Savills Research
South Australia
Spotlight
Adelaide CBD Office
April 2015
Highlights
 Savills recorded approximately 61,929 square metres



of CBD office leasing activity in the 12 months to
March 2015
The Adelaide office market currently has a Prime
“working” vacancy rate of 4 percent as at March
2015 (see Outlook for explanation)
Prime Full Floor availability has increased over the
last 12 months to 42 floors as at March 2015
The mining, utilities and industry sectors leased the
greatest amount of space at 17,055 square metres
 Savills recorded $475 million of office transactions


(>$1 million) in the 12 months to March 2015
Upgrade and consolidation activity has had an
important part to play in leasing activity over the past
12 months
An increase in the supply of new and refurbished
office space is forecast for the next 12 months as is
an acceleration in the rate of withdrawals
Savills Research | Adelaide CBD Office
April 2015
Savills South Australia Team
Research
Managing Director
National Head,
Research
Tony Crabb
+61 (0) 3 8686 8012
Managing Director
Rino Carpinelli
+61 (0) 8 8237 5005
[email protected]
[email protected]
Capital Transactions & Leasing
Valuation & Consultancy
Divisional Director
Peter Isaksson
+61 (0) 8 8237 5020
Divisional Director
Alastair Johnston
+61 (0) 8 8237 5041
[email protected]
[email protected]
Office Leasing
Property Management
Divisional Director
Adam Hartley
+61 (0) 8 8237 5043
Associate Director
Jeffrey Klaebe
+61 (0) 8 8237 5018
[email protected]
[email protected]
Project Services
Divisional Director
Steve Christodoulou
+61 (0) 8 8237 5004
[email protected]
Savills South Australia
Level 2, 50 Hindmarsh Square
Adelaide, SA 5000 Australia
+61 (0) 8 8237 5000
savills.com.au
savills.com.au/research
2
Savills Research | Adelaide CBD Office
April 2015
Introduction
The Adelaide office market consists of the CBD and Fringe precincts, and as at March 2015
totalled 1.6 million square metres of space. The CBD precinct, bound by North, West, South
and East Terrace, accommodates 1.4 million square metres of office space and is presently
the sixth largest CBD office market in Australia. The balance is housed in the precinct
classified as Fringe and is predominantly B and C grade office accommodation.
Throughout this document rental rates reflect single, whole floor, net effective and mid-rise
rental rates unless otherwise stated.
Office Development
Savills has recorded a number of office development projects currently underway, with a
mix of new builds and refurbishments across the Adelaide CBD. The largest project
currently underway is the new People’s Choice Credit Union headquarters at 50 Flinders
Street. The building will add around 20,500 square metres of office space over 12 levels to
the Adelaide market, with a targeted five star NABERS rating on completion. Approximately
17,000 square metres of the building is pre-committed to People’s Choice Credit Union and
Santos. The project has an anticipated completion date of late 2015.
Current Adelaide CBD Office Development Activity
Property
Precinct
169 Pirie St
CBD
7,900
Refurb
UC
2015
Nine Entertainment
50 Flinders St
CBD
20,500
New
UC
2015
People’s Choice C/U*
82-98 Wakefield St
CBD
4,000
Refurb
UC
2015
115 King William St
CBD
6,900
New
UC
2016
1 King William St
CBD
12,628
Refurb
UC
2015
Cnr Frome & Flinders
CBD
4,000
New
DA
2016
186-190 North Terrace CBD
5,000
New
DA
Mooted
51 Pirie St
CBD
32,716
New
DA
Mooted
200 North Terrace
CBD
17,000
New
EP
Mooted
114 Waymouth St
CBD
45,000
New
EP
Mooted
Source: Savills Research
*Pre-commitment
NLA (sq m) Type
Status
Completion
Major Tenant
Ex Origin space
UC: Under Construction EP: Early Planning DA: Development Approval
Refurbished office space is responsible for a significant proportion of current office
development activity in the Adelaide CBD. Bendigo & Adelaide Bank’s former building at
169 Pirie Street is nearing completion and is expected as refurbished space in early 2015.
Brinz Holdings are constructing a new office building at 113-115 King William St. The 25level, 6,900 square metre building is expected to be complete in mid-2016. Recently
completed refurbished space is found in 2 King William Street and at 167 Flinders Street.
