Perth CBD Office Market

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1 SPRING 2016 MARKET TRENDS New supply has moderated. There is no new supply forecast until Demand weakened in the first half of Vacancy rates continued to rise in the first half of Face rents continued to decline while incentives are showing signs of stabilising. Sales greater than $5,000,000 were robust during the first quarter of 2016 but have now moderated. IN THIS REPORT Market Overview 1 Key Office Influences 2 Supply, Demand & Vacancy 3 Rental Market 6 Investment Market 7 Key Sale 8 Outlook 9 Perth CBD Office Market Despite limited new stock coming to the CBD in the six months to July 2016 the vacancy rate in Perth s CBD office market increased and is at its highest level in more than 21 years. During the first half of 2016 the market was characterised by a continued slowing in the economy, limited new supply, higher vacancy rates, marginally softer face rentals and weaker demand. Softening in the market has coincided with large-scale new supply additions during Consequently the market is currently oversupplied and it will likely take several years to absorb existing vacant stock. Kings Square 1 was completed early in 2016, adding 22,612 square metres of new stock to the CBD. The next significant building to be completed is Woodside s new headquarters at 98 Mounts Bay Road in ,000 square metres of space is mooted for construction beyond 2018, which consists of 10,000 square metres of space at 950 Hay Street; 46,000 square metres at 239 St Georges Terrace (Bishops See Tower 2); and 34,000 square metres at 480 Hay Street. Only 589 square metres of refurbished space is scheduled to enter the market during the remainder of Vacancies continued to rise in the first half of this year, from 19.6% in January 2016 to 21.8% in July. Increases in vacancy have been driven primarily by a continued softening in the resources sector, as well as cost saving strategies by both private and government organisations. The market is characterised by softening in both face and effective rents. Incentives remain high but appear to have peaked. 90 St Georges Terrace, Perth, which sold for $82,950,000 in March KEY INDICATORS PERTH CBD OFFICE MARKET Stock (m 2 ) Vacancy (%) Gross face rents ($/m 2 ) Outlook (1year) Incentives (%) Yields (%) Outlook (1year) CBD 1,768, % Prime 1,082, % Secondary 685, % Source: Property Council of Australia OMR (July 2016), m3property Research

2 Employment annual change (%) KEY OFFICE INFLUENCES The state s population grew by 1.2% in 2015, below the annual average growth of 2.5% over the last ten years. ECONOMIC GROWTH The Western Australian economy is predicted to grow below trend over the next four years as investment in the resources sector declines. Expected growth, slowing to a rate of 1.0% in , will be at its lowest level in 25 years. However, Gross State Product is expected to grow at an increasing rate over the following three years to reach 3.0% by Population growth has been declining since 2013, as a response to the decline in the resources sector which led to negative net interstate migration. There has also been a substantial slowdown in net overseas migration. The state s population grew by 1.2% in the year to December Export volumes are strong (iron ore and LNG) but prices remain low. The Western Australian economy continues to transition away from growth driven by investment in the mining and resources sector towards other interest rate sensitive sectors such as retail and construction. EMPLOYMENT Weakness in the domestic economy is translating into softer labour market conditions. In seasonally adjusted terms, unemployment was 6.3% in July percentage points higher than the previous month, and 0.6 percentage points higher than the national average. Overall employment in white collar industries decreased by 5.6% over the 12 months to May Employment in the Info, Media and Telecoms industry was the only white collar industry which showed growth during the 12 months to May % 40.0% 20.0% 0.0% -20.0% -40.0% WA employment by selected industry group Info, Media, Telecoms Rental, Hiring, Real Est Admin & Support m3property Research Source: ABS (August 2016) Fin & Insurance Prof, Scientific, Technical Servs Public Admin Job advertisement data in Western Australia continued to decrease, but the rate of decline has slowed and may now be stabilising. JOB ADVERTISEMENTS The latest job ads data from ANZ reports that job advertisements decreased nationally by 0.8% in July 2016 in seasonally adjusted terms, following an increase in June of 0.4%. According to Seek, new job ads in June 2016 in Western Australia fell by 0.6% on the previous month, while all other states increased. Year on year there was a fall of almost 19.4% in Western Australian new job ads. Business confidence, while positive, remains at low levels in Western Australia compared with other states and territories. BUSINESS CONFIDENCE National Australia Bank s index of business confidence increased from 0 in July 2016 to +3 in August in Western Australia. While Western Australia has transitioned into positive territory over the course of 2016, confidence is still at the lowest level of all states and territories nationally. Comm3ntary Spring 2016 P2

