RWC Glen Waverley agent Dillon Chambers has completed a series of sales and leasing transactions over the past few months, demonstrating that activity is still occurring in parts of the market where campaigns are aligned with current conditions.
In December, Suite 402 at 39 Kingsway, Glen Waverley was sold for $950,000 on Christmas Eve, just one month after being listed. The timing and turnaround were notable given softer buyer sentiment and reduced transactional volumes typically seen at the end of the year. More recently, 103/202 Jells Road, Wheelers Hill was sold for $355,000, with a buyer secured within two months of launch thanks to direct communications with current occupants within the building.
Leasing activity has also remained steady. Following the sale of Suite 402, the adjoining Suite 404 at 39 Kingsway was leased quickly at $60,000 per annum. In Docklands, 9 Waterside Place was leased for $33,000 per annum, reflecting ongoing tenant demand in select locations where buildings offer practical layouts and competitive rental.
Additionally Dillon has 4 other vacant possession offices under offer with manageable conditions that should move to an ‘unconditional status’ in the next 14 days.
Across the broader office market, many assets are experiencing extended time on market and reduced enquiry, particularly where pricing expectations have not adjusted to current conditions. However, recent transactions suggest that motivated vendors and landlords are still able to achieve outcomes when campaigns are structured realistically.
“The office market is definitely more challenging than it was a few years ago, and that’s something both owners and tenants are very aware of,” said Dillon Chambers. “What we’re seeing is that well-located offices that are priced in line with market feedback are still attracting interest. Buyers and tenants are being more selective, but they are active.”
He added that clear communication and flexibility have become increasingly important. “In this environment, it’s less about pushing a one-size-fits-all approach and more about adapting strategy to suit each asset and location. When that happens, transactions can still be achieved within reasonable timeframes.”
Mr Chambers said a number of office and investment properties across inner-city and south-eastern suburbs remain on the market, including opportunities in Cremorne and Clayton, areas that continue to attract interest due to their connectivity and established commercial precincts.
