Aria Looking To Build 3 Office Towers In South Brisbane
AUSTRALIA – Real estate developer Aria has submitted plans to the relevant government agencies for the construction of 3 office buildings in South Brisbane, reported Commercial Real Estate on Monday evening (31 October, SGT).
These commercial properties will face Manning, Melbourne, and Edmondstone streets, and will join the Expo beacon as part of the precinct’s skyline.
With a height of 12 storeys each, the office buildings are expected to add a total of 247,570 sq ft of office supply. The 1st tower measures about 82,538 sq ft, while the 2nd and 3rd office building spans 110,728 sq ft and 53,755 sq ft respectively.
The news outlet thinks the new office supply could enter the market at an opportune time, as the Property Council of Australia’s August office market report indicated that take up for Brisbane office properties was at its highest rate since 2017.
Aside from that, the office vacancy level in Brisbane’s central business district (CBD) dropped to 14 per cent in July from 15.4 percent during the start of the year, while the office vacancy in the city’s inner fringe dipped to 15.6 percent from 16.2 percent over the same period.
The Property Council also revealed that more employees are returning to their workspaces, with office occupancy increasing from 57 percent in August to 70 percent in September.
“Things are noticeably busier in the city after experiencing dips earlier this year with new COVID waves and the seasonal flu,” noted Jen Williams, executive director for Queensland at the Property Council.
“Hybrid working arrangements are continuing to play a part in our workplace culture, however, this rise shows that people are increasingly seeking out connection and collaboration. We are positive this momentum will continue as the weather improves, and this will hopefully translate to a bumper festive season for city centre retailers after a challenging few years,” she added.