3 SUPPLY DEMAND AND VACANCY STOCK AND SUPPLY Stock in the Perth CBD office market totalled 1,768,137 square metres as at July The total breakdown of space by office grade is shown below. Perth CBD office stock, by grade - July 2016 Prime grade stock accounts for the majority of space in the Perth CBD. B 27% C 11% D 1% Premium 20% A 41% Source: Property Council of Australia OMR, m3property Research The bulk of existing stock in Perth is prime grade, making up some 61% of the market. The proportion of prime grade stock in Perth CBD is high relative to other Australian CBDs with only the Melbourne CBD having a greater portion of prime grade stock at 65%. Net supply additions of 144,045 square metres in the 12 months to July 2016 have increased office stock by 8.1% - the largest increase in three years. No more new supply in the pipeline until construction of the new Woodside head office is completed in According to the PCA, in the six months to July 2016 there were 30,582 square metres of supply additions. Kings Square 1 was completed in the first quarter of 2016, adding 22,612 square metres to stock; and two partial refurbishments totalling 7,970 square metres were completed in the second quarter at 55 and 267 St Georges Terrace. Aside from 589 square metres of refurbished space due to be completed in the third quarter of 2016 at 255 St Georges Terrace, there is no new stock in the pipeline until 2018, when Woodside s new 48,484 square metre development at the Old Emu Brewery site is completed. Woodside will relocate from their existing offices at 240 St Georges Terrace, creating around 40,000 square metres of backfill space. Development approval is being sought to refurbish QV1 at 250 St Georges Terrace, as well as the addition of 30,000 square metres of office space in two new towers. MAJOR PERTH CBD SUPPLY PROJECTS Project address Comp date Project type NLA (m 2 ) Stage 255 St Georges Terrace 2016 Full Refurb 589 Construction There are no major new projects due to be completed during 2016 and Hay Street Mooted New 34,000 DA Approved 950 Hay Street Mooted New 10,000 DA Approved 239 St Georges Terrace Mooted New 46,000 DA Approved 98 Mounts Bay Road 2018 New 48,484 Construction Source: Property Council of Australia OMR (July 2016), m3property Research Comm3ntary Spring 2016 P3

4 Net Absorption (m 2 ) SUPPLY, DEMAND AND VACANCY 12 month net absorption was positive at the end of July 2016 for the second successive six month period. Demand for prime stock continued to be stronger than secondary due to falling rents, high incentives, and tenants seeking to take advantage of the favourable conditions to upgrade their accommodation. TENANT DEMAND Net absorption has been recorded for the six months to July 2016 at -17,241 square metre. However, due to a relatively large positive six month net absorption in the second half of 2015, the 12 month net absorption was positive for the second successive six month period, and at 18,206 square metres is currently sitting at just below the long term average. In the last year, due mainly to the high incentives on offer, there has been a take up of space within the CBD and suburban markets, particularly in prime space. Net absorption in prime space was 57,157 square metres for the 12 months to July The greatest decline in net absorption for the six months to July 2016 was recorded for B-grade stock with a fall of 17,123 square metres; and for the full 12 months a fall of 33,132 square metres. This is consistent with businesses looking to upgrade their accommodation due to more attractive rents and high incentives on offer. The chart below illustrates the cyclical nature of office space demand in Perth CBD, and shows the annual net absorption as at July 2016 continuing to move in an upward direction after reaching a record low level in July ,000 Perth CBD office: net absorption 150, ,000 50,000 Long term average 0-50, ,000 Financial year Source: Property Council of Australia OMR (July 2016), m3property Research Sub-lease space increased from 53,769 square metres in January 2016 to 75,550 square metres in July 2016, an increase of more than 40%. VACANCY According to PCA data, total vacancy rose in the six months to July 2016, from 19.6% to 21.8%, the highest level in more than 21 years. The largest increase in vacancy came from B-grade stock, rising from 23.7% in January 2016 to 28.5% in July While tenants are still able to take advantage of favourable rental conditions to secure quality space, it is likely that vacancies in older buildings will increase more rapidly than in newer stock as tenants use the opportunity to upgrade. Since the decline in the resources sector began in 2012, there has been a steady increase in the amount of sub-lease space available for lease. In July 2016 sublease space was recorded at 4.3% of total space, up from 0.5% in January At 4.3%, or 75,550 square metres, this is the largest percentage and area ever recorded in the CBD. Almost one fifth of all vacancy in the CBD is sub-lease space. According to a recent report published by Y-Research, more than half of the Perth CBD office buildings currently have a vacancy, and more than 10% are currently fully vacant. Comm3ntary Spring 2016 P4