While a number of new office developments are mooted for the Adelaide CBD, a decrease
in new office supply is forecast over the medium term. The majority of supply over this
period is expected to be in the form of refurbished stock.
savills.com.au/research
3
Savills Research | Adelaide CBD Office
April 2015
Adelaide Office
CBD Forecast Gross Office Supply by Type (sq m)
2015 to 2024
60,000
50,000
40,000
30,000
20,000
10,000
0
2015
2016
2017
Precommitment
2018
New
2019
2020
2021
Mooted
2022
2023
Ref urb
2024
Backf ill
Source: Savills Research
Leasing Activity
In the 12 months to March 2015, Savills recorded 61,929 square metres of reported leasing
activity in the central Adelaide office market. This is up 34 percent on the 12 months prior
but down on the five year average (93,634) square metres).
The table below outlines major CBD office leases which have been reported over the 12
months to March 2015.
Select Adelaide CBD Office Leases to March 2015
Date
Property
Aug-14
115 Grenfell St
Aug-14
NLA (sq m)
Rent ($/sq m) Tenant
932
370 G
Undisclosed
45 Pirie St
4,000
340 G
Suncorp**
Aug-14
151 Pirie St
3,892
na
Aug-14
99 Gawler Place
1,400
450 G
Oct-14
100 Pirie St
1,000
na
TMK Consulting Engineers
Nov-14
100 King William St
1,994
na
Donaldson Walsh
Nov-14
80 Grenfell St
2,100
450 N
Jan-15
161 Flinders St
2,643
280
Breast Screen
Feb-15
227 Gouger St
547
240
Undisclosed
Mar-15
435 King William St
880
390
Bureau of Meteorology
Source: Savills Research
na = not currently available
KPMG**
SHL
AHPRA
**Renewal
Latest figures indicate Adelaide experienced negative net absorption in the 12 months to
March 2015 for the combined CBD and Fringe, whilst the Fringe market also recorded
negative net absorption. Economic uncertainty led to subdued business confidence and
created a dampening effect on office demand in 2013 and 2014. Demand for space remains
historically low, well below the 10 year absorption average of 6,500 square metres per
annum. However, businesses are enticed by incentives and are using current market
conditions to upgrade the standard of their accommodation.
savills.com.au/research
4
Savills Research | Adelaide CBD Office
April 2015
Whilst tight market conditions prevailed, office leasing activity over the last 12 months has
shown a propensity by business to take advantage of incentives to consolidate and
upgrade accommodation. Of the 61,929 square metres reported leased in central Adelaide
in the 12 months to March 2015, the mining, utilities and industry sectors were the most
active leasing 17,055 square metres or approximately 28 percent of the stock reported
leased.
However, the greatest number of transactions (10) was recorded by the government and
community sector, reflecting upgrade activity given the incentives on offer. The majority of
leasing deals recorded (approximately 68 percent of space leased) were in the Core
precinct.
Leasing activity is likely to remain relatively subdued for the short term; however the
introduction of newly refurbished office space onto the leasing market during 2015 should
provide a number of opportunities for existing and new tenants. The next 12 months are
forecast to have an increase in lease expiries over that of the past 12 months which should
help drive an increase in leasing activity in central Adelaide. More stringent rules
surrounding mandatory NABERS Energy rating disclosure are also likely to have a negative
impact on older office space in Adelaide, particularly for properties seeking to attract
Government tenants.
Adelaide Office
Total Reported Leased in Central Adelaide (%)
12 months to Mar-15
Property &
Business
Services
15%
Govt &
Community
26%
Undisclosed
3%
Finance and
Insurance
16%
Source: Savills Research
IT &
Communication
12%
Average CBD net face rents
have increased from March
2014 to March 2015. Net
face rents in the Adelaide
CBD for the period typically
ranged from $350 to $440
per square metre per annum
for Premium grade
buildings, and between
$320 and $375 per square
metre per annum for A
grade buildings.
B grade buildings recorded
a fall in net face rents,
Mining & Utilities
& Industry
28%
ranging between $210 and
$300 per square metre in
the March quarter. Net face
rents are expected to
increase slightly for prime
grade buildings in the
medium term as demand
increases, placing pressure
on existing stock levels.
Incentives have risen slightly
for Premium grade buildings
during 2014 due to relatively
subdued leasing demand for
this grade of space.
Likewise incentives for A
and B grade space
remained relatively steady,
although both had increases
as a result of greater supply
levels during 2013 and
2014. Relatively large
vacancy levels in secondary
grade buildings should
continue to see generous
incentives used to
encourage tenants into this
grade of stock. As a result,
limited effective rental
growth is forecast for
secondary stock in
the medium term.
