Suburban Office Leasing is Back!

Tom Maule of Gorman Commercial leased 822 Glenferrie Road, Hawthorn to a financial advisor group, Morgan’s Stockbroking. The warehouse/showroom of 290 sqm was leased on a commencing rent of $130,000 pa net on a 5 year lease. The rental rate of $450 psm shows the rates are holding up in the suburban office market. “Suburban office leasing is back and there is a lot of activity occurring. This is largely due to the lack of transactions in 2020 coupled with the current shift away from the softer CBD office leasing market. Since February, our agency has conducted in excess of 50 leasing transactions across all sectors,” noted Tom Maule.