The entrance to The Wentworth coworking space in Perth. Photo: Space SPONSORED CONTENT
With the very nature of work undergoing rapid evolution, it’s no surprise that the format of actual work spaces is becoming a key consideration for businesses everywhere. While the one-size-fits-all traditional private office environment once ruled the roost, today’s drive for greater flexibility means that options like coworking spaces are becoming increasingly attractive. So, just what are the major differences between traditional and shared spaces, and what are the key factors to consider when deciding the right type of premises for your business? Owen Thomson | Nov 19, 2019 (Article Ref: https://www.commercialrealestate.com.au/news) 101 Collins Street, Melbourne, will roll out a “full service holistic wellness centre” for its tenants. Millennials are eschewing large pay packets in preference to having wellness facilities, flexible hours and training included in their remuneration contracts, according to the latest Avdiev report.
While cash remains king, the idea of having a better culture, improved office conditions with a focus on wellbeing, such as yoga rooms, and sustainable lighting and agile and flexible work spaces are higher on the list of requirements. The Avdiev Remuneration report is a formal Australia-wide survey of remuneration in the property, investment, development and construction employers and design and building consulting companies. The report shows that pay rises remain subdued in the property sector, but still ahead of the general workforce. The Sydney Morning Herald Carolyn Cummins | Oct 16, 2019 (Article Ref: commercialrealestate.com.au/news) Many companies allow their employees more flexibility to work where and when they choose. The way we work may indeed be a work in progress, but one thing is certain: long gone are the days where a daily commute to a traditional office space is the only way to forge a meaningful career.
Today, contract and freelance work are burgeoning, with the rise of the so-called “gig economy” seeing a new generation of digital nomads exploiting tools like cloud technology and virtual conferencing to work remotely across a range of projects. Then there’s the global rise of co-working spaces – specialist open-plan areas in which a range of different businesses work side by side. Especially popular with start-ups and small companies, they’re becoming increasingly sought-after due to the potential they offer for networking, idea sharing and collaboration. Owen Thomson |Oct 15, 2019 (Article Ref: commercialrealestate.com.au/news) Weak Australian dollar will see more foreign investors target commercial property: UBS director10/22/2019
Tim Church, managing director and head of real estate Australasia with UBS Investment Bank, says Australia is set to receive a lot more offshore capital. The commercial property market is set to see a massive inflow of global capital via Australian Real Estate Investment Trusts (A-REITs), a leading investment banker has predicted – a result of strong returns, falling interest rates and the weak Australian dollar.
Tim Church, managing director and head of real estate Australasia with UBS Investment Bank, was speaking at the recent Australian Financial Review Property Summit in association with Commercial Real Estate. “This is a very conducive environment for those assets,” said Mr Church. “The A-REIT average yield has been just under 6 per cent and there’s been good growth with that. We’re now starting to see a lot more retail money and institutional money come into the sector and, from an offshore perspective, it’s even more attractive.” A-REITs have attracted significant demand from investors seeking yield, and he feels this is likely to continue in the current low-interest environment. Additionally, the Australian dollar is at very attractive levels for offshore acquirers. Sue Williams | Oct 4, 2019 (Article Ref: commercialrealestate.com.au/news) Commercial to remain strong while residential growth confined to single digits, economist says10/21/2019
Shane Oliver expects the commercial property sector to continue its strong showing in the next 18 months. Commercial property is likely to be a much better investment over the next 18 months than residential property, according to Shane Oliver, head of investment strategy and chief economist at AMP Capital, with most asset classes set to offer stronger returns.
Dr Oliver told an audience at the recent Australian Financial Review Property Summit that residential and commercial yields had done a complete turnaround over the past three and a half decades. “In the early 1980s, you had a good yield for residential and for commercial it was a lot lower,” he said, adding, “residential went to 8 to 9 per cent gross yield, while commercial was showing just 3 per cent.” “Now we’re in a situation where residential is less attractive. Its yield is much lower at around 2 to 3 per cent after costs, net rental yields, while commercial is more around 5 per cent, which makes it somewhat more attractive.” Sue Williams | Oct 2, 2019 (Article Ref: commercialrealestate.com.au/news) The physical workplace has changed to suit the modern workforce. Photo: Supplied Perth office designs are evolving, with business leaders recognising fitouts are an investment in employee productivity.
