We saw from the PCA Office Market Report earlier this year, Sydney CBD recorded its highest vacancy in 7 years at 8.6%. This trend is echoing across the country in our state and territory capitols as the COVID-19 pandemic shook office markets. It seems the common theme on every newsfeed and conversation in the office is, what does the future of workplace look like?
We believe offices will continue to exist but with a very different dynamic. We were already on the trajectory to change as our work environments embraced open floor plans and became agile to encourage flexibility and support health and wellbeing. This will continue, with a stronger backing as companies grapple with changes. Buildings are also continuing to be upgraded to touchless technology with things like automatic doors, taps and lights.
As the saying goes, ‘Change brings opportunity’. A pandemic like COVID-19 blindsided us but at the same time it was inevitable and the disruption it has caused has brought both inconvenience and opportunity to adapt to a new norm. A new norm of healthier, safer and more productive office spaces.
To continue on this path, we need to look back at the past year and re-evaluate how we use our current and future spaces at work and home. Some companies may consider sub-leasing a section of their space as they accommodate an increasingly flexible workplace, or they may consider reconfiguring their space to ensure social distancing is met.
At Franklin Shanks we have been assisting many of our clients with their workplace and property requirements to ensure continued future success. This includes:
2. Stay v Go Review and Recommendations
3. Strategic Real estate Advice – consolidation v expansion strategies
4. Workplace delivery advice and strategy – connecting to reliable partners
5. Finding new spaces
If you are unsure how to best approach your workplace and property strategy, we are happy to have a chat and help you make the right decisions for your company and team.
You can contact us on [email protected] or phone +61 2 8006 0734