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Savills Research
Victoria
Spotlight
Melbourne CBD Office
April 2015
Highlights
 Savills recorded 236,974 square
metres of CBD office leasing activity
in the twelve months to March 2015
 Savills recorded a robust $2.1 billion
of transactions in the CBD grid for the
twelve months to March 2015
 Tenants continue to be attracted to
 Foreign Investors accounted for 38%
new buildings on the fringe of the
CBD, particularly Docklands
of investment stock sales volume
 There are 121 full floors available now
for lease in Prime Grade buildings
 Education along with Property &
Business services sector dominate
the Central Melbourne office leasing
profile
 Although the investment market is
extremely strong, leasing demand
remains frustratingly subdued
maintaining comparatively high levels
of rental incentives for the CBD
The CBD grid
continues to
record
exceptionally
high levels of
investment sales
Savills Research
Savills Research | Melbourne CBD Office
April 2015
Savills Victoria Team
Research
Director
Glenn Lampard
+61 (0) 3 8686 8034
glampard@savills.com.au
Investment Sales
City Sales & Investments
Managing Director, VIC
Dominic Long
+61 (0) 3 8686 8031
State Director
Clinton Baxter
+61 (0) 3 8686 8021
dlong@savills.com.au
cbaxter@savills.com.au
Office Leasing
Valuation & Consultancy
State Director
Mark Rasmussen
+61 (0) 3 8686 8010
Director
Francis Lynch
+61 (0) 3 8686 8024
mrasmussen@savills.com.au
flynch@savills.com.au
Commercial Management
Project Management
Associate Director
Sarah Coster
+61 (0) 3 8686 8025
General Manager
Chris Adam
+61 (0) 3 9445 6841
scoster@savills.com.au
cadam@savills.com.au
Savills Victoria
Level 25, 140 Williams Street
Melbourne VIC 3000 Australia
+61 (0) 3 8686 8000
savills.com.au
savills.com.au/research
2
Savills Research | Melbourne CBD Office
April 2015
Introduction
The Melbourne CBD office market contains 3,638,248 square metres of lettable space. Of
this, over 58% at 2,131,484 square metres is of Prime (Premium and A Grade) quality,
822,104 square metres is Grade B quality and the balance (684,660 square metres) Grade C
and Grade D.
Throughout this document rental rates reflect a net effective rent on a single, whole floor in
the mid-rise of a building unless specifically otherwise stated.
Office Development
The Melbourne CBD has provided a net increase of over 700,000 square metres of office
accommodation over the last decade. Albeit at a slower pace, the CBD has continued to
provide the market with office space since the onset of the global credit crisis, with almost
140,000 square metres of net additions since 2007. Over the same period, the CBD fringe
markets of Southbank and Docklands, have added approximately 670,000 square metres
net.
Well over half
of the CBD’s
office space is
of Prime
quality grade
Savills Research
Whilst obviously more subdued given the changes in the economy in the wake of the global
credit crisis, Melbourne has continued to provide the office market with good quality office
space through development and refurbishment whilst being able to withdraw stock
considered redundant or providing for conversion to residential use.
Current Central Melbourne Office Development Activity
Property
Precinct
567 Collins St
CBD
54,000
Pre-committed
Construction
2015
Corrs, Leighton, Jemena
699 Bourke St
Docklands
18,644
Pre-committed
Construction
2015
AGL
570 Bourke St
CBD
27,000
Refurbishment
Construction
2015
na
313 Spencer St
Docklands
27,000
Pre-committed
Construction
2015
Victoria Police
Tower 3, 727 Collins St
Docklands
55,000
Pre-committed
Construction
2016
KPMG, Maddocks
102 Sturt St
Southbank
31,663
Pre-committed
Construction
2017
ABC
2 Riverside Quay
Southbank
21,000
Pre-committed
Construction
2017
Pricewaterhouse Coopers
664 Collins St
Docklands
27,500
New
DA Approved
2017+
180 Flinders St
CBD
20,000
New
DA Approved
2017+
North Wharf, Flinders St
Docklands
23,000
New
DA Approved
2017+
82 Collins St
CBD
30,000
New
DA Approved
2017+
395 Docklands Dr
Docklands
22,000
New
DA Approved
2017+
C1 & C2 Flinders St
Docklands
31,000
New
DA Applied
2017+
477 Collins St
CBD
54,000
New
DA Applied
2017+
447 Collins St
CBD
40,000*
New
DA Applied
2017+
288 Exhibition St
CBD
76,000
New
Early Planning
2017+
Source: PCA / Savills Research
na = not currently available
NLA (sq m) Type
Status
Completion Major Tenant(s)
* approximate only, amended plans for mixed use development not yet final
Savills has identified over 50 possible development sites within and around the Melbourne
CBD. In total, these sites can house well in excess of one million square metres of
commercial space. However, demand for residential apartments in the CBD is making it
increasingly difficult for office developments to compete currently. Compounding the
problem has been the subdued office leasing environment which has resulted in high levels
of rental incentives that have rendered market rents at a significant discount to the
economic rents required to build.
