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Property News

New green tower to reduce Perth office space squeeze

October 26, 2011

A new development proposal in Western Australia's capital could help to ease the pressure faced by firms seeking to gain a foothold in the heart of the country's new oil and gas hub.

A commercial tower is planned for Perth that will provide the city with an additional 11,000 square metres of office real estate and three levels of car parking and will cost the private construction firm responsible for the project an estimated $100 million to build.

With a start date set for some time in 2012, the new development could help the city to ease some of the pressures currently experienced by the professional sector - with a 4-star green rating and a 4.5 NABERS energy consumption ranking making it a highly desirable address to managers that encourage energy-conscious behaviour.

In-house facilities such as showers, locker rooms and bicycle storage units will also help to make the tower appealing to employees who prefer to ride to work or enjoy a quick exercise session during the day.

Recent reports on the condition of the real estate market in Perth seem to indicate that the timing is right for developments like this one - with office rents in and around the CBD increasing at a high rate when compared to previous quarters.

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