Typical lease terms
range from seven to
ten years for
Premium and A
grade stock, with B
grade lease terms
ranging between four
to seven years in the
Adelaide CBD.
savills.com.au/research
5
Savills Research | Adelaide CBD Office
April 2015
Office Vacancy
Adelaide’s combined office market vacancy rate for the CBD and Fringe markets currently
sits at 12.8 percent as at March 2015. The Adelaide CBD vacancy rate currently sits at 13.5
percent while the Fringe has a vacancy rate of 8.3 percent. After enduring a significant
shortage of new supply the introduction of a number of office developments to the Adelaide
CBD and resulting backfill space has lead to an increase in vacancy.
The latest figures in the table below show the current makeup of the Adelaide office market.
Adelaide CBD Office Vacancy – March 2015
Grade
Stock (sq m)
Vacancy (sq m)
Vac % Mar-15
Vac % Mar-14
Premium
41,700
4,464
10.7
9.0
A Grade
565,112
65,900
11.7
10.6
B Grade
403,995
42,485
10.5
14.2
C Grade
425,129
60,968
14.3
11.8
D Grade
157,259
29,973
19.1
17.9
1,593,195
203,790
12.8
12.5
Total
Source: Savills Research/PCA
Refurbished office space will provide the greatest level of choice for tenants within the
prime grade office market, particularly for those seeking full floors. A number of buildings
house large amounts of office space including the former ATO Building with some 16,400
square metres and the former Origin Energy House with approximately 11,600 square
metres. There is a further 23,000 square metres available in another four quality buildings. In
total, these six buildings contain over 51,000 square metres of vacancy or 25 percent of all
vacancy. Furthermore, 38 secondary buildings covering some 175,000 square metres (11
percent of all space) contain 81,000 square metres (43 percent of all vacancy). Put another
way, those 38 secondary buildings have a combined vacancy rate of 46 percent. Given the
problems with occupying a large part of the vacancy (too large for small tenants, obsolete,
redundant, in need of refurbishment, no NABERS rating, etc) the usable (or working)
vacancy rate is much closer to 4 percent.
Adelaide Office
CBD Vacancy by Grade (%)
Mar-05 to Mar-15
16%
14%
12%
10%
8%
6%
4%
2%
0%
Prime Vacancy
Secondary Vacancy
Total Vacancy
Source: PCA / Savills Research
savills.com.au/research
6
Savills Research | Adelaide CBD Office
April 2015
Full Floor Availability
Savills Prime Full Floor Availability Report indicates the state of the leasing market and is
used to assess office stock vacancy in a different manner to standard vacancy surveys. The
report graphically shows each Premium and A grade building, as well as top B grade
buildings in the CBD on a floor-by-floor basis. The report highlights which floors are
available for lease, now and in the near future, in each building including those under
construction and refurbishment.
Results from the March 2015 Adelaide Prime Full Floor Availability Report are detailed
below.
Adelaide Prime Full Floor Availability
By Grade
By Sector
Total
Premium
A Grade
Core
Frame
Fringe
B Grade
438
62
376
381
51
6
245
564,342
100,045
464,296
475,142
77,333
11,835
256,011
42
4
38
42
-
-
44
49,858
4,931
45,467
49,858
-
-
46,739
8.8
4.4
9.8
10.5
-
-
18.3
Max Contiguous Floors (no)
8
2
8
8
-
-
10
Max Contiguous Area (sq m)
6,956
2,235
6,956
6,956
-
-
16,400
Total Prime Floors
Total NLA (sq m)
Prime Floors Available
Prime Full Floor Availability (sq m)
Prime Full Floor Availability (%)
Source: Savills Research
Latest figures indicate 42
full floors and 49,858 square
metres available for lease
within prime grade
buildings, representing 8.8
percent of the market
analysed. Of the prime full
floors reported vacant, 25
are available immediately
while 17 are available in the
future. All vacancies are
located in the Core. The
development at 50 Flinders
Street was added to the
report in January 2014, and
accounts for the two floors
under development. The
remaining full floors are
housed in existing buildings
as either direct or sub-lease
vacancies. Further options
exist for tenants seeking B
grade buildings, with 44 full
floors currently available to
the market. Tenants are
encountering lower supply
of prime grade full floors
than 12 months ago as a
significant supply of new
and refurbished stock has
been absorbed. Supply of
prime space is expected to
tighten again over the next
12 months, with no new
developments expected
during this time.
