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Commercial office space: looking beyond the CBD

March 26, 2019 Posted by Heath McNab
Commercial office space: looking beyond the CBD

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In the last 12 months, MBC has experienced significant growth. We’ve established an external Advisory Board and recruited new team members, as well as created a Construction Management Scholarship with the University of Newcastle that will attract new and diverse talent to the industry.

Our ongoing growth reflects what we believe is a positive trend in the industry, one that we’re confident will continue in the decades to come. It’s also the reason for our recent move to a larger office space. And while we could have our pick of locations in the Sydney CBD, we decided to remain in Manly.

It’s not just MBC that’s attracted to the beachside culture of the northern beaches. Leading organisations have moved to Manly to reach new customers and give employees a better work-life balance. For example, Macquarie Bank has opened a private wealth division in Manly, positioning itself close to the high net wealth individuals that it serves.

Point72 Asset Management, one of the world’s top hedge funds, has also set up shop on Mona Vale Road. The decision was made to cater to its star recruits, with the aim of using Sydney’s lifestyle and quality education to attract global talent. The fund now performs multi-million dollar trades from its office in Warriewood.

According to a survey by the City of Sydney, there was a 15 per cent rise in the number of inner city jobs in the five years to 2017. However, the amount of business floor space only increased 4.5 per cent, well behind the rate of employment growth. The construction of the Metro rail system has further tightened the availability of office space in the CBD.

Many NSW Government departments are already transitioning to new offices in Parramatta, while the new Western Sydney Aetropolis will draw more organisations to innovation hubs across the region. Like MBC, these organisations are reconising the benefits of looking beyond the CBD for quality office space.

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