Strong 2017 Melbourne CBD office growth underpins Cushman & Wakefield agency expansion
Sydney, February 05: Leading global commercial real estate services firm, Cushman & Wakefield has further strengthened their Victorian agency platform with the appointment of three additional office leasing team members. The expansion of the Melbourne office leasing team follows a strong year for CBD prime rental growth during 2017, significantly outpacing Sydney and Brisbane.
Joining the Victorian team at Cushman & Wakefield’s 385 Bourke Street premises is Ben McKendry who will take on the role of Head of Metropolitan Leasing, Vincent Tran as Associate Director, and Anna Perry as Manager, Office Leasing.
Ben joins Cushman & Wakefield from Colliers International, where he spent 11 years in a variety of office leasing roles, most recently as Director, Office Leasing. In his new role, Ben will lend his significant experience within the CBD and fringe markets to the rapidly growing Cushman & Wakefield office leasing team.
Vincent will be supporting Ben within the Metropolitan Leasing team, having most recently held the position of Manager, Office Leasing at Colliers International. Vincent will also work closely with Cushman & Wakefield’s Victorian heads of Office Leasing Chas Keogh and Ben Ward.
Anna will primarily focus on the Melbourne CBD, Southbank and Docklands markets. Anna spent 8 years at Marshall White & Company Armadale, one of Melbourne’s leading residential agencies.
According to recent Cushman & Wakefield research, Melbourne’s CBD Prime grade rent growth eclipsed that of Sydney and Brisbane, with year on year net effective growth of 7.7%. Growth in Q4 2017, of 2.4% quarter on quarter, was primarily driven by a decline in net incentives, which dipped below 30%. B grade net effective rents remained stable at $265, recording 3.2% year on year growth, with net incentives at 30%.
These appointments follow the rapid expansion of Cushman & Wakefield’s presence in Victoria and ongoing national business growth. Commenting on these key strategic hires, Dominic Long, Cushman & Wakefield’s Managing Director, Commercial Real Estate Victoria, said, “In Melbourne alone, the team has increased by 74 per cent in six months, and we continue to attract leading talent from competitor firms”.
“Melbourne’s office leasing market continues to draw substantial levels of interest and the outlook is positive, buoyed by strong fundamentals and population growth. We expect to see constrained stock levels underpin increased competition for quality assets for the remainder of this year.” added Chas Keogh, Director, and Joint Head of office Leasing Victoria.
Victoria’s strong economic performance has helped drive demand for CBD office space and Melbourne’s future economic growth is expected to be driven by a continuation of current buoyant business confidence and strong private investment, particularly in the CBD where ten office developments (411,000 sqm) are currently under construction.