On Saturday night the local Greek hall held an event. The sound of the piano accordion reminded me of the theory we developed in San Francisco in the early 1990’s about how CRE tenants moved in and out of the Financial District (CBD) office market. When...
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Following on from last week’s Creview (Remote work or office absence), we rummaged through our “read-later pile” and found a Stanford Institute for Economic Policy Research team’s (Jose Maria Barrero, Nicholas Bloom and Stephen Davis) report titled "The Evolution of Working from Home”. There are 3...
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Last week we spent 3 days in the middle of Queensland with Capricorn Space searching for property. We covered about 1000 kms in 2 days and worked as we travelled. We even had connectivity almost 200 kms from the nearest main regional centre. This got us...
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The Property Council of Australia released the office vacancy figures last week. National CBD vacancy increased from 12.6% to 12.8% and non-CBD markets saw vacancy increase from 15.2% to 17.3%. Overall, the markets are soft and it looks like this will continue for some time....
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It’s been an interesting start to the 2023/2024 CRE financial year. A few focal points have come to the surface, and we believe they will be crucial components in shaping the year to come. Work McKinsey released its report on the lasting impacts of the pandemic on commercial...
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Following last week’s CREview, we had great feedback from a highly respected colleague in the market. They disagreed with our predictions of negative net absorption and now we realise why. Our views are compiled on a whole of market basis. Theirs was focused on the...
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In 2020, necessity pushed CRE tenants to embrace technology and to untether from the office. This was embraced globally and according to CB Insights last week, “The number of people working from home in the US tripled between 2019 and 2021”. Let’s assume the figures...
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Hybrid would have to be the most used word in the CRE industry today. Surely, remote is second as it forms part of most peoples’ interpretation of hybrid. Our view, hybrid is the mixture of in-the-office days and out-of-the-office days. Some like hybrid and others don’t....
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Earlier this year, I had the privilege of moderating the CoreNet Global, State of the CRE Market panels; Sydney, Melbourne, Brisbane, Adelaide and Perth. Canberra will hopefully be included in the next tour. Moderating these panels, absorbing audience insights, and talking to market participants provides...
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Businesses (offices) have always had to be able to deal with change; be it cultural, legal, or economic. As a result, they have always carried some degree of redundancy. Most of the time it has been focused on economic uncertainty and events. These have always affected...
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