The majority of forecast new office supply continues to have a focus in the Docklands precinct
located at the South West corner of the CBD. Docklands has attracted a number of large scale
tenants into newly developed, prime grade space at competitive rents. Collins Square is
currently being developed by Walker Corporation, and has become the new home to the
Australian Taxation Office, Marsh Mercer, Commonwealth Bank and Pearson Publishing. A third
significant tower on the site is under construction with the precommitments of KPMG and
savills.com.au/research
3
Savills Research | Melbourne CBD Office
April 2015
Maddocks lawyers. National Australia Bank’s landmark 63,000 square metre headquarters at
700 Bourke and Medibank’s new residence at 720 Bourke St have also recently completed in
the precinct whilst Mirvac’s new development at 2 Riverside Quay has secured precommitment
to the fringe market of Southbank.
As of May 2011, most new
buildings and refurbishments
to existing buildings must
comply with new access to
premises requirements made
under the Disability
Discrimination Act 1992 (DDA)
in order to align to the Building
Code of Australia. Non
compliance to the new access
standards may contravene the
DDA and expose the likes of
builders, landlords, managers
and tenants to risk of litigation
from claims of unlawful
discrimination on the basis of
access to premises.
Compliance with the access
standards reduces this risk.
Melbourne Office
CBD & Fringe Forecast Gross Office Supply by Type (sq m)
2015 to 2024
250,000
200,000
150,000
100,000
50,000
0
2015
2016
2017
Precommitment
2018
New
2019
2020
Mooted
2021
2022
Refurb
2023
2024
Backfill
Source: Savills Research
Leasing Activity
The current environment is generally providing for subdued demand resulting in some of the
lowest annual leasing activity in a decade, however an overall positive net absorption scenario
is playing out for Central Melbourne including for the CBD grid and Docklands, whilst
significant requirements remain in the market. Over the year to March 2015, Melbourne’s CBD
and Fringe precincts led to a number of significant deals;
Select Melbourne Office Leases to March 2015
Date
Property
NLA (sq m)
Rent ($/sq m)
Sep-14
525 Collins St
4,500
300 N
Hall & Wilcox
Sep-14
501 Swanston St
2,500
340 N
Defence Force Recruitment
Oct-14
120 Harbour Esp, Docklands**
6,824
na
Bendigo Bank
Oct-14
441 St Kilda Rd, Melbourne
2,219
na
Aust Industry Group
Oct-14
18-38 Siddeley St, Docklands
2,545
290 N
Dec-14
727 Collins St, Docklands***
7,000
na
Maddocks Lawyers
Dec-14
700 Collins St, Docklands
7,500
na
Metro Trains
Dec-14
414 La Trobe St
4,238
360 N
Insurance Australia Group
Dec-14
215 Spring St
1,734
310 G
Australian Catholic Church
Jan-14
452 Flinders St
1,000
na
Vincentcare
Feb-15
360 Elizabeth St
4,668
na
National Broadband Network
Feb-15
15 William St
1,300
na
Phillip Capital
Mar-15
333 Collins St
2,340
420 N
Quadro Services
Mar-15
399 Lonsdale St
4,760
400 G
Aust Tech. & Manmnt College
Mar-15
555 Bourke St
5,100
390 N
Yarra Trams
Mar-15
451 Little Bourke St
1,160
na
Source: Savills Research
na = not currently available
*sublease
**renewal
Tenant
Academy of Interactive Ent.
