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?
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