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A refurbished heritage office in Adelaide has been snapped up by tenants after just four days.
After less than a week on the market, event agency Village Gate signed a five-year lease on the Angas Street property. With 179 square metres spread across two floors, the 19th century terrace is a sought-after B-grade property.
Catherine Silverlock, office leasing executive at JLL, said that the success of 79 Angas Street “emphasises the thriving demand for secondary grade office spaces in Adelaide”.
In fact, recent data from JLL Research revealed that secondary grade office rental space in Adelaide has overtaken prime grade space in popularity. For the last three quarters, the prime vacancy rate has been demonstrably higher than the B-grade vacancy rate, with prime vacancies currently sitting at 18.4 per cent – the highest since 1993, according to JLL.
B-grade vacancies in Adelaide, on the other hand, are at their lowest in over a decade. According to the investment firm, this reveals two trends: first, occupiers are migrating from the suburbs back to their pre-pandemic CBD haunts; and second, occupiers used to C-grade offices are upgrading to higher-quality B-grade spaces.
Ms Silverlock explained that “the amenities, services, convenience and transportation options available in prime central locations” are all drawcards for occupiers tired of working on the outskirts.
For Village Gate director Adam Ross, the high-quality refurbishment was a significant reason for 79 Angas Street’s appeal. He underscored that “as an agency focused on visual and experiential branding, having a space that inspires staff and clients is integral to our culture”.
“The open-plan layout and abundance of natural light perfectly matched our requirements, making it an ideal choice for our expanding business.”
The value of marketing a space to the right occupants was seconded by the property landlord, who affirmed the cruciality of “seamlessly matching the space with the perfect tenant”.
With JLL expecting 1,400 new white-collar workers to enter the Adelaide CBD by 2027, developments like 79 Angas Street appear well placed to continue thriving.
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