As a trusted partner in commercial property, has helped redefine expectations of high quality urban living and working environments. Our work continues to evolve in response to the changing aspirations and challenges of developers, owners and occupants alike.
To lift the competitive performance of a building project, or to help it find funding in tough markets, offers a powerful combination of advisory, design and technical services. Whether it’s mission-critical data centres, security-sensitive financial headquarters, or the latest co-working spaces, we help clients realise the incredible promise of digital technology in real estate.
As city populations grow in density worldwide, the way we use our buildings is changing. Property developers are seeking structurally efficient solutions that open up more usable floor space and draw greater potential from available land – as in super skyscrapers like China Guangzhou International Finance Centre
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Employers seeking office space are also looking for higher value. They want better environments that reflect the changing way we live and work, with real time digital insights ‘designed in’ from the start. is leading this digital property era, producing responsive, intelligent workplaces such as theBill & Melinda Gates Foundation Headquartersin Seattle and the White Collar Factory in London.
Virtual design is helping to redefine performance. In new design benchmarks such as BSkyB’s Harlequin 1 headquarters and the Citi Data Centre, Frankfurt, ’s use of building information modelling is realising advancements in whole-life operational efficiency, and in attractive, productive environments. At the operational level, our work for The Crown Estate uses digital tools and sensors to provide a previously impossible level of proactive asset management.
Properties such as 1 Bligh Street – Sydney’s first six-star Green Star high rise – are responding to the sustainability requirements of occupants and legislators, and the challenges of cities and climate change.
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Newsustainable buildingsmay draw high