Most industry pundits agree that the workplace is going to look and feel somewhat different both in the short and longer term. It will be the numbers attending, the design and the types of facilities offered to occupants.
Both landlords and tenants are going to review their requirements and make the necessary adjustments. The general consensus is that, with more people working from home, there is going to be an excess of space at least in the short term. So decisions will need to be made as to what to do with this surplus. Finding tenants with demand for smaller footprints or finding sub-tenants will become common. And we believe this will lead to an increase in demand for speculative office suites (spec suites).
Over the last few years TOPIC Interiors has seen a significant increase in demand for spec suites. Usually on a design and construct basis, they have proven to be popular for a number of reasons:
Incoming tenants can get a better appreciation of how their new offices are going to look, feel and function. Usually small-to-medium businesses, they often don’t have the internal resources or experience to manage this part of the moving process. To be able to simply walk through a prospective suite, that requires few if any modifications, is inviting.
The suites are usually available immediately. This appeals to both parties – the landlord who starts receiving rent earlier and the incoming tenant who can perhaps move in earlier than expected.
Spec suites are often leased at a premium on non-speculative suites.
Incoming tenants have a selection of sizes and designs to choose from.
TOPIC Interiors can design a spec suite to meet any budget.
The team at TOPIC Interiors expect this demand to continue and are well positioned to assist. For the next month we will forego our design concept fee as an added incentive. If you would like to find out more, please contact Andrew Hicks on: 0407 220 952.
Stay safe,
The TOPIC Interiors Team
Pictured here are images of a spec suite project completed for the GPT Group involving the design and fit-out of Level 12, 8 Exhibition Street, Melbourne.
When this tenancy became available, GPT decided to engage TOPIC Interiors to complete a demolition and make good of the space, followed by a complete re-design and full custom fit-out.
These works resulted in the space being immediately leased upon completion.