CBRE project management director Jess Surman said the physical workplace had the potential to influence and enhance productivity and increase collaboration, which had a financial benefit to a business. “As real estate is typically one of the largest expenses for tenants, there has been more focus on how to use space more efficiently; through detailed utilisation studies prior to fit-out, in addition to real-time tracking during occupation,” she said. “If areas are underutilised, then they can be modified into more efficient space use. Lisa Calautti | May 31, 2018 (Article Ref: commercialrealestate.com.au/news) Grocon's Pixel building was the first carbon-neutral office building in Australia and achieved the highest Green Star award from the Green Building Council of Australia. Photo: Craig Abraham Leasing a ‘green’ building is high on the agenda for many businesses, but can a green commercial building really deliver tangible cost savings?
Green buildings can do much more for your business than simply alleviate your environmental concerns. As the latest case studies reveal, there are significant bottom-line benefits to be had from choosing to lease an environmentally friendly building. Slash those energy and water bills Green Building Council of Australia (GBCA) chief operating officer Robin Mellon says Green Star-rated commercial buildings use around 66 per cent less electricity and 51 per cent less water than the average Australian building. The 6 Star Green Star-rated Trevor Pearcey House in Canberra is a perfect example. This 1980s commercial property was retrofitted with contemporary, energy-efficient features that resulted in a massive 52 per cent reduction in energy use and 85 per cent reduction in water consumption for the building’s tenants. Cathy Wever | Jan 13, 2016 (Article Ref: commercialrealestate.com.au/advice) Not just for the birds: A surprising amount of biodiversity, including both introduced species and native wildlife, can be found in urban parks. Photo: Lucy Taylor Lucy Taylor and Dieter Hochuli
The sky is blue and you are walking through a park, speaking with a colleague, discussing a new project. You feel energised, puffing slightly as your pace speeds up with the excitement of tossing around ideas as you walk among the trees. This is how the Nature Conservancy envisages you may spend an hour of your working week this week. April 18-24 is Work with Nature Week, a campaign to encourage Australians to engage with the natural environment. The hope is that you will come to appreciate nature – if you don’t already – and support conservation efforts. Nature, according to the campaign, can improve your concentration and make you a sharper and more creative thinker. What boss wouldn’t want their employees to “work with nature”? The Conversation | Apr 18, 2016 (Article Ref: commercialrealestate.com.au/advice) fairfax_syd-0077 What tips and tricks can you use to ensure your business gets the best location possible?With so many options and decisions to make, finding a new office space can be a daunting task, such as where it will be located.
However, breaking your search down into a few key areas can make the process easier and help you get the office space you need. Budget One of the most important aspects of your new office space is your budget. Does your budget extend to pricier city locations? Or do outer city areas fit better with your price range? When you set a budget for your office space, ensure you’re realistic but flexible with what you can afford, but avoid the temptation to spend more than your limit. Stephanie McDonald | Aug 14, 2016 (Article Ref: commercialrealestate.com.au/advice) Photo: Getty Images/iStockphoto Open-plan offices may be all the rage but productivity and peace of mind are among the trade-offs, writes Bond University lecturer Libby SanderLooking back on the changes in office design over the past 30 years, it is easy to see why some employees feel as if they have been subjects in a giant ongoing experiment.
For decades the office has moved from private, to open plan and more recently, no desk at all. These changes have been driven almost simultaneously by the push to reduce real estate cost and to also increase collaboration among employees. While savings in real estate costs appear to have been achieved, the negative effects of the open-plan office on employees have now been well documented. A large body of research shows these offices are noisier; employees have difficulties concentrating and are unable to hold private conversations. The promise of increased collaboration in open plan appears to have very little evidence to support the idea. A study of more than 42,000 employees found that open-plan office environments did little to increase interaction. The Conversation | Jul 28, 2016 (Article Ref: commercialrealestate.com.au/advice) |