Adelaide Office
Full Floors Available - Quarterly (%)
Mar-08 to Mar-15
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Full Floor Vacancy
Linear (Full Floor Vacancy)
savills.com.au/research
7
Savills Research | Adelaide CBD Office
April 2015
Sales Activity
Savills recorded approximately $475 million worth of office transactions in the 12 months to
March 2015 (>$1 million). This is 19 percent stronger than the $398 million recorded the
previous year and up on the five year average of $328 million. During the same period 25
properties were sold, an increase on the previous 12 months (20) and also up on the five
year average of 19. Sales evidence from the last 24 months points to an increase in buyer
activity by large institutional and off-shore investors compared with prior years.
The table below outlines major CBD office sales which have occurred over the 12 months to
March 2015.
Select Adelaide CBD Office Sales to March 2015
Date
Property
Price ($m)
NLA (sq m)
$/sq m
Yield (%)
Jun-14
22 King William St
41.80
9,616
4,347
8.38
Jul-14
100 Pirie St
28.63
9,015
3,174
6.90
Sep-14
91 King William St (50%)
102.00
31,449
6,487
7.93
Sep-14
SachsenFonds portfolio
153.20
28,227
4,605
8.19
Sep-14
60 Light Square
22.00
6,955
3,163
11.87
Dec-14
151 Pirie St
72.00
12,650
5,727
7.17
Feb-15
81 Flinders St
41.33
9,834
4,203
8.65
Feb-15
51 Pirie St
13.00
6,315
2,010
na
Source: Savills Research
na = not currently available
The highest value transaction of the last 12 months was the sale of the SachsenFonds
portfolio for $153.2 million in September 2014. The portfolio comprises 60 Flinders Street,
80 Flinders Street as well as a 700 bay car park. The office space amounts to 28,227 square
metres and delivers a rate per square metre of $4,605. Savills calculates the blended yield
as 8.19 percent for the assets. Prior to settlement Primewest purchased 60 Light Square for
$22 million.
Another transaction of note was that of a 50 percent share of 91 King William Street to fund
manager Abacus for $102.00 million. Abacus owned the other 50 percent. The major
tenants of the property are the State government and Westpac. The 31,449 square metre
Premium grade building generated a capital value of $6,487 a square metre and Savills
estimates the yield to be 7.93 percent.
Another significant sale was Southern Cross Equity Group’s acquisition of 22 King William
Street from MWQ Property in June 2014. Southern Cross acquired the building for $41.80
million reflecting a rate per square metre of $4,347 for the fully refurbished building. NAB
have a lease over 6,134 square metres expiring 2024. The sale price generates a passing
yield of 8.38 percent.
Sales in the $50 to $75 million bracket accounted for the greatest value of sales with $196
million in the 12 months to March 2015. The greatest number of transactions was in the $1
to $25 million bracket with 18 transactions. This result reflects the increase in buyer activity
from institutional investors who are generally active in transactions over $50 million. It is
anticipated that with an increase in transactions in the $25 to $50 million price bracket,
overall sales in the Adelaide CBD should remain at similar levels seen prior to the onset of
the GFC.
savills.com.au/research
7
Savills Research | Adelaide CBD Office
As at March 2015, Premium
grade yields within the CBD
precinct were shown to
range between 7.50 and
8.00 percent, and A grade
yields ranged between 8.00
and 8.50 percent. Yields for
this grade of office space
have firmed as investor
appetite has increased.
Capital values in the
Adelaide CBD as at March
2015 ranged from
approximately $4,400 to
$5,900 per square metre for
Premium buildings, and
between $3,800 and $4,700
per square metre for A
grade buildings. Capital
values for B grade buildings
in the CBD ranged from
$2,150 to $3,400 per square
metre, reflecting the wide
range in quality for this
grade of property.
The fund buyer group was
the most active in the 12
months to March 2015,
accounting for 49 percent of
office stock sold ($227
million worth of
transactions). The next
largest buyer group was
private investors with 25
percent of the market. The
owner occupier category
had the greatest number of
transactions, totalling 7 or
32 percent of transactions
recorded.
Over the past 12 months
syndicates share of the
buyer mix has risen to 23
percent or $105 million.
Investment sales made up
the majority of transactions
in the 12 months to March
2015, accounting for $459
million worth or 97 percent
of sales.