5 Total vacancy (%) SUPPLY, DEMAND AND VACANCY 30.0% Perth CBD office: total vacancy rate 25.0% Total vacancy has been rising in the Perth CBD since % 15.0% 10.0% 5.0% Long term average 0.0% Financial year Source: PCA Office Market Report (July 2016), m3property Research Absorbing backfill space still remains one of the major challenges in the Perth CBD as pre-committed tenants move to new accommodation, thus freeing up space in older, lower grade buildings. TENANT MOVES During the remainder of 2016, a large amount of backfill space will enter the market as tenants relocate to new buildings which have recently reached completion. Perth CBD has historically been dominated by mining companies and government agencies. With many mining and related service industries down-sizing or closing down, and some government agencies relocating to suburban locations, there is a need for more diversity in the CBD. Education, particularly tertiary, is being targeted as an industry to take up vacant office space in the CBD. CQUniversity recently became the first university to set up a CBD campus in Perth in refurbished office space at 10 William Street. SELECTED MAJOR TENANT MOVES AND NEW LEASES Tenant Address Start date Approximate NLA (m 2 ) CQUniversity 10 William Street Mid ,100 Urbis 1 William Street Mid ,095 Fujitsu 2 The Esplanade Mid ,493 RSM 2 The Esplanade Mid ,200 Minister for Works 1 Adelaide Terrace Late ,800 Source: m3property Research Comm3ntary Spring 2016 P5

6 Prime incentives (%) Prime net face rents ($/m 2 ) RENTAL MARKET Rentals continue to come under pressure as vacancies remain high. RENTAL GROWTH Perth CBD rentals have been under pressure for the last three years as vacancies have increased and a high level of new supply has entered the market. While incentive levels have increased significantly over the last year, net face rents have only softened marginally. However more recent trends have seen decreases in face rents, with incentives softening to maintain some balance in effective rents. Decreases in rents are in part due to corrections in the market, which has seen an unprecedented period of high rentals, and which were unsustainable in the long term. Typical net face rental rates for prime CBD office space are between $500-$700 per square metre; and for secondary grade space between $350-$500 per square metre. $900 $800 $700 $600 $500 $400 $300 $200 $100 $- Prime Secondary Perth net rents Source: m3property Research. Incentives remain high but it is likely that they have reached their peak as landlords become more willing to reduce net face rents in preference to offering high incentives. INCENTIVES Incentives, which have increased with the expansion in vacancy, particularly for secondary grade space, are likely to remain high in the short to medium term until vacancy rates substantially decline. Typical net incentives are now in the region of 35% to 50% for prime grade buildings, and slightly higher for B-grade space. 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Perth prime incentives Long term average Source: m3property Research Comm3ntary Spring 2016 P6

7 Prime yields (%) INVESTMENT MARKET INVESTMENT MARKET There has been only a slight firming of yields over the last two to three years, and only for prime grade buildings. Yields for Premium and A-grade assets have firmed to around 6.00% to 7.50% over the six months to September It is unlikely that this will change appreciably during the remainder of Yields below 6.00% could be anticipated for a very limited number of premium assets which would be well sought by REITS, ARIETS and overseas investors. Secondary yields have not moved significantly, but the gap between prime and secondary yields has widened since the global financial crisis as buyers seek to mitigate risk. Yields for secondary assets are around 8.00% to 9.00%. 9.00% 8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% Perth prime yields Source: m3property Research. Sales activity was robust in the first quarter of 2016 but has been more subdued in the second and third quarters. Sales activity was robust in the first quarter of 2016, with sales of properties greater than $5 million totalling more than $400 million. We believe that this is indicative of some counter cyclical investment strategies. Second quarter sales have been subdued, with only one sale reported, that of 161 St Georges Terrace (Westralia Plaza), an Insurance Commission of Western Australia (ICWA) property, which sold for $87 million to Zone Q. The Forrest Centre ( St Georges Terrace) sold in January for $193,636,800 to a Chinese investor YT International; and 81 St Georges Terrace sold in March for $82,950,000 to ARA Asset Management. A 50% share in the Exchange Tower (2 The Esplanade) has also been sold to Primewest for $113.5 million. Investment demand remains sensitive to current global events and economic performance. While general trends indicate improvements in global economic circumstances, Western Australia remains sensitive to the prospects of its major trading partners, particularly China. If demand does not increase over the next few years, then vacancy could remain at current high levels and may even increase in secondary stock, putting redevelopment into the frame as an option to mitigate losses in cash flow and asset value. However, a re-pricing of these assets may be required to render alternate uses viable. Comm3ntary Spring 2016 P7

