Optimism blooms in Australia's strongest and fastest-growing economy
PERTH, Australia, June 17, 2013 /PRNewswire/ -- The serviced office sector in Australia has matured into a distinguished market segment and has witnessed rapid growth in recent years, accounting for approximately 30% of the Asia Pacific's business centres. Perth, emerging to be the strongest and fastest-growing economy in Australia, has experienced phenomenal rise in the serviced office demand owing to the blooming mining and energy industries.
Yvonne Lim, Head of Australia, The Executive Centre, said, "Perth has a very low office vacancy rate which has not only pushed rents up, but now landlords expect seven-year minimum lease term agreements. At The Executive Centre, we appreciate that mining projects only take two to three years to complete. Thus we are the first to provide bulk office space on flexible lease terms to fill the gap in the market."
With market sentiment looking so favourably on Perth, pressure is building on prime CBD office space. According to the latest market report, office rents continue to climb. Average A-Grade net face rent is AUD736 per sq.m, exceeding that of the Sydney core CBD and remaining well in advance of other Australian capitals. Occupancy levels are extremely high, reaching over 96%, meaning that only less than 4% A-Grade office space in CBD is available.
"Accordingly, companies from mining and energy sectors are turning to serviced offices like The Executive Centre for a cost-effective, efficient and flexible solution, rather than investing long term in expensive office space with all the set-up costs and overheads. Companies can minimise their upfront capital investment by paying only for the space, administration, conference and IT facilities that they actually use. Lease terms can be as short as a month," Yvonne continued.
Renowned for its premium fit-outs, exceptional client-oriented services, and state-of-the-art infrastructure, The Executive Centre has established a strong presence in the Asia Pacific with 50 prime office locations in 10 countries, and has served a number of Fortune 500 multinationals including Microsoft, HSBC, Cisco Siemens, Lenovo, and Baosteel.
Located at the prestigious building – 108 St Georges Terrace in Perth (Levels 24 and 25), The Executive Centre is dedicated to providing serviced offices, virtual office representation services, conference and meeting facilities, and a broad range of business support services. Tastefully designed by internally acclaimed designer Fiona Hardie, The Executive Centre features a stylish cafe and break-out areas, state-of-the-art video conferencing facilities and premium office suites graced with ergonomic Herman Miller executive modular furniture. Contemporary offices in various sizes can easily accommodate one to twenty people and be elastically reshuffled into diversified layouts, and are equipped with the latest electronic i-Button locking system that provides 24/7 security and full audit trail monitoring. Firms and entrepreneurs looking to have an immediate presence in Perth can benefit from The Executive Centre's fully furnished, prestigiously located and highly secure serviced workplaces.
The Executive Centre expects that the Perth serviced office market will continue its upward trend leveraging the growing serviced office demand attributable to the prominent economic boom in Western Australia and the influx of foreign investment in the mining and steel industry. Given that the conventional office stays stagnant with no new office projects in Perth CBD confirmed until 2015, flexible and premium serviced offices will remain a major comfort zone for businesses looking for A-Grade office space.
Commenting on The Executive Centre's business growth in Australia, Yvonne Lim said, "We anticipate a strong performance in our Australia business in 2013 with a growth rate of 10-15%, as most industry sectors are in the stages of expansion benefited from the Australia's growing economy and more new-business start-ups stimulate demand. Overall, the number of workstations across our Australia centres is forecast to increase by 30% throughout this year."
About The Executive Centre
The Executive Centre is the leading premium serviced office provider in Asia Pacific with 51 offices in 19 cities. Founded in 1994, it operates in Hong Kong, Beijing, Chengdu, Guangzhou, Shanghai, Shenzhen, Tianjin, Macau, Bangalore, Gurgaon, Mumbai, Jakarta, Tokyo, Seoul, Singapore, Taipei, Brisbane, Perth and Sydney. The Executive Centre offers a full range of flexible workplace solutions to multinational corporations, SMEs and start-ups locally, regionally and internationally.
CONTACT
Miguel Carreira
Business Development Manager
The Executive Centre
T: +61-8-6557-8895
E: miguel_carreira@executivecentre.com
Source: The Executive Centre