ISPT boosts flexible workplace presence in Brisbane

The Central Plaza tower in Brisbane’s CBD.
The Central Plaza tower in Brisbane’s CBD.

Property fund ISPT is further pushing into the flexible workspace area with a new location in Brisbane set to expand the company’s presence across the eastern seaboard as it looks to sweeten the value proposition for potential tenants.

The 647sqm workspace within Central Plaza in the heart of Brisbane’s CBD will be available to all of the fund’s existing tenants within the market and offers “plug and play” ready-to-go work stations to offer an alternative to rigid lease structures.

ISPT’s general manager, commercial services, Melinda van der Westhuizen, said demand was growing for services that offer flexible workspace as the needs of a modern Australian workplace change.

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“Customer needs are changing. They require increased productivity but motivating and productive spaces,” van der Westhuizen says.

“They also want to be able to expand and contract without entering into lengthy agreements. So it’s our job to stay close to our customers and to respond to those market trends.

“If you also look to changes that have taken place in the workplace itself, where there’s more flexible workplace policies … but there’s still this drive to work in a CBD or in an office precinct environment that offers that community.”

The fund has developed two different types of workspace over the four years it has been operating in the sector, Flex Meetings and Flex Team Working. Sites are already operating in Sydney, Melbourne and Canberra and have generated high demand, with 100 per cent occupancy across several of the buildings.

Despite this, the rollout of new space has been slow as long term planning is needed to identify space to commit to the Flex structure.

“It’s almost a victim of its own success in a sense,” van der Westhuizen says.

“Our vacancies are low, which means we have to be really strategic about our choices, so it does take a little longer.’’

Further expansion is planned for 2020, with a push into the Perth market and additional sites in Canberra on the cards.

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