In a prime example of the race for office space among technology companies, big data house Quantium has increased its requirement at its Sydney headquarters for the second time in just over a year.
Joint owners of 8 Chifley Square, which was built in 2013, Mirvac Group and Singapore’s Keppel REIT said the deal means the tower is now fully leased.
Quantium signed its original seven year lease in August 2013 for 2594 square metres. The data company has now more than doubled that to 5346 square metres. Colliers International’s Jock Gilchrist acted on behalf of Mirvac.
“We are delighted that Quantium has increased their requirement at 8 Chifley, taking this award-winning building to 100 per cent leased, with a weighted average lease expiry of 9.3 years,” Mirvac Group’s general manger Andrew Butler said.
Few buildings in Sydney’s CBD are 100 per cent leased. The office leasing market is weak, but information/technology companies are one of the few bright spots for landlords. Many are increasing their requirements and looking to move into better or more central buildings such as new tech firms Atlassian and Freelancer.com.
The latest Property Council of Australia figures put Sydney’s vacancy rate as at June last year at 8.4 per cent. However, the vacancy statistics for the second half of last year are due out next month and experts are tipping that percentage to fall, thanks to greater demand and few new buildings.
13 January 2015
Mercedes Ruehl, The Australian Financial Review