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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The hippopotamus in the room is technology. In 2020, necessity pushed everyone to embrace technology and to untether from the office – disconnect from the workstation. More importantly, for years technology has slowly been replacing business processes (sic people) and particularly those processes which are repetitive and...
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The hybrid, remote, agile, static, distributed, activity-based etc work models are changing work and work patterns. By how much? The jury is still out. As leases expire over the next 3-5 years the data will get richer and more revealing. However, the flexible workplace revolution is...
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The real elephant in the big room is the environment and climate change. Many in the industry are making best efforts to address this issue and others are not. Reportedly, the built environment accounts for around 40% of global CO2 emissions. Reportedly office buildings are one of...
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Over many years, withdrawal of stock has averaged about 1.0% - 1.5% of stock each year. There are exceptions. During the period of 2016 to 2020 (the “Spike” as we call it), withdrawals were much higher; averaging around 2.5-3.0% of stock per annum. This huge withdrawal...
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Total office stock in the Sydney CBD today is approximately 5,200,000 m2. Approximately 170,000 m2 (3%) of stock is being added to the market this year and about 50,000 m2 (1%) in 2023. For the years 2024 to 2028 there are about 500,000 m2 + of...
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In previous posts about office and redundancy (The office isn’t dead but how redundant is it?), we highlighted that real positive net absorption (not enquiry demand) in the Sydney CBD has been slowly decreasing for decades. However, absorption always jumps when vacancy is high, and the...
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