Rethinking The Australian Office

There has also been a significant push towards recentralisation. The average relocation was 400 metres. Sydney CBD is a little over 2.5 square kilometres, and as the tenant density maps below show movement was broadly towards the city core. Of the tenants who relocated and were previously in offices in the western and midtown precincts, one third moved into the city core.

FIGURE 4: CUSHMAN & WAKEFIELD AMENITY SCORE

60%

50%

40%

...and in to higher amenity spaces

30%

Tenants moving out of lower amenity spaces...

20%

10%

< 0.3

0.3 to 0.5

> 0.5

Prior lease

New lease

* Scores amenity value of buildings between 0 (lowest) and 1 (highest) Source: Cushman & Wakefield

FIGURE 5: POST TENANT RELOCATION FITOUTS

10% 15% 20% 25% 30% 35% 40% 45% 50%

0% 5%

Spec fitout

Refurbished

Existing

Source: Cushman & Wakefield

7

CUSHMAN & WAKEFIELD