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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In October 2021, we started our long-term forecasts for the Sydney CBD office market but at that time we were in lockdown and certainty was far from certain. In April this year we found certainty returning and restarted the forecasts. The time frame was roughly 5...
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The new component is the “structural demand” which started years ago with the higher adoption of technology to increase productivity. This is the ongoing “connection/disconnection”. Covid not only sped up this adoption, but it and the connection/disconnection have created the next ways of working. The next...
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