Australian cities and their CBDs are being remade following the global pandemic as workers, more flexible than ever, return to hybrid workplaces to rediscover the “joy” of collaborative endeavour.
The Australian Financial ReviewOn the ground, those shifts will drive a wave of obsolescence through CBD office blocks, a “bifurcation” as the property leaders termed it, between older buildings where vacancy rates are rising and values are already falling, and newer buildings which are winning over tenants.“Fit for purpose means touchless, seamless, healthy, good air reticulation. All of those things that prompt the connection between people.
Lendlease’s Tony Lombardo compared the kind of development emerging in Melbourne and Sydney above stations withsuch as New York, London and especially Singapore, where the planning aspiration is for everyone to live within five minutes of a station. As flexible work patterns drive change in the centre of cities, they will also spur renewed appetite for suburban lifestyles too, according to Tarun Gupta, the former Lendlease chief financial officer“It’s already starting to shift. We’ve seen already in the last two years, the balance between working from home and hybrid working is leading to demand.
The times at which people travel is also changing, with workers opting to arrive earlier or later than they did before the pandemic. They are getting out of the city a bit earlier, too.
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