity injections. Backfill space will remain a significant influence on the market in 0 and 0, given major tenant relocations over the past - months and pending relocations which will add a total of 0,000m² to the market in 0 and 0 combined. This will continue to drive underperformance in secondary assets and fuel further refurbishments in the medium term. The recent confidence about future take-up has led to many developers/owners reigniting development pipelines in an effort to grow their prime portfolios. The confidence in the market was demonstrated in 00, with many development sites changing hands or receiving equity injection over the year, with the likes of Grocon, GPT/LaSalle, Cbus, AAIG, Brookfield and Billbergia Group becoming new owners or JV partners of major sites with the potential for office development into the future.

2 FEBRUARY 0 AUSTRALIAN CBD OFFICE Annual Development Activity Report 00 Market St # -,00m² (ASIC) Westfield - completed Q 00-00% committed. SYDNEY CBD Pitt St # -,0m² (Human Rights) Colonial (CPA) - completed Q 00 - % committed. 0 George St -,00m² (State Street/AECOM) Fortius/APPF - completed Sept 00 - % committed. Martin Place # -,00m² - % committed. Colonial GAM (DPIF) - Q Bond St # -,000m² (Trust) ING/Mirvac - Q 0-0% committed. Bligh St -,m² (Clayton Utz) DEXUS/Cbus - May 0 - % committed. Darling Walk -,000m² (CBA) - 00% committed. APPF (Lend Lease)/ADIA - from May 0 Castlereagh St -,m² (JP Morgan) Westfield - mid/late 0 - % committed. Castlereagh St ( Pitt St) -,0 m² (ANZ) Grocon/GWOF/La Salle - mid 0-0% committed. 0 O'Connell St # - ~0,000m² APPF (Lend Lease)/ADIA - late 0 Martin Place # - ~,000m² QIC/Stockland - 0/ Chifley Square -,000m² Mirvac - mid/late 0 Martin Place (0 Pitt St) -,00m² Colonial (CPA) - mid 0 Martin Place - ~0,000m² Commonwealth Bank - 0+ George St ( York St) -,0m² Fife Capital Clarence St -,0m² Brookfield - 0+ Barangaroo - ~up to 00,000m² Lend Lease/SHFA - commencing from 0+ Central Park (CUB site) - up to ~0,000m² Frasers - 0/+ cnr Bathurst & Pitt Sts -,m² Brookfield (Syd.Water site) George St (City One) - ~0,000m² Thakral - 0+ Bligh St -,000m² Energy Aust./Investa George St - ~,000m² Mirvac - 0+ George, Dalley & Pitt Sts -,000m²+ GE Real Estate Pitt St - ~0,000m² Cambooya - 0+ Loftus & Young Sts -,000m² AMP - 0+ Under Construction/Complete Source of Map: PCA

3 Docklands Drive -,00 m² (CSC) MAB - completed in Q 00-00% committed. MELBOURNE CBD 00 Collins St -,0 m² (Myer) - 00% committed. SEB/Lend Lease - completed in Q 00 Bourke St -, m² ( Network) REST - completed in Q 00-00% committed. Exhibition St # - 0, m² (Origin Energy) Cromwell - mid/late 0 - % committed. Bourke St -,000 m² (Holding Redlich) Julliard - Q 0-0% committed. Collins St - 0,000 m² - uncommitted. Australand - Q Latrobe St -,00 m² (Melbourne Water) Digital Harbour - Q 0-00% committed. 0 Collins St -,000 m² (ATO) Walker - Q 0-0% committed. The Goods Shed -,000 m² (Pearson) Walker - mid/late 0 - % committed. 0 Collins St -,0 m² (Aurecon) Lend Lease - Oct 0-0% committed. Bourke Junction, Nth Tower -,000 m² (NAB) ISPT/Cbus Property - Q 0-00% committed. Collins St -,00 m² (Marsh Mercer) Walker - Q 0 - % committed. Collins St -,00 m² (BHP) Charter Hall/Cbus - Q 0 - % committed. Collins St -,000 m² APN / Leighton Properties - 0+ Bourke St -,000 m² Brookfield - 0+ Bourke St -,000 m² Colonial First State - 0+ Lonsdale St -,000 m² Colonial First State Lonsdale St -,000 m² GPT Group - 0+ Collins St -,000 m² Mirvac Collins St -,000 m² APN - 0+ Docklands Drive -,000 m² MAB Latrobe St -,00 m² Digital Harbour - 0+ Sites & B - 00,000 m² Vicurban Collins St - 0,000 m² Vicurban - 0+ Collins St (Bldg C) -,000 m² Walker - 0+ Under Construction/Complete 0 Source of Map: Knight Frank

