More and more small businesses are basing their operations closer to their talent, as the state emerges from lockdown fatigue, according to property expert, Urbis Regional Director, Princess Ventura.
Ms Ventura, who featured in Dye & Durham’s Future Property & Development Insights Virtual Roadshow Series, said some businesses were spreading their operations across multiple offices to improve the work life balance of employees.
“What we are seeing is the growth of the suburban market, particularly in South Sydney, suburbs like Alexandria, Mascot and Green Square are attracting more interest in commercial and industrial properties than previously,” Ms Ventura said.
“This is due to a number of factors, but the correction of the labour market has influenced many companies to set up closer to where their workers actually live, to give them access to public transport and ensure more life balance.”
“We are also seeing growth in commercial property in other centres like Parramatta, Liverpool and Campbelltown, who have gained a huge amount of interest over the past few years.
“While there are some shifts away, this hasn’t translated to larger enterprises who are still based in the CBD but a need for additional office locations.”
Ms Ventura said the residential apartment market could also expect more action in the next little while, following a relatively flat few months compared to the housing space.
“With the opening of international borders expected soon the return of migrants to Australia will boost demand for apartments in Sydney significantly.”
Dye & Durham Managing Director, Peter Maloney said the virtual roadshow brought together a number of real estate, development and property professionals to outline all that is in store for the market into 2022.
“The industry had been through a huge amount of change over the last twelve months. This event was an opportunity to come together, realign our thinking and learn from the experts to prepare for the year ahead,” Mr Maloney said.
A recording of the Future Property & Development Insights Roadshow – NSW is now available on demand here.