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The office market evolving to meet demand

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The office market evolving to meet demand.

According to Herron Todd White (HTW), in response to the rising popularity of remote and flexible work arrangements, developers are incorporating versatile layouts and amenities that accommodate both in-person and virtual collaboration.

“As businesses adapt to changing work patterns, technological advancements and sustainability imperatives, the construction and refurbishment of office spaces in Australia is undergoing a transformative phase, characterised by innovation, flexibility and environmental consciousness,” HTW said.

“One of the most notable trends shaping the construction of new office buildings is the emphasis on multifunctional spaces that cater to diverse work styles and collaborative needs.”

HTW said that open-plan designs, modular furniture and adaptable partitions are becoming staples of a modern office as they help foster creativity and interaction among employees while allowing for transitions between individual tasks and group activities.

They said this was a trend that has changed since the experiences of COVID. They also pointed out that refurbishment projects were on the rise, as property owners sought to revitalise existing office spaces to meet contemporary demands.

“By repurposing existing structures, developers not only reduce construction waste but also contribute to the preservation of cultural heritage while meeting the evolving needs of businesses and communities,” they said. “However, the significant escalation in construction costs in recent times is undermining the viability of such refurbishments in a number of Australian CBDs.”

HTW said the future of office construction and refurbishment in Australia was not without its challenges.

“Economic uncertainties, regulatory complexities, persistently high construction costs and evolving market dynamics continue to influence decision-making processes, requiring developers and stakeholders to remain agile and adaptive in their approach,” they said.

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