• +61 (3) 5911 7000

The office market evolving to meet demand

Better Loan Solutions in Mornington PeninsulaLearning CentreInsights

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.

Need financing?

Mortgage brokers advocate on behalf of borrowers, actively securing competitive rates and terms through effective negotiation. 

CONTACT US CONTACT US


Commercial construction reaches record levels as residential slows

Australia's construction sector, with commercial and infrastructure projects reaching record levels while residential development declines.


Education Bonds: Saving for Private School

Darren and Jenny have one child and are planning for his secondary education at a Melbourne private school. Utilising education bonds, they aim to ensure they have sufficient funds to cover all tuition fees and associated costs throughout his education.


Navigating Australia’s Bracket Creep: Strategies for Managing Rising Tax Liabilities

As Australia's highest marginal tax bracket impacts more individuals, a growing number of Australians face rising tax obligations due to "bracket creep," where wage growth outpaces tax rate adjustments. This trend is expected to persist, with tax-efficient strategies the backbone for financial advice to help individuals secure long-term wealth.