4 FEBRUARY 0 AUSTRALIAN CBD OFFICE Annual Development Activity Report Albert St -,00m² (Rio Tinto) DEXUS - Q 0-0% committed. Eagle St -,000m² (Norton Rose) GPT consortium - Q 0 - % committed. Ann St -,0m² (GHD/CUA) Leighton/CPA - Q 0 - % committed. 0 Creek St # -,m² - Charter Hall Q 00 - % committed. BRISBANE CBD 0 Ann St # -,0m² (CQU) Investa Wholesale - Q 00-0% committed Roma Street Transit Centre # -,0m² (Bris City Council)- GPT/APPF - Q 00 - % committed Adelaide St # -,m² Private Investor - Q 00 - % committed 0 Charlotte St # -,m² Stockland Ann St -,m² Investa - Q Turbot St -,m² APG - Q George St -,m² Grosvenor/HSBC Trinkaus & Burnhardt Immobilien -Q 00 Adelaide St,m² GIC Q 0 Queen St,m² Bramley Properties Q 0 Regent theatre Dev pment - 0,000m² ISPT - 0+ Vision Site commercial component Billbergia - 0,000m² Empire Site commercial component Grocon -,000m² - 0+ Roma Street Transit Centre - 0,000m² GWOF/APPF subject to pre-commit. Under Construction Major Refurbishments Existing larger space (,000m²) Mooted/Early Feasibility NB. Dates are KF Research estimates Source of Map: Knight Frank

5 0 William St -,000 m² (WA Gov't) - 00% committed. Cbus Property - completed Q 00 Alluvion, Mounts Bay Rd -,0 m² (Clough) Cape Bouvard/CPA - comp. Q 00-00% committed. Dynon Plaza, Milligan & Hay St -,00 m² (Chevron) Stamford Group - comp. Q 00-00% committed. PERTH CBD Adelaide Tce -, m² - % committed. First State Group - completed Q 00 (ENI, DEEWR) St Georges Tce -, m² - 0% committed. WA Insurance Commission - completed Oct 00 0 St Georges Tce -, m² # - 00% committed St Martins - end 00 (Calibre) Raine Square, -0 Murray St -,0 m² (Bankwest) West Gem Investments - end 0-00% committed. Adelaide Tce -, m² - 0% committed. Finbar - end 0 St Georges Tce (C - City Square) -,000 m² ^ Brookfield Multiplex - Q 0 (BHP) - 00% committed. 0 Adelaide Tce - up to 0,000 m² Finbar - DA Approved, seeking pre-commit - Murray St -,000 m² Private owner - DA Approved, seeking pre-commit St Georges Tce (City Square) -,000 m² Brookfield - DA Approved, seeking pre-commit St Georges Tce (Bishops See no.) -,000 m² Brookfield/Hawaiian - DA Approved, seeking pre-commit Hay St -,00 m² Private owner - DA Approved, seeking pre-commit 0 Adelaide Tce -,000 m² Private owner - DA Approved, seeking pre-commit Treasury Building -,000 m² (WA Gov't) Mirvac/Cbus consortium - 0/ Capital Square (old Emu Brewery site) -,000 m² AAIG - DA Lodged - 0+ Hay St (Grosvenor Hotel site)-,00 m² Private owner - 0+ Hay St - 0,000 m² (old Melbourne Hotel site) Oakesfield P/L St Georges Tce -,000 m² # Private owner Mill St -,000 m² Colonial (CPA) - 0+ Completed 00 Under Construction ^ includes,000 sqm refurb of heritage bldg. Source of Map:PCA

6 FEBRUARY 0 AUSTRALIAN CBD OFFICE Annual Development Activity Report - Gilles St (The Wave) -,00 m² Adabco P/L - completed Q 00 0 King William St Stage (The Edge) -,00 m² Adabco P/L - completed Q 00-0% committed. Morphett St -,000 m² # Guide Dogs SA - completed Q 00 Worldpark Stage A - Richmond Rd, Keswick -, m² Axiom - (Coffey/SA Gov't) - late 00-00% committed. 00 Angas St -,000 m² (SAPOL) - 00% committed. Commercial & General P/L (Maras Grp) - late 0 ADELAIDE King William St -,0 m² PMF Developments Pty Ltd - 0+ Tower - cnr Bentham & Franklin Sts -,000 m² (ATO) Aspen - late 0/early 0 - % committed. 0 0 Grenfell St -,000 m² (Bendigo & Adelaide Bank) Gandel Group - mid 0 Pirie St (Aurora West Tower) -,000 m² Urban Construct Franklin St -,000 m² Private (Molfetas) Wakefield St -,000 m ² Kambitsis Group - 0+ Worldpark - Richmond Rd, Keswick -,00 m² Axiom (Stage B&C) - 0+ Tower - -0 Franklin St -,000 m² Aspen - 0+ Pirie St -,000m² Adelaide Development Company Wakefield St -,000 m² Catholic Church Angas St (Yorke Campus Stg ) - ~,000 m² Commercial & General P/L (Maras Grp) Flinders St -,000 m² Savings & Loans - 0+ Tower - King William St - 0,000 m² Aspen Pirie St -,000 m² Charter Hall Franklin St -,00 m² Kyren - 0+ Worldpark, Keswick - Franklin St -,000 m² Urban Construct - 0+ Under Construction/Complete Source of Map:PCA

