Working from home during lockdown comes with certain conveniences - no long commute to the office, no wasted time sitting in a traffic jam or waiting for that elusive bus to arrive. However, forced work from home long-term is certainly not ideal on many counts, and many people find it difficult to do business without being in a professional office environment.
Dominic Au-Yeung, Leasing Executive for CI Australia, says his North Shore leasing figures tell an interesting story. He has identified a growing demand for suburban office locations closer to home as a result of the pandemic. “We are seeing examples of decision-makers for North Shore businesses seeking a compromise between working from home and working in the office, and they are choosing high-quality space in upper north shore markets including Gordon, Pymble and up as far as Hornsby”.
Dominic’s clients are capitalising on some of the unique advantages for commercial tenants brought about by the pandemic. “Decision makers and employees who live in the upper North Shore area are finding that local rents are extremely favourable compared to the CBD, for example being virtually 50% lower in Pymble for similar quality office space. Easy access for staff has been a deciding factor, as has the price of car spaces being approximately a quarter of those in the CBD. Furthermore, companies who know their business numbers are taking advantage of the market and locking into longer lease terms, with several 7-year leases recently signed.”
With more affordable rents on offer, greater space available for a similar price to their current locations, and landlords offering incentives similar to those for CBD properties, businesses are seizing the opportunity to relocate and reimagine their new office spaces closer to home. The WNH office provides the feeling of an office community and the benefit of working in high-quality office space but without the commute times.
Dominic and the leasing team have assisted many businesses with their space requirements over the last few months, with business owners now thinking of their future office accommodation needs. These include:
- Lendrive – subleased 125sqm at 14-16 Suakin Street, Pymble. Moving from the Sydney CBD.
- Be Software – leased 155sqm at 23 Ryde Road, Pymble. Moving from Chatswood.
- Thomax Technologies – leased 654sqm at 23 Ryde Road, Pymble. Moving from Belrose.
- Wellpet – leased 131sqm at 23 Ryde Road, Pymble, moving from Frenchs Forest.
For more information or to learn about the North Shore market, please contact Dominic Au-Yeung on M: +61 432 218 182 or firstname.lastname@example.org.