FROM Subiaco in the west to Booragoon in the south and Innaloo in the north, more than a dozen mid-sized office developments are either under way or at an advanced stage of planning around Perth.
Collectively, they will add at least 40,000 square metres of office space to the Perth market over the next few years.
In addition, there are a handful of major refurbishment projects under way in central Perth, which together add up to another 40,000sqm of office space.
In the longer term, the supply of office space will be bolstered by government-backed development projects at Elizabeth Quay, City Link and Waterbank.
Each of these developments will include a mix of residential, commercial and hotel projects, with the final mix and timing dependent on how demand evolves.
The mid-sized office projects include three in West Perth that are nearing completion.
Qube Property Group has a 4,600sqm development at 100 Havelock Street, St Ives Group has a 3,400sqm building at 1 Ord Street, while Ascot Capital attracted engineering contractor VDM Group as the anchor tenant for its building in Troode Street.
Castelli Group is proceeding with a 1,500sqm development on Hay Street while the Carcione Group has a new development on Thomas Street, following the recent completion of its 5,000sqm office building at 1120 Hay St.
Devwest Group is looking to add to the development pipeline in Subiaco; it is currently seeking approval for a mixed-use project at 263 Hay Street that includes 6,000sqm of commercial space and 25 apartments.
Georgiou Group, which is the construction contractor for the Carcione family, is also proceeding with its own commercial and residential developments.
These include the 6,800sqm ‘Tassels’ office development in Innaloo, which followed completion of its Hampden Park development in Nedlands.
Georgiou Capital executive director John Siamos said he expected sustained demand from tenants because the suburban location of both projects offered access to transport options and amenities such as cafes, shopping and entertainment.
The main difficulty he faced was finding further appropriate sites.
“We see challenges in acquiring sites in the core office sectors outside the CBD that are adequately zoned for sufficient development scale,” Mr Siamos said.
TRG Properties has also gone down the suburban path. After paying Aspen Group $28 million for the Alcoa building in Booragoon, it is pursuing a mixed-use development for the 1.1 hectares of surrounding land.
Within the CBD, syndicator Primewest is set to proceed with its Veil253 development at the top of St Georges Terrace, where the group owns a cluster of adjoining buildings.
Major redevelopment projects in the CBD include Governor Stirling Tower and the former Walsh’s Building at 88 William St.
Golden Group is also pursuing plans for a major overhaul of the May Holman Centre at 32 St Georges Terrace.