7 Marcus Clarke St^ -,m² (DEEWR) Walker Group - compl. Q 00-00% committed Marcus Clarke St^ -,000m² (EY) MTAA - compl. Q 00 - % committed Equinox Business Park, 0 Kent St, Deakin -,000m² Evri Group - Q 00 - % committed (Thales) Lancaster Ave, Majura (Airport) -,0m² Capital Airport Group - Q 0 uncommitted - Molonglo Drive, Airport -,000m² Capital Airport Group - 0 uncommitted National Circuit - West, Barton -,000m² ISPT - Q 0 - % committed (Attorney General) National Circuit - East, Barton -,00m² ISPT - Q 0 - uncommitted Nishi Towers^ -,000m² (Dept of Climate Change) Molonglo Group - Q 0 - % committed ASIO HQ, Constitution Ave, Parkes - 0,000m² (ASIO) Federal Govt - Q 0-00% committed Canberra Ave, Forrest -,00m² Willemsen Group - Q 0+ seeking pre-commit Vernon North - Building, London Circuit^ -,000m² Leighton/Mirvac JV - 0+ seeking pre-commit Signature Building, London Circuit^ -,000m² Leighton/Mirvac JV - 0+ seeking pre-commit St John s Ambulance site, Forrest -,000m² Doma Group - 0+ seeking pre-commit Anzac Park East, Parkes # -,m² Federal Govt - 0+ Furzer St, Phillip -,000m² Doma Group - 0 Callam St, Phillip -,000m² Hindmarsh Group - 0+ Constitution Ave, Campbell - 0,000m² Hindmarsh Group - 0+ York Park North, Brisbane Ave, Barton -,000m² Dept. Finance and Deregulation - 0+ Precinct D Section ^ - 0,000m² QIC - 0+ Landmark Building, London Circuit^ - 0,000m² Leighton/Mirvac JV - 0+ Vernon South - Building, London Circuit^ -,000m² Leighton/Mirvac JV - 0+ Myuna Complex, Northbourne Ave^ -,m² Stockland - Q 0+ The Boulevard^ -,00m² Lend Lease - 0+ Section ^ -,000m² ACT Government - 0+ Under Construction/Complete ^ Civic precinct CANBERRA Edin burgh Ave South West Marcus Cla rke State Melbourne Ave Northbourne Ave London Circuit Commonwealth Ave 0 Circle Parkes Way Commonwealth Ave Akuna St Constitution Ave Circle State Source of Map: ACT Planning and Land Authority (ACTMAPi) 0 Canberra Ave Ainslie Ave Kings Ave Brisbane Ave Anzac Parade Airport

8 RESEARCH Americas USA Bermuda Brazil Caribbean Chile Australasia Australia New Zealand Europe UK Belgium Czech Republic France Germany Hungary Ireland Italy Monaco Poland Portugal Russia Spain The Netherlands Ukraine Africa Botswana Kenya Malawi Nigeria South Africa Tanzania Uganda Zambia Zimbabwe Knight Frank Research Matt Whitby National Director Research + 0 Matt.whitby@au.knightfrank.com Jennelle Wilson Associate Director Research QLD + 0 Jennelle.wilson@au.knightfrank.com Nick Hoskins Research Manager - NSW + 0 Nick.Hoskins@au.knightfrank.com Justin Mahnig Research Manager - VIC + 0 Justin.mahnig@au.knightfrank.com Matthew Mason Research Analyst SA + Matthew.mason@au.knightfrank.com Alison Smith Research Analyst - WA + Alison.smith@au.knightfrank.com Capital Transactions - Asia Pacific SINGAPORE Marc Giuffrida Managing Director Capital Trans AP + Marc.Giuffrida@sg.knightfrank.com Knight Frank Key Contacts SYDNEY Stephen Ellis Executive Chairman, + 0 Stephen.ellis@au.knightfrank.com MELBOURNE Paul Burns Managing Director - VIC Paul.Burns@au.knightfrank.com BRISBANE Grant Whittaker Managing Director -QLD + 0 Grant.Whittaker@au.knightfrank.com ADELAIDE Peter McVann Managing Director -SA + Peter.McVann@au.knightfrank.com PERTH Gary Ryan Managing Director -WA + 0 Gary.Ryan@au.knightfrank.com CANBERRA Terry Daly Managing Director -ACT + Terry.Daly@au.knightfrank.com Asia Cambodia China Hong Kong India Indonesia Macau Malaysia Singapore South Korea Thailand Vietnam The Gulf Bahrain Abu Dhabi, UAE Knight Frank Research provide strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, financial and corporate institutions. All recognise the need for the provision of expert independent advice customised to their specific needs. Knight Frank Research reports are also available at Knight Frank 00 This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Research or Knight Frank for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank in relation to particular properties or projects. Reproduction of this report in whole or in part is not permitted without prior consent of, and proper reference to Knight Frank Research.