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Three different office market stories. Same set of data.

By Ross Elliott - posted Thursday, 23 October 2014


In 2003, the CBD had 70% of the occupied space in the combined CBD+fringe markets. I would bet my left you-know-what that prior to this, the proportion was higher still. Go back another decade and it wouldn't surprise me if the CBD had 85% of the combined space. It's now at 55% and the clear trend is down. In short, the importance of the CBD is shrinking relative to the total inner city office market.

So what? This brings into focus a whole range of additional questions: are businesses being driven out of the CBD by cost-push pressures; is there something fundamentally more attractive in the fringe; what role does the cost and availability of carparking play; what are the implications for public transport which relies on a CBD centric hub; to what extent does the shift represent a change in the nature of how businesses and people work with new technology; if the trend continues at this pace, what are the longer term implications for development, investment and public policy?

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In all the discussion about CBD office market trends, it strikes me that some more time investigating the third chart would be time very well spent.

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This article was first published on The Pulse.



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About the Author

Ross Elliott is an industry consultant and business advisor, currently working with property economists Macroplan and engineers Calibre, among others.

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