Office

Australia’s major cities need to add more than 13 million square metres of office space by 2047 if they’re to cope with demand, a new report has found.

The Victorian government’s development arm is quietly offering the under-construction Ballarat GovHub for sale in a process that could reap it and its partners about $115 million.

Singapore’s Soilbuild REIT has extended its office empire in Australia by purchasing a $134.22 million tower in Adelaide’s central business district from Credit Suisse’s asset management arm.

Stockland will push ahead with plans to overhaul Sydney’s landmark Piccadilly Centre after taking full control of the near $700 million complex and selling off a stake in a nearby $680 million tower.

The listed Cromwell Property Group has finalised the largest property investment in Brisbane this year, buying a George Street office block from US private equity group Blackstone and German group HSBC Trinkaus for $524.75 million.

Warehouse-style offices in a trendy urban startup hub have hit the Melbourne leasing market.

Singaporean sovereign wealth fund GIC is putting its stamp on Sydney‘s commercial property market by taking a stake of just over one quarter in two massive Lendlease-developed towers in the Barangaroo South harbourside office precinct that are worth about $4.6 billion in total.

Work on Habitat Development Group’s $83 million office and residential project on the Sunshine Coast has been approved to start next year.

The listed Centuria Metropolitan REIT is preparing to sell an office complex in Brisbane’s north for about $85 million as it seeks larger opportunities.