Great Expectations leading to market shift

Last week’s CCRE Breakfast Seminar saw a sold out crowd of over 100 people witness eye-opening presentations on tenants’ rapidly changing expectations of their building owners and managers.

The ‘Great Expectations’ seminar explored the growing demand for flexibility, access to collaborative spaces, and the need to offer a broad range of services to remain competitive into the future. Guests heard insights from:

• Joseph Stokes, GM, Customer Strategy & Operations – DEXUS Property Group
• Matthew Faddy, Head of Asset Management – The GPT Group, & LiquidSpace Board Member
• Kirsti Simpson, Principal – Brisbane Office – Hassell

Joseph Stokes outlined DEXUS’ strategy of engaging the tenant base in the design process and providing innovative services which match their requirements. Perhaps most impressive of the services showcased was the 21 seat immersive video conferencing studio at One Margaret Street. Guests were excited at the prospect of similar innovative services being developed at DEXUS’ Waterfront Place facility in Brisbane.

Matthew Faddy highlighted the growing demand for co-working offers. The GPT Group has worked with CSIRO to measure technological and social changes and identify real estate ‘mega trends’ in order to inform their future directions. The movement towards self-employment and consultant/contract work has led to a growing demand for flexible work arrangements. Surprisingly, new co-sharing space services have experienced strong demand from existing building tenants who are looking to take advantage of more flexible and dynamic working arrangements.

Kirsti Simpson explored the increasing focus on the workspace as a means of increasing the productivity and performance of the workforce. The importance of matching the workspace with an organisational culture and developing spaces which are authentic and comfortable are a growing element of client expectations.

Following the presentations, the panel discussion revealed how this modern way of working is becoming the norm. Emerging tenants will be seeking greater flexibility and competition in the sector is leading to a significant market shift.

The Property Council would sincerely like to thank Joseph Stokes, Matthew Faddy and Kirsti Simpson for their contribution to the panel, and to Christine O’Hara from Investa for moderating the seminar. This event would not have been possible without Major Sponsor DEXUS Property Group, hosts Herbert Smith Freehills, and supporting partner Yardi.

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