AND FINALLY

Knight Frank boosts office team as tenant enquiry return

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KNIGHT Frank has made three new appointments to its Sydney CBD office leasing team as tenant enquiry begins to return to pre-pandemic levels.

Ben Cohen previously a director within WeWork’s AUNZ real estate team, which he joined in mid 2018, and prior to that he was an associate director at CBRE.

Alexa Mahony has been appointed director and was previously associate of office leasing at JLL.

And Mike Urwin has also been appointed director and was previously associate of office leasing at JLL.

Furthermore, Ryan Grace has been promoted from associate director to director of CBD Office Leasing, NSW at Knight Frank.

Knight Frank partner and head of office leasing NSW Al Dunlop said the team was expanding to accommodate growing activity in office leasing.

“Enquiry for office space in the city is starting to return to pre-pandemic levels,” he said. “The sub-1,000 sqm market remains the most active, with preference for fitted out space, which is driven by cost savings, but also occupiers leaving decisions to the last minute.

“While sublease space continues to increase we are now seeing some groups that were going to take space to the market starting to withdraw as corporates increasingly return to working in the office.

“We anticipate incentives will peak in 2021, resulting in effective rents starting to grow.

“Fringe and metropolitan tenants are also now starting to consider CBD options due to improving affordability,” he added.

National head of leasing Andrea Roberts said there had been an increase in tenant enquiry across all capital city office markets in Australia.

“Whilst in Sydney and Melbourne we are seeing an increase in direct and sublease stock, it is reassuring to see long-term commitments being made by occupiers taking advantage of upgrading to prime quality assets that can deliver first-class amenities to their employees.

“We will continue to expand our New South Wales team over the next 12 to 18 months to ensure we provide our valued clients with the best service and advice to navigate these dynamic markets.” Roberts said.

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