News

Education Tenants Make Their CBD Move

Posted on 15th December 2021

380 A Elizabeth 1

English tutoring service provider Matchstick Detective has leased a self-contained office space in Melbourne’s CBD in anticipation of the return of students to the city’s universities.

Fitzroys Agency Associate Stephen Land negotiated the 1+1-year lease for Level 1, 380 Elizabeth Street at $48,000 per annum plus GST with no incentives on behalf of a private owner.

The recently refurbished 215sqm premises is a walk-up office in the city’s education precinct. Land said the existing configuration of four separate private rooms plus amenities appealed to a range of education tenants, tech firms, law firms and financial services businesses.

“The northern precinct of Melbourne’s CBD is home to RMIT University, the University of Melbourne and a number of other tertiary campuses, and over time has been shaped by the heavy student presence. The tenant has made their move in anticipation of the return of international students in the coming months,” Land said.

“Education tenants are becoming more optimistic and more active in the CBD office market as the city and international borders reopen.”

He said self-contained offices have become sought-after among office tenants in the COVID period given the greater health security and logistical issues, adding that that the property was sought-after from a number of smaller firms and businesses.

“The sub-500sqm market has been particularly active during the COVID period, as businesses with smaller space requirements have proven to be more agile and more willing to make commitments to leases,” Land said.

“These include smaller offices that might not be used every day of the week, or are conducive to a smaller capital outlay while not all staff are expected to be in the office at all times.”