The best time to search for an office is now

With over 25 years experience navigating the highs and lows of the property cycles, this is the best time BRM has seen for an office search, or renewing a lease.

Melbourne has persistently high CBD vacancy (nearly 20%), especially for non-Premium buildings, and stock in the western and docklands zones.

Recent searches have seen incentives rise above 40 to 50%, competitive gross and net rental offers, and a hunger for mid-lease discussions. Landlords are competing to offer a wide range of speculative and second generation fitouts, hotel style amenities, 3rd spaces, flexible lease terms and creative value-adds.

It’s a similar story for our national clients, but Melbourne appears most impacted.

These offers are set against an employer backdrop of Work From Home, “earning the commute”, changing workspace needs and economic uncertainty. Which means you need a property strategy and office design that supports your company’s evolving needs. Even if mid-lease, negotiations can be brought forward to leverage the market, whilst helping landlords gain certainty on their assets.

Whether you are mid-lease, nearing end of term or looking at a business model change, please reach out to form a property strategy or market assessment.

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