Another One Makes The Jump
November 14, 2022
27 March 2022
Following suit to a number of smaller occupiers, specialist railway consulting firm Quantum Rail have decided to leave their Regus serviced office in 480 Queen Street for an existing fit out in 127 Creek Street. Signing a 5-year term, the group took full advantage of the incentive proportioning it entirely to rental abatement, securing maximum cost savings.
Having gone through process of deciding between a newer spec fit out, trading cost savings for a better-quality space or an older existing fit out, they ultimately landed in the middle choosing a refurbished older fit out applying the 80% satisfaction rule, making a few tweaks themselves, creating the perfect office.
Opting to take on an existing fit out allowed the business to take on a slightly larger space in a better-quality building whilst keeping the rent within budget through proportioning most of the incentive to rental abatement. Utilising a smaller portion of the incentive, the early engagement of fit out contractor Archway Interiors helped quickly design and price a small call room for the tenancy which was paramount to their requirement and a large reason for wanting to leave serviced offices – no longer needing to book and pay for call/ meeting rooms when required. Advising a requirement on keeping meetings and phone calls confidential not only between other business (often difficult in serviced offices), but also internally meant the call room was a must-have inclusion.
Separating itself from other B Grade buildings, 127 Creek Street’s modern lobby including a concierge service and quality end of trip facility coupled with its extremely close proximity to Central Station were major drivers for the business, choosing to grow their business within. Not only keeping current employees happy with quality building services, through the businesses expansion in Brisbane comes the prospect of hiring new local University graduates whom when choosing a new employer are very mindful of their new working environment, meaning separating themselves from similar businesses and ensuring a mandate to bring staff back to the office is achieved.
Not unique in their decision making, many growing businesses that have utilised serviced offices to either establish a Brisbane presence, take advantage of term flexibility or amenity of services such as; a manned reception are now choosing to move towards direct commercial leases realising as their footprint grows, commercial leases offer far more for less when compared to an almost exponential price increase in serviced offices.
With many large infrastructure projects in the pipeline for Brisbane including Queens Wharf, Brisbane Metro, Dexus’s Waterfront Precinct and Cross River Rail, a strong increase in groups like Quantum Rail are seeking both short- and longer-term project space as staff numbers increase in line with size requirements, choosing not to pay a price premium for serviced offices seeing more value in their own space through a direct commercial lease.
For more information on this deal or for any general enquiries, please don’t hesitate to contact Patrick Lindores on 0438 147 287 or email at patrick.lindores@caden.com.au.