Three different office market stories. Same set of data.

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?

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.