8 KEY SALE m3property analysis of 81 St Georges Terrace 81 St Georges Terrace Sale Price: $82,950,000 Sale Date: March 2016 Market Yield: 7.46% IRR: 7.32% NLA Rate (per square metre): $6,867 WALE by area: 9.2 years The property is a 1986 built, 12 storey premium grade building, refurbished in 2006, with further upgrades in It was purchased by ARA Asset Management from Corporate Administrators Pty Ltd. At the time of sale it was 95% leased to the Government of Western Australia on a 10 year lease, providing substantial WALE. Comm3ntary Spring 2016 P8

9 Net supply and absorption (m 2 ) Vacancy rate m3property Research OUTLOOK The outlook for the Perth CBD office market is subdued. For more information please contact: 250, , , ,000 Net supply Net Absorption Vacancy Rate Perth CBD market balance 25% 20% 15% 10% Key Valuation Contact Gavin Chapman P M Gavin.chapman@m3property.com.au 50, , ,000 5% 0% -5% -10% Research Contact Janis McLaren P Janis.mclaren@m3property.com.au Source: PCA Office Market Report July 2016, m3property Research Due to the large amount of new supply which entered the market in the second half of 2015, there continues to be a significant amount of backfill space to be taken up. Some of this space is likely to be withdrawn from the market temporarily as landlords seek to upgrade accommodation. With very little new stock in the pipeline over the next few years it is likely that overall vacancies will stabilise and start to decline, before possibly increasing again in 2018 when backfill space from Woodside s move is created. There will, however, still be increases in vacancy during the remainder of 2016 due to businesses down-sizing and increased sublease space. Landlords are starting to become more OFFICES Adelaide Brisbane Melbourne Level 3 44 Waymouth Street Adelaide South Australia 5000 T 61 (8) F 61 (8) Level 2 15 James Street Fortitude Valley Queensland 4006 T 61 (7) F 61 (7) Level Bourke Street Melbourne Victoria 3000 T 61 (3) F 61 (3) Perth Sydney Disclaimer Unit Stirling Highway Nedlands Western Australia 6009 T 61 (8) F 61 (8) Level 23, MLC Centre 19 Martin Place Sydney New South Wales 2000 T 61 (2) F 61 (2) realistic in their expectations of face rents as the market re-balances and adjusts to softer economic conditions, and this is resulting in a lowering of both face rentals and incentives. Effective rents may, however, remain at current levels for a while. We believe that the current pressure on rentals, vacancy and incentives may produce increased risk, and therefore little room for firming of yields. This will be influenced by the composition of buyer type. Overseas buyers are likely to accept lower yields, driven by alternate investment returns in their local markets and on the east coast. It will also be influenced by market sector, with solid demand but limited supply in the premium sector. info@m3property.com.au This report has been derived, in part, from sources other than m3property. In passing on this information, m3property makes no representation that any information or assumption contained in this material is accurate or complete. To the extent that this material contains any statement as to the future, it is simply an estimate or opinion based on information currently available to m3property and contains assumptions which may be incorrect. m3property makes no representation that any such statements are, or will be, accurate. Definitions A-REIT: ASX listed Australian Real Estate Investment Trust Completion date: determined by issue of a Certificate of Occupancy Grade: is determined using the PCA report A Guide to Office Building Quality. Net absorption: is the change in occupied stock within a market over a specified period of time. Net lettable area (NLA): defined in accordance with the PCA Method of Measurement Pre-commitment: contract signed to occupy space in new or refurbished space prior to construction commencing. Prime: Combination of Premium and A-grade. Secondary: Combination of B, C and D grades. WALE: Weighted average lease expiry.

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