Industry Analysis & Industry Trends
The flexibility of serviced offices has galvanised their position in the office property market. Catering to clients looking for prestigious locations minus the hassle of locking into a 10-year contract, serviced office lessors have been able to generate growth close to 33% in the last decade. As corporate activity surged, the dearth of office property vacancies was a boon for industry participants.
However, this boom was short lived as the financial crisis swept through the country. As businesses scrambled to salvage their operations, firms scaled down their workforce and delayed projects. Across Australia, as tens of thousands of Australian workers were made redundant, the need for additional floor space declined dramatically... purchase to read more
Industry Report - Industry Locations Chapter
Serviced offices tend to be located in central business districts and highly populated areas. As a result, the industry's establishments are largely concentrated on the eastern seaboard. New South Wales, Victoria and Queensland combined account for more than 75% of industry establishments. This is largely due to these areas being the business hubs of Australia. Over the past five years, these state's share of industry establishments is expected to have remained largely unchanged. However, there has been an emergence of serviced offices in Western Australia. The mining boom coupled with a rise in the state's population caused a surge in business activity in the state over the past five years.
Tasmania and the territories combined account for 5.6% of industry establishments... purchase to read more