April 2015
$600
Adelaide Office
Adelaide CBD Office Sales ($m and number)
(>$1m) Mar-05 to Mar-15
30
$500
25
$400
20
$300
15
$200
10
$100
5
$0
0
Sales > $1m (LHS)
Sales No (RHS)
Source: Savills Research
Adelaide Office
Adelaide CBD Office Sales Buyer Profile (%)
12 months to Mar-15
Private Investor
25%
Fund
49%
Syndicate
23%
Source: Savills Research
Undisclosed
1%
Owner Occupier
2%
savills.com.au/research
8
Savills Research | Adelaide CBD Office
April 2015
Key Market Indicators – March 2015
Adelaide CBD
Premium
A Grade
B Grade
Low
High
Low
High
Low
High
Rental – Gross Face ($/sq m)
450
560
400
485
280
390
Rental – Net Face ($/sq m)
350
440
320
375
210
300
Rental – Net Effective ($/sq m)
280
350
250
290
160
225
Outgoings – Operating ($/sq m)
60
70
50
65
40
50
Outgoings – Statutory ($/sq m)
40
50
30
45
30
40
Outgoings – Total ($/sq m)
100
120
80
110
70
90
7
10
7
10
4
7
Yield – Market (% Net Face Rental)
7.50
8.00
8.00
8.50
8.75
9.75
IRR (%)
9.00
9.50
9.50
10.00
10.25
11.25
Cars Permanent Reserved ($/pcm)
370
450
350
400
300
350
Cars Permanent ($/pcm)
350
400
330
375
275
325
4,400
5,900
3,800
4,700
2,150
3,400
Typical Lease Term
Office Component Capital Values
Adelaide Fringe
A Grade
B Grade
Low
High
Low
High
Rental – Gross Face ($/sq m)
330
420
275
350
Rental – Net Face ($/sq m)
275
345
230
290
Rental – Net Effective ($/sq m)
230
290
190
240
Outgoings – Operating ($/sq m)
35
45
25
30
Outgoings – Statutory ($/sq m)
20
30
20
30
Outgoings – Total ($/sq m)
55
75
45
60
Typical Lease Term
4
6
3
5
Yield – Market (% Net Face Rental)
7.50
8.00
8.00
9.00
IRR (%)
9.00
9.50
9.50
10.50
Cars Permanent Reserved ($/pcm)
80
120
80
120
Cars Permanent ($/pcm)
70
80
70
80
3,500
4,600
2,500
3,600
Office Component Capital Values
Source: Savills Research
Rental rates reflect single, whole floor, net effective and mid-rise rental rates unless
specifically otherwise stated. Discounts and premiums exist for low and high rise space for
significant occupiers.
savills.com.au/research
9
Savills Research | Adelaide CBD Office
April 2015
Outlook
Refurbished office space is forecast to provide the greatest level of choice for tenants
within the prime grade office market, particularly for those seeking full floors. A number of
buildings house large amounts of office space including the former ATO Building with some
16,400 square metres and the former Origin Energy House with approximately 12,700
square metres. There is a further 23,000 square metres available in another four quality
buildings. In total, these six buildings contain over 52,000 square metres of vacancy or 25
percent of all vacancy. Furthermore, 38 secondary buildings covering some 261,300 square
metres (20 percent of all space) contain 100,000 square metres (55 percent of all vacancy).
Put another way, those 38 secondary buildings have a combined vacancy rate of 38
percent. Given the problems with occupying a large part of the vacancy (too large for small
tenants, obsolete, redundant, in need of refurbishment, no NABERS rating, etc) the usable
(or working) vacancy rate is much closer to 4 percent.
Sales activity has increased over the last 12 months with a number of office assets
changing hands and funds returning as the dominant buyer group. Interest from larger
buyer groups has remained in the Adelaide market on the back of reduced financing costs
and attractive yields. Sales volumes of assets in the sub $25 million range are expected to
remain as the dominant sector in the short term, and as such private investors and owner
occupiers are anticipated to remain the prevailing buyer group. Owners of secondary grade
buildings will be faced with the need to refurbish existing stock as disparities between
Adelaide’s older and newer office stock become more apparent. This is particularly
important since more stringent rules surrounding mandatory NABERS Energy disclosure
regulations were introduced at the end of 2011.
Despite macro-economic concerns, a forecast of strengthening local market fundamentals
means Adelaide’s office market is expected to continue steadily through 2015. A positive
outlook for prime grade rental growth combined with the potential for a further tightening of
investment yields sets the Adelaide CBD office market apart as a leading office market for
astute investors both locally, interstate and from abroad.
savills.com.au/research
10
Savills Research | Adelaide CBD Office
April 2015
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[email protected]
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Contact Savills for advice on
all aspects of property:
 Sales
 Leasing
 Valuations
 Asset Management
 Project Management
 Strategic Corporate Real Estate
 Property Accounting
 Facilities Management
 Residential Luxury Sales
 Residential Projects
 Research