THE FACTS

423
smith street

FITZROY

Commercial Real Estate Market Average TCI Difference TCI Result The Pros The Cons The Challenges The Reveal The Facts 423 Smith Street

THE PROS

  • Property is renovated to the highest level available on market
  • Entire property is used for flexible office leasing – not a floor or two i.e. this is a dedicated build 
  • Flexible leasing terms
  • Incentives provided for longer term leases
  • Fully furnished office suites
  • No traditional office outgoings or maintenance payable
  • State of the art meeting rooms, boardrooms and training facilities
  • On site licensed cafe
  • Gym, wellness studio and parent’s room
Commercial Real Estate Market Average TCI Difference TCI Result The Pros The Cons The Challenges The Reveal The Facts 423 Smith Street
Commercial Real Estate Market Average TCI Difference TCI Result The Pros The Cons The Challenges The Reveal The Facts 423 Smith Street

THE CONS

  • Rent in comparison to traditional office market on a rate per m2
  • Meeting rooms, boardrooms, telephone booths are shared – hence a requirement to book in advance and with an additional cost
  • Limited parking on site at an additional cost
  • Office market in general was weak
  • Property is currently under construction with an additional 5 storeys of flexible offices being built
  • Property has been advertised for lease with multiple groups, creating a mixed message to the market, as well as a discrepancy in the quality of the marketing and leasing agents involved

THE CHALLENGES

  • The ongoing construction and associated noise was mitigated, by the leasing incentives being offered
  • Given the mixed messaging, we decided to refrain from calling the building United Co. or market it as co share offices, as it has been previously – the marketing was centered around 423 Smith Street and private offices
  • To highlight the differentiation above, new photography was used as well as an upgraded internet listing
  • We also tried to highlight the flexible leasing model as an alternative to suit the current market, with a general hesitation on the office market
Commercial Real Estate Market Average TCI Difference TCI Result The Pros The Cons The Challenges The Reveal The Facts 423 Smith Street
Commercial Real Estate Market Average TCI Difference TCI Result The Pros The Cons The Challenges The Reveal The Facts 423 Smith Street

THE REVEAL

  • This is an ongoing campaign, the listing campaign remains as tenants come and go
  • The marketing achieved the desired results – a number of leases were effected, while bringing in multiples of enquiries and inspections
  • This campaign is monitored and adjusted regularly
  • In the first 60 days, the campaign received 5,266 hits, compared to the market average of 809 i.e. 6.5 times higher 

the facts

MARKET AVERAGE LISTING

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k

HITS

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k

HITS

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x

higher

Campaign performance

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thousand

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thousand

VIEWS
ENGAGEMENTS

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SAVE & SHARE
ENQUIRIES

market average