The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
OfficeThu 03 May 18

Dexus Rides Wave of High Office Demand

1854a2a9-f86c-49b2-a09b-f8a711d3c589

ASX-listed property trust Dexus has affirmed its guidance for the year following the release of its March 2018 quarter portfolio update which has seen it book a lift in office portfolio occupancy to 96.8 per cent.

The company leased 92,822sq m of office space and 14,832sq m of office development space, across 73 transactions. Its industrial portfolio occupancy increased to 97.9 per cent, up from 97.5 per cent in the December quarter after leasing 46,645sq m of industrial space across 24 transactions.

“It’s pleasing to see great traction across the key areas of our business which will contribute to our distribution per security growth guidance of 4.5-5 per cent for FY18,” Dexus’ chief executive officer Darren Steinberg said.

“This has been driven by continued leasing in our core markets and solid progress on opportunities in our development and trading pipeline.”

Related reading: Dexus Wins Approval for $426m Hyde Park Hotel

Dexus also said it had reached key milestones across the group’s $4.2 billion pipeline including finalising settlement on 105 Philip Street, Parramatta.

It also received Queensland government support for its $1.4 billion Waterfront Precinct proposal to progress Brisbane’s Eagle Street Pier to the next stage under the Market-Led-Proposal Program.

The company received stage one approval of the for its mixed-use development at 201 Elizabeth Street, Sydney.

Dexus also commenced construction of a new office development at 180 Flinders Street, Melbourne after securing John Holland as an anchor tenant.

Office Portfolio

“Positive dynamics have remained constant in all of our core office markets, with strong levels of enquiry continuing to convert to leasing in Perth as tenants choose to upgrade to better quality buildings and centralise into the CBD,” Dexus executive general manager Kevin George said.

“In the three-month period, average incentives across the office portfolio reduced, reflecting the quantum of effective leasing deals undertaken in Sydney where we recorded incentives of 11.5% compared to Melbourne and Brisbane which recorded 19.2% and 21.7% respectively.”

Dexus, like most office landlords currently, are benefiting from low vacancy rates coupled with high demand for space which is underpinned by population growth in the main capital cities.

OfficeIndustrialHotelAustraliaSector
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
Old Canberra Brickworks Yarralumla
Development

Doma Ready to Begin 380-Home ACT Brickworks Scheme

Leon Della Bosca
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
Kings Bay Village in Five Dock has become the first private project to advance under NSW's Parramatta Road renewal strat…
LATEST
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
Old Canberra Brickworks Yarralumla
Development

Doma Ready to Begin 380-Home ACT Brickworks Scheme

Leon Della Bosca
4 Min
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/dexus-rides-wave-of-high-office-demand