Adelaide's commercial real estate market has shown strong growth in the first half of the year, with positive enquiries expected to continue throughout the second half of 2023. The market has witnessed a significant influx of enquiries, particularly targeting vacancies below 500 square meters.
According to Adam Hartley, Cushman & Wakefield’s Director & Head of Office Leasing, South Australia, one of the noteworthy trends observed in the sub 500sqm market is the focus on speculative fitouts or high-quality full fitouts to accommodate tenants with tight timelines.
“Adelaide's commercial real estate sector has responded to this demand by offering flexible and tailored solutions, ensuring that businesses can swiftly establish their operations while maintaining high standards of quality.
“In addition to the growing interest from businesses, there has been a notable increase in demand for 9B certified properties in Adelaide's education sector. As students return to their studies from overseas following the pandemic, the need for education-certified properties has surged”.
Mr Hartley believes this demand presents a unique opportunity for lower-grade assets within Adelaide to cater to the requirements of educational institutions. Tenant requirements in the education sector range from 150 square meters to 1,500 square meters, highlighting the diverse opportunities available.
Cushman and Wakefield, a leading global real estate services firm, is well positioned to navigate these dynamic market conditions and meet the evolving needs of its clients.
In response to the positive outlook for the Adelaide market, Cushman & Wakefield has expanded its Office Leasing team by appointing Miah Melvill as Executive- Office Leasing and Mel Obst as Team Coordinator.
"As the market continues to evolve, we are confident that our expanded team will excel in meeting the demands of both businesses and educational institutions seeking quality office spaces in Adelaide” he said.