Maurice Blackburn Lawyers
***precommitment
savills.com.au/research
4
Savills Research | Melbourne CBD Office
April 2015
Net absorption in the year to December 2014 for the Melbourne CBD grid totalled 48,249
square metres. This is significant given the reductions of occupied stock in recent years as
large tenants migrated to Docklands. When we look more closely at the net absorption
figures, Prime space recorded a robust increase in occupied stock of 43,235 square metres
whilst the secondary grades also provided for an increase of 5,014 square metres. Within
the Prime quality stock, Premium occupied stock recorded an increase of 14,984 square
metres and Grade A recorded positive net absorption of 28,251 square metres for the year.
Melbourne Office
CBD Net Absorption (sq m)
Mar-05 to Mar-15
Prime office
continues to
record robust
take up of stock
whilst Secondary
joins the party
with positive net
absorption also
200,000
150,000
100,000
50,000
0
-50,000
-100,000
Savills Research
Total Absorption (sq m)
Linear (Total Absorption (sq m))
Source: Savills Research
Savills’ Melbourne Lease Expiry Report dated March 2015 renders a profile which suggests
ongoing tenant demand revolving around upgrade, expansion and consolidation. Savills
lease expiry database covers over 80 percent of lettable floor space in the CBD and fringe
office markets. Analysis of the database shows up to 100,000 square metres of large,
longer term leases (up to 10 years) fall due for renewal every year. On top of the 100,000
square metres there is up to 200,000 square metres of smaller, shorter term leases (three to
five years) expiring every year. These shorter term leases “roll over” the top of the longer
term leases as they are renewed or relocated every three to five years. For example, the
three to five year leases falling due in 2015 either renew or sign new leases with expiries in
the period 2018 to 2020. This means there is always in excess of 300,000 square metres of
leases expiring in any given year. This makes the Melbourne CBD and fringe office market a
“deep” and competitive leasing market.
Melbourne Office
Total Reported Leased in Central Melbourne (%)
12 months to Mar-15
Recreational
services
0%
Property &
Business services
33%
Finance and
Insurance
6%
IT &
Communication
11%
Govt & Community
35%
W'Sale, Retail
1%
Source: Savills Research
Mining & Utilities &
Industry
14%
savills.com.au/research
5
Savills Research | Melbourne CBD Office
April 2015
In Central Melbourne (CBD, St Kilda Road, Southbank and Docklands), Savills recorded
329,290 square metres of space leased over the twelve months to March 2015 from leases
greater than 1,000 square metres. The yearly result is up substantially (195%) on the lack
lustre result of the previous corresponding twelve month period, but remains down on the
prior five year average of 375,536 square metres. Not since 2010 has Central Melbourne
recorded a leasing transaction result for the year that has surpassed the prior five year
average.
Precommitment activity of 36,200 square metres over the last twelve months to March 2015
is an improvement on the 27,000 square metres recorded for the previous corresponding
period. Precommitment levels however remain below the prior five year average of 75,315
square metres. In the last twelve month period, power company Jemena have committed to
relocate from Glen Waverley to the 567 Collins St development under construction, the only
major precommitment in the traditional CBD grid. On the fringe of the CBD however,
Docklands has recorded the precommitment of Maddocks lawyers to Walker Corporation’s
Collins Square development, and the Southbank precinct saw Pricewaterhouse Coopers
precommit to Mirvac’s twelve storey office development under construction above their
existing car park at Riverside Quay.
Net effective rents in the Melbourne CBD typically range from $293 to $378 per square
metre per annum for A Grade quality stock, and between $221 and $266 per square metre
per annum for secondary grade buildings. At $336 per square metre per annum, the
average A Grade rent has recorded a 6% increase over the twelve month period. Whilst
there has been some increase in net face rents over the last twelve months, it is the upward
movement in incentive levels over the same period that have dampened any real increase in
effective rents. A lack of business confidence on the back of global economic woes has
weighed heavily on rental growth expectations since 2012 and continued throughout 2014.
