Property Development

Newfangled requirement part of Charter Keck Cramer’s leasing brief could become the next norm

Newfangled requirement part of Charter Keck Cramer’s leasing brief could become the next norm
Written by The ReReport
As seen in the Source link, written by on 2019-10-29 17:08:34

Charter Keck Cramer is seeking new offices.

Unusually, yet appropriately, given CKC is in the
business of property trends – it is introducing a relatively new requirement to
its leasing brief: proximity to-coworking space.

The other more typical office needs are there: access to transport and preference for open-plan, and fit out.

CKC is seeking single floor, A-grade accommodation of between 1300-1600 square metres.

A shared area within The Commons’ dog friendly QV office, also pictured top.

It will consider re-leasing in the Melbourne CBD, or city fringe suburbs including Southbank, St Kilda Road and East Melbourne.

The requirement, which called for submissions to be made to it by yesterday, also seeks natural light and between 40 and 50 car parks.

The research house and advisory group – which appoints real estate agents for clients – could sign a seven to eight year lease agreement when it finds the right place.

CKC hopes to relocate out of its current headquarters at 8 Exhibition Street in the city by the end of next year.

Access to co-working space may be a a traditional office driver, post 2019

CKC’s brief includes a section headlined “Flexible Space/Co-working” in which it said it would view favourably “the ability to provide flexible space opportunities within the building; or next to/adjoining the building”.

Co-working is advantageous to office occupiers for a number of reasons, most stemming from the flexibility it allows – to grow, or shrink, as a business does, perhaps as major contracts come and go.

Tenants also won’t be locked into long rental agreements, which could affect their ability to borrow business capital.

This week, LJ Hooker announced it would move its Sydney CBD offices into co-working spaces managed by WeWork at 161 Castlereagh Street (pictured, below).

WeWork’s co-work office at 161 Castlereagh Street, Sydney/

More recently, co-working offices are seeking to create a different culture to the traditional space – and one which a business like CKC might invite its staff to split time at.

For example, provider The Commons, which is financially backed by developer Riverlee, allows dogs at a co-working office it has just established at QV in the Melbourne CBD (pictured, top).

One occupier services executive, who preferred not to be named in this item because it focused on an active leasing brief, said an alternative office option can contribute to employee satisfaction – and its associated workplace consequences including attendance and productivity.

For some businesses, it means having a base in a location closer to clients or could-be customers.

Some landlords appear to have recognised tenants from time to time seek co-working space, and are trying to get ahead of the game by seeking appropriate occupiers as head tenants, or fitting out and managing space themselves.

Some of the country’s largest institutions including Blackwall, Dexus and GPT Group are examples of the latter.

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