The trend of major players establishing headquarters in the Adelaide CBD continues to rise.
One of the State’s largest ASX listed companies, Beach Energy, has committed to a 10-year lease in the Adelaide CBD. The company’s acquisition of Lattice Energy in January 2018 saw their workforce grow from 150 to over 500, with the Adelaide team growing by approximately 80 employees. The expansion provided perfect conditions for the head office move to 80 Flinders Street.
The company is set to move from Glenside into the newly refurbished Flinders Street building where they will occupy 3,230sq m across two floors. Beach Energy will join British defence company BAE Systems who have also committed to 3,000sq m in the building after winning the $35 billion SEA 5000 Future Frigate program contract to build the Australia’s fleet of navy frigates.
“The CBD is a destination of choice for both local and international companies seeking to capitalise on unprecedented levels of business confidence and Adelaide’s thriving commercial landscape,” said Lord Mayor of Adelaide, Sandy Verschoor.
Beach Energy’s move comes as CBD commercial office vacancies continue to fall for the fourth consecutive period, with Collier’s 2018 second quarter market snapshot revealing an expectation of a zero-vacancy rate within new generation city buildings in early 2020. Rapid growth across the defence, technology and mining sectors and game-changing infrastructure technologies like Ten Gigabit Adelaide has fuelled demand. BHP has signed a long-term lease with naming rights for the $250 million GPO Exchange office tower development while leading IT services provider Datacom attributed Ten Gigabit Adelaide as a significant factor in its 2018 move from Findon to Franklin Street.
Lord Mayor of Adelaide, Sandy Verschoor said, “The City of Adelaide is enabling digital infrastructure investments such as Ten Gigabit Adelaide to address modern-day business needs and empower future-focused solutions”.