Whilst various economic indicators continue to post mixed results, the general consensus
supported by an overall increase in occupied stock in Melbourne’s office market, is that a
recovery is underway. Despite this, economists continue with subdued employment growth
prospects and Savills Research forecast rental growth rates have been tempered as a
consequence. With market rents now at a significant discount to economic rents there may
at least be some reprieve with respect to additional supply levels being added in the short
term.
Office Vacancy
Savills has found Melbourne’s CBD office total vacancy factor to sit at 9.5 percent in
December 2014. Whilst vacancy levels had been considerably lower than anticipated for
much of the time since the global credit crisis, the CBD grid found itself in an environment
of rapidly rising vacancy levels during the 2013 year with increased supply levels and
subdued tenant demand. We believe vacancy levels peaked midway through 2013 however
(11.1% as at June), and have begun retreating, providing for the following vacancy rates:
Melbourne CBD Vacancy Rates – December 2014
Grade
Stock (sq m)
Vacancy (sq m)
Vac % Dec-14
Vac % Dec-13
Premium
571,052
37,603
6.6
9.2
A Grade
1,560,432
132,032
8.5
7.3
B Grade
822,104
110,651
13.5
14.0
C Grade
563,508
63,516
11.3
11.6
D Grade
121,152
2,468
2.0
2.9
3,638,248
346,270
9.5
9.6
Total
Source: Property Council of Australia / Savills Research
The negative effects of the global credit crisis on Melbourne's commercial property market
eased over 2010, with factors affecting tenant capacity such as business confidence and
funding restrictions recovering significantly. The recovery was interrupted with further
problems in Greece and Europe more broadly mid 2011, impacting negatively on
Melbourne’s office market by reducing business confidence dampening leasing activity and
slowing tenant decision making. This environment remains today for the most part.
savills.com.au/research
6
Savills Research | Melbourne CBD Office
April 2015
Melbourne Office
CBD Office Vacancy by Grade (%)
Mar-05 to Mar-15
14%
12%
10%
8%
6%
4%
2%
0%
Melbourne CBD Premium
Melbourne CBD A-Grade
Melbourne CBD Secondary
Source: Savills Research
Full Floor Availability
In Savills’ Prime Full Floor Availability Report, the state of the leasing market is assessed in
a different manner to standard vacancy surveys. The report graphically shows each
Premium and A grade building in the city on a floor-by-floor basis highlighting which floors
are available for lease, now and in the near future, in each building including those under
construction and refurbishment.
Results from the February 2015 Prime Full Floor Availability Report are detailed below.
Melbourne CBD Prime Full Floor Availability – February 2015
By Grade
By Sector
Total
Premium
Grade A
NW
NE
SW
SE
Total Prime Floors (No)
1,535
435
1,100
226
197
700
412
Total Prime NLA (sq m)
2,128,892
599,869
1,529,023
287,275
329,313
897,464
614,840
199
48
151
56
5
111
27
281,574
55,796
225,778
67,579
7,983
153,035
52,977
Prime Full Floor Availability
13.2%
9.3%
14.8%
23.5%
2.4%
17.1%
8.6%
Max Contiguous Floors (No)
18
8
18
12
2
18
7
Max Contiguous Area (sq m)
35,680
11,204
35,680
11,400
3,544
35,680
18,700
Prime Floors Available (No)
Prime Full Floor Availability (sq m)
Source: Savills Research
We recorded 151 full floors totalling 225,778 square metres available for lease in A Grade
buildings, or 14.8 percent of the market analysed.
The number of full floor leasing options available immediately sits at 121 prime grade floors
in February 2015 after having peaked at 144 in December 2014 with a previous peak of 145
prime grade floors in July 2013. The options available immediately has been trending
downward most recently, a pattern also evident in the total number of floors available. Most
comforting was total number of floors available during 2014 generally remained below levels
recorded throughout 2013.
