Office

A major Parramatta office tower leased to the Australian Government has hit the market, where it is expected to sell for an eye-watering sum.

Buy now, pay later finance company Afterpay is slated to bring new life to one of Melbourne’s most famous office complexes.

The pace of deals on office buildings is picking up, with two deals struck by international buyers on properties worth more than $220 million in total.

It has been just over a year since Australian office workers were sent home due to the COVID-19 pandemic. During this time, many have questioned whether they would ever go back. Workers have largely proved they can be just as productive at home, leading to the inevitable question: are the costs associated with leasing an office justifiable in a post-COVID world? New data reveals five interesting trends that hint at how the office environment will change in the future.

Property major Dexus has offloaded the Gold Tower in Brisbane for $285m, with buyer Marquette Properties bullish about the city’s outlook as investors back an office recovery.

The days appear numbered for the last remaining house on a Geelong CBD street after it sold as a development opportunity. Investors also pounced on a CBD office building at auction.

Perth’s CBD office market has remained one of the most robust in Australia, despite COVID-19 transitioning businesses from traditional workplaces to work-from-home set-ups. Industry analysts say it is largely due to the booming resources sector.

Technology companies are expected to throw their weight behind a dedicated precinct next to Sydney’s Central Station, with software company Atlassian being joined by three of the country’s top developers in building a cluster of towers. Atlassian’s Scott Farquhar and Mike Cannon-Brookes have led the push for technology precinct.

A two-storey office building in central Geelong is better than a bank at the moment, given current low savings interest rates.