Who’s driving office demand?
The Property Council’s Commercial Office breakfast on the 14th of May explored the rise of coworking in the Brisbane CBD, and the flow on impacts for the traditional small suite market.
Leigh Warner, National Director - Research, JLL and Chair of the Property Council’s Queensland Commercial Office committee, began proceedings with an overview of the current market dynamic in Brisbane.
While the emergence of new co-working operators in the Brisbane CBD has made headlines, Leigh outlined that the demand for traditional small suites has remained strong.
Following his presentation, Leigh moderated a panel discussion which investigated what is driving office demand, the approaches being adopted by asset owners to minimise risk, and what the future holds for leasing activity in Brisbane.
Michael Conroy, National Asset Manager- Christie Spaces, unpacked the role of coworking and the lead times for leasing, along with addressing the issue of the ‘hidden vacancy’. Tech, gaming and recruiters have been the main drivers of demand for Brisbane coworking space, with young talent attracted to these sorts of facilities.
Michael Greene, Head of Tenant Representation – Australia, JLL, provided further context into how the market is responding to these changing dynamics. Michael outlined that the intensity of use of space is only set to increase and that ‘wellness’ will be a major driver of future tenant interest.
Christine O'Hara, Asset Manager - Charter Hall, provided insights on how the ‘spec suite’ market is evolving to adapt to this disruption. Christine foresees a continual evolution and improvement of the work environment.
The Property Council would like to thank Herbert Smith Freehills for hosting the Commercial Office breakfast, along with all speakers and the moderator for sharing their expertise.
Photos from the event can be found here.
Later in May 2019, the Property Council will be releasing its 3rd edition of ‘A Guide to Office Building Quality.’ Further information on the updates and how to pre-order can be found on the Property Council’s website.