Savills expects to see some improvement in sentiment and a consequential improvement in
leasing activity towards during 2015 reflecting improved business and consumer
confidence following lower interest rates and higher immigration. An immediate reduction in
floors available now has occurred primarily through the withdrawal of office stock for
residential conversion.
savills.com.au/research
7
Savills Research | Melbourne CBD Office
April 2015
Melbourne CBD Office
Quarterly Full Floors Available
Mar-05 to Mar-15
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Full Floor Vacancy
Linear (Full Floor Vacancy)
Sales Activity
The global credit crisis that began in the middle of 2007 has had far reaching effects through
investment markets. Only now, and despite weaknesses prevailing on the occupancy side,
are we seeing a significantly increasing level of capital chasing office sector assets. Debt and
equity markets have also improved markedly since the peak of the crisis, coming from low of
3100 points to trade as high as 5000 points in the beginning 2011 before settling back at
around 4300. Most recently the market has made significant gains, however it continues to
display some volatility, finding it difficult to breach the 6000 point mark.
Select Melbourne CBD Office Sales to March 2015
Date
Property
Price ($m)
NLA (sq m)
$/sq m
Yield (%)
Sep-14
459 Little Collins St
45.50
9,851
4,619
7.80
Sep-14
40 Market St
105.00
11,659
9,006
6.30
Sep-14
301 Flinders St
23.60
12,011
1,965
5.37
Sep-14
181 William St & 550 Bourke St
608.10
81,403
7,470
6.50*
Sep-14
20-28 La Trobe St (car park)
17.50
706 bays
na
na
Oct-14
350 Queen St
135.00
22,100
6,109
na
Oct-14
55 King St
47.45
12,398
3,827
8.50
Dec-14
565 Bourke St
82.00
15,966
5,136
na
Dec-14
27-31 King St
13.70
2,550
5,373
6.76
Dec-14
406 Collins St
23.00
3,742
6,146
na
Feb-15
310-316 King St
19.30
6,238
3,094
9.00
Mar-15
383 King St
52.00
13,000
4,000
VP
Mar-15
551 Swanston St
17.00
3,334
5,099
na
Mar-15
410 Collins St
28.30
4,191
6,753
4.60
Mar-15
446 Collins St
34.00
5,595
6,077
4.50
Mar-15
600 Collins St
60.00
7,995
7,505
3.00
Mar-15
415-417 Collins St
8.88
750
11,804
na
Source: Savills Research
na = not currently available
*equated yield
VP = Vacant Possession
savills.com.au/research
8
Savills Research | Melbourne CBD Office
The Melbourne CBD grid has
averaged total sales of $1.1
billion per annum over the last
decade. In fact, transactions
over $10 million have generally
numbered between 10 and 20
a year for a decade now and
consistently constitute over 80
percent of all sales by value in
the CBD. Significantly, the last
two calendar years provided for
26 transactions over $10
million, such has been the
strength of investment activity.
The Melbourne CBD achieved
48 commercial office sales in
total, for the considerable value
of $2.1 billion in the year to
March 2015. This is an
extraordinarily robust result
given it is on the back of a $1.6
billion year immediately prior.
Major sales for the last twelve
months include; 628 Bourke St,
321 Exhibition St, 40 Market St,
CBW (181 William St and 550
Bourke St), 350 Queen St, 383
King St and 565 Bourke St.
Market yields in the Melbourne
CBD as at March 2015 are
estimated to generally range
between 6.50% and 7.00% for
A grade buildings, and between
7.50% and 8.75% for
secondary. A firming of yields
at the upper end of the ranges
for predominantly Prime assets
has been evident over the last
twelve months.
Capital values in the Melbourne
CBD as at March 2015 are
estimated to range from $6,000
to $8,340 per square metre for
A grade buildings, and between
$3,600 and $5,100 per square
metre for secondary grade
buildings. Average capital
values for A grade properties
have delivered a significant
increase of 11.7 percent over
the year.
Following significant
transactions by value in the last
twelve months, Foreign
Investors were the most active
purchaser for the period, but
only marginally, with domestic
institutions remaining very
active.
April 2015
Together, these purchaser groups represented almost three quarters of total sales
value for the year.
