As key hold tenants move to new purpose built offices, asset owners have to adapt their commercial holdings to remain profitable and attract the more nimble occupier. Schiavello has been working closely with a number of clients to help them improve their vacancy rates and attract new tenants, with great success.
One such example is the reinvention of level 27 at Governor Macquarie Tower in Sydney, co-owned by Dexus, GPT and Lendlease. Schiavello was engaged by Dexus to create a design brief and new office product they could roll out across their entire national portfolio. Schiavello Design Managers Anna Long and April Goodman worked closely with the leasing team, Cadigal, to create a brief that was reflective of current market trends and tenant requirements. The findings were a space that captured different work modes, which are adaptable, flexible and durable. The result was a floor plan split into six separate, uniquely designed tenancies ranging from 120m2 to 255m2.
Each tenancy includes all the features of a typical custom designed office; reception, boardroom, meeting room, private offices, kitchen/breakout area, open plan/collaborative work spaces, private focus areas, and utility storage; but in a smaller package designed to attract the more nimble occupier. These new tenants are the fast growing start-ups moving in from the suburbs and co-working environments. The move to the CBD is a critical step in their growth, and these dynamic floorplates make the decision easier and more cost effective than building from scratch.
As start-ups grow and succeed we will also see a greater demand for co-working and small suites. Co-working is a new type of office product, offering short term, flexible and creative spaces for people to work independently, collaboratively, or in small teams. It has been such a popular phenomenon that Australia now has more co-working spaces per capita than anywhere else in the world. Small suites are office spaces offering good quality suites, usually split into two or three separate offices across one floor. This is the logical progression for start-ups who are outgrowing their current co-working spaces and seeking their own identity closer to the CBD.