BRM was founded in Cremorne and has been providing property advice in the Cremorne area for almost two decades. This month BRM are proud to be delivering our latest project for one of the area’s most interesting commercial tenants.
 
Banxa is responsible for creating a ground-breaking payment services platform for cryptocurrencies. Within an industry that is experiencing its own hyper growth, Banxa is one of the fastest growing players. When the time came to relocate to an office that would accommodate this growth, Banxa engaged BRM to conduct an initial property search. With its previous headquarters based in Cremorne, Banxa chose to stay in the area so they could benefit from like-minded businesses and potentially move closer to those in the cryptocurrency industry.
 
BRM has been involved from the early stages of the project, from search and property strategy, to the design of the new premises, handover of the old premises and relocation. This end to end service is being delivered within a tight timeframe, against the backdrop of lockdowns. Despite the challenges of 2021, our Property and Design teams have fervently delivered each stage of the project to see the client move into its new home on Level 2 at 2-6 Gwynne St, Cremorne. This is an exciting time for the Cryptocurrency industry and this particular address which, with a growing number of tenants like Banxa, is repositioning itself as an industry-specific building.

​We haven’t yet seen the full impact of the pandemic on the CBD office market. Companies are still adjusting to the new working landscape and leases are measured in years, with 3-6 years plus options and fitout investment to consider. However findings due to be released by Infrastructure Australia in December will show a 10% reduction in CBD workspace demand. This reduction is largely a response to the pandemic and the changes it has triggered within the workplace. Such changes include the shift to Working From Home, a new attitude to office space and issues around health and safety.
 
The release of the IA’s findings will likely coincide with the middle and end of many commercial leases and more tenants will begin to question the CBD office model. As tenants start to reduce their footprint, there will be a cumulative effect resulting in far less office demand in the CBD.
 
But does this mean your company should leave? Before you pack up to relocate elsewhere, there’s a few things you may want to consider:

The last two years has seen an incredible shift in the way we work. In response to the pandemic, lockdowns and office closures forced companies to quickly adopt a Working From Home (WFH) model. 18 months into the pandemic, this model has not only proven to be effective, it has revealed some surprising benefits, and has become an entrenched behaviour in workplaces throughout the world. As a permanent and full time model however, WFH cannot be solely relied upon.
 
We have seen enough to give us an idea of what 2022 will look like for workplaces. As we approach our vaccination targets, we can hope for fewer lockdowns and a return to the office. But what will that office look like upon our return?

​An increase in flexible workspaces hasn’t led to the death of the CBD office as predicted.
However, offices that were traditionally used 5 days a week are now being re-considered as part time spaces that serve a different purpose.
 
As they return to the office, employees are no longer looking for just a desk and a boardroom. They need a space that will re-enforce the social connections pivotal to daily work. Furthermore, the office’s role in brand positioning is vital as many companies attempt to bounce back after a year at home. This fresh take on the office space, while exciting from a workplace point of view, will have significant implications for occupancy rates, as commercial tenants begin to re-assess their property strategies.

Renowned architects and urban designers Maud Cassaignau and Markus Jung likened Cremorne to the industrial areas of London and New York: “What struck us was the diversity of typologies…People seemingly didn’t know it so well. We felt that here was something really precious” 

This tiny inner pocket of Melbourne, sits quietly behind the Monash Freeway. Once a manufacturing precinct, it’s working class character still remains, with the original signs and factories a beautiful reminder of days gone by. Melburnians love the suburbs that pay homage to our past, but Cremorne has recently emerged as something more…
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This year has seen many companies return to a flexible working model, where individual workers and teams split their time between a physical working environment and a virtual one. This new working landscape has presented a challenge for culture, as companies question the role played by the physical office space in maintaining it.
 
Historically, cultural “rituals” that were once enacted in the office, can no longer take place or if they can, they face disruption through a new hybrid working model, where employees are not in attendance full time.  From this new framework, a need to redefine culture has emerged, with many companies forced to rebuild their cultural practices and values to retain talent and integrate new employees.

On January 18, 2021 Victoria began a staged return to the office with most workplaces in the private sector set to return to 50% capacity. By the beginning of March, offices were expected to be mostly full, with new measures put in place to make workers feel safe and supported. The media reported a steady rise in foot traffic in the CBD as companies were interviewed about their staff’s excitement over a return to in-person meetings.
 
In reality, things look a little different. In fact, the big return to the office has not exactly met expectations, particularly among landlords and business leaders.

Click here For most commercial tenants approaching the end of their lease, a “Stay Vs Go” decision will be faced. Many important factors go into this decision and in 2020/2021, there will be even more to consider. COVID has led to a sudden and rapid change in the workplace landscape. There are new behaviours among tenants and their workers – some which will outlive the health crisis and influence “Stay vs Go” decisions for years to come. In addition, the need for most businesses to cut occupancy costs has led them to re-visit their property strategy. Landlords have responded to these changes quickly, adopting new flexibilities in their lease terms in order to hang on to good quality tenants and a steady income from their assets. 

Almost every industry has been turned on its head in 2020. In particular, client-facing industries have needed to adapt their services rapidly without knowing the outcome. Our collective shift into remote work has seen some businesses adapt to the change, but it hasn’t all been positive. Technology cannot be solely relied upon when it comes to touch, feel, and physical human connection. In our industry, no more is this absence of physical communication felt than in the area of design.

BRM’s design team has historically placed  people and connection at the heart of every project. So how will decisions ultimately be made? Will the loss of physical involvement in the design process (both ours and our clients’) be detrimental to the outcome? Back in March, as we packed up our colour schemes and moved our design programs into our living rooms, we prepared to face some daunting challenges. This is how we’ve approached them….

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