Significantly for the Melbourne CBD market, was the number of office properties
sold (at 48), the largest number of sales over a twelve month period for well over a
decade. Contributing to this was a significant number of office properties sold
above $70 million which provided for a total value of sales in excess of $1.3
billion.
In the twelve months to March 2015, the most significant transactions in the
Melbourne CBD were ‘CBW’; 181 William St & 550 Bourke St (608.1 million,
purchased by GPT), 321 Exhibition St ($208 million, purchased by Investco), 350
Queen St (135 million, purchased by a Chinese foreign investor), 628 Bourke St
($129.6 million, purchased by M & G Real Estate), 40 Market St (105 million,
purchased by MTAA), and 565 Bourke St ($82 million, purchased by Challenger
Life).
Melbourne Office
CBD Office Sales ($m and number)
(>$2m) Mar-05 to Mar-15
$2,500
60
50
$2,000
40
$1,500
30
$1,000
20
$500
10
0
$0
Source: Savills Research
Sales > $2m (LHS)
Sales No (RHS)
Melbourne Office
CBD Office Sales Buyer Profile (%)
12 months to Mar-15
Undisclosed
0%
Developer
9%
Private Investor
12%
Foreign Investor
38%
Fund
5%
Trust
29%
Source: Savills Research
Syndicate
Owner Occupier 4%
3%
Domestic
institutional &
foreign investors
continue to
compete for
assets
Savills Research
savills.com.au/research
9
Savills Research | Melbourne CBD Office
April 2015
Key Market Indicators – March 2015
Premium
A Grade
B Grade
Low
High
Low
High
Low
High
Rental – Gross Face ($/sq m)
590
811
540
692
420
507
Rental – Net Face ($/sq m)
450
650
420
542
315
380
Rental – Net Effective ($/sq m)
315
455
293
378
221
266
Outgoings – Operating ($/sq m)
95
106
80
95
75
82
Outgoings – Statutory ($/sq m)
45
55
40
55
30
45
Outgoings – Total ($/sq m)
140
161
120
150
105
127
Typical Lease Term (years)
8
10
7
10
3
7
Yield – Market (% Net Face Rental)
6.00
6.50
6.50
7.00
7.50
8.75
IRR (%)
8.00
8.25
8.25
8.75
8.75
9.25
Cars Permanent Reserved ($/pcm)
540
700
500
650
480
550
Cars Permanent ($/pcm)
450
600
450
600
420
500
7,000
11,000
6,000
8,300
3,600
5,100
Office Component Capital Values ($/sq m)
Source: Savills Research
Rental rates reflect a net effective rent on a single, whole floor in the mid-rise of a building unless
specifically otherwise stated. Discounts and premiums exist for low and high rise space and for
significant occupiers.
Outlook
The outlook for employment, business investment, manufacturing and both imports and exports has
softened. White collar employment growth over the next decade however, is finally forecast to be
higher than the last decade and should be expected to result in an improving net absorption scenario.
A significant amount of new supply has just entered the market in Melbourne’s fringe locations, namely
Docklands, with much of the stock precommitted to by major tenants previously located in the CBD
grid. This coupled with generally subdued leasing demand resulted in a steep rise in vacancy rates.
Comparatively lower levels of new office space construction however, coupled with the desire of
tenants to upgrade into better quality office space incorporating efficiency and the latest ESD
principles should see these vacancy levels having already peaked. With some significant tenant
relocations still to occur as a result of completing developments, and some residual vacant space
without precommitment yet to be included, total vacancy is likely to move around a little. However with
major withdrawals of office stock yet to have eventuated, total vacancy should remain relatively
stagnant. We expect some confidence to return as a result in 2015.
Leasing activity has slowed primarily to a softening in business confidence. Tenants currently have a
number of options available to them, and opportunities for new builds for the larger tenants exist
primarily on the Fringe. Having said, some upward pressure on rents should follow the generally
improved quality, amenity and sustainability principals provided by the new space attracting tenants.
Over the last year, Grade A net effective rents have increased by a 6 percent. Whilst Savills Research
expects rental growth to occur in the medium to long term, our forecast has been tempered. A Grade
net effective rent in the ten years to March 2015 averaged growth of around 7.4 percent per annum
whilst the next ten years are expected to provide for approximately 5.1 percent growth per annum.
As the depth of the tenant market remains comparatively thin and several approved developments
compete for precommitment, continued pressure on effective rentals will remain over the short term
as landlord fit out contributions are increasingly required to secure the tenant relocations.
The last twelve months showed significant increased levels of transactional activity in Melbourne’s
CBD. Appetite from the institutional sector and foreign investors signify a sound confidence in the
market fundamentals. The focus remains on prime office stock though as the occupational side of
the market is considered the biggest risk to return in the current environment of insipid latent tenant
demand. A number of significant transactions occurred in the past twelve months with a total of
$2.1 billion transacted. Savills believes the fundamentals make Melbourne CBD office a sensible
investment opportunity.
savills.com.au/research
10
Savills Research | Melbourne CBD Office
April 2015
Savills Victoria Team
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markets throughout Australia.
We also provide in-depth
consultancy services, ranging
from tenant representation to
property site selection for
multinational businesses.
Our research teams are
highly qualified real estate
professionals with
comprehensive knowledge of
property markets across
Australia.
The Savills Research &
Consultancy team has years
of experience, and supported
by our extensive agency,
property management and
valuation professionals, are
highly regarded and
respected along with Savills
Research teams across the
globe.
For our latest reports, contact one of the
team or visit savills.com.au/research
National Head of Research
Tony Crabb
+61 (0) 3 8686 8012
tcrabb@savills.com.au
Savills provide free research
reports on all major property
markets, and some example
papers include:
 Office Markets
 Retail Markets
 Residential Trends
 Industrial Markets
 International Markets
Download the
Savills iPad App
for insights at
your fingertips
This information is general information only and is subject to change without notice. No representations or warranties of any nature whatsoever
are given, intended or implied. Savills will not be liable for any omissions or errors. Savills will not be liable, including for negligence, for any direct,
indirect, special, incidental or consequential losses or damages arising out of our in any way connected with use of any of this information. This
information does not form part of or constitute an offer or contract. You should rely on your own enquiries about the accuracy of any information
or materials. All images are only for illustrative purposes. This information must not be copied, reproduced or distributed without the prior written
consent of Savills.
savills.com.au/research
11
With a rich heritage and a reputation for excellence that dates
back to 1855, Savills is a leading global real estate provider
listed on the London Stock Exchange.
Savills advises corporate, institutional
and private clients, seeking to acquire,
lease, develop or realise the value of
prime residential and commercial
property across the world’s key
markets.
Savills is a company that leads rather
than follows with over 600 offices and
associates throughout the UK, Europe,
Americas, Asia Pacific, Africa and the
Middle East. With over 27,000 staff, we
seek out people who possess that rare
mix of entrepreneurial flair and rock
solid integrity, and are focused on
delivering clients with advice and
expertise of the highest calibre.
A powerful combination of global
connections and deep local knowledge
provides Savills with an almost
unparalleled ability to connect people
and property.
Savills extensive Asia Pacific network
spans 50 offices throughout Australia,
New Zealand, China, Hong Kong, India,
Indonesia, Japan, Korea, Macao,
Malaysia, Myanmar, Philippines,
Singapore, Taiwan, Thailand and
Vietnam.
Adelaide
Brisbane
Canberra
Gold Coast
Melbourne
Notting Hill
Parramatta
Perth
Sunshine Coast
Sydney
+61 (0) 8 8237 5000
+61 (0) 7 3221 8355
+61 (0) 2 6221 8200
+61 (0) 7 5509 1700
+61 (0) 3 8686 8000
+61 (0) 3 9554 5100
+61 (0) 2 9761 1333
+61 (0) 8 9488 4111
+61 (0) 7 5313 7500
+61 (0) 2 8215 8888
In Australia, we offer the full spectrum
of services from providing strategic
advice to managing assets and projects
and transacting deals. With a firmly
embedded corporate culture that
values initiative, innovation and
integrity, clients receive outstanding
service and can be assured of the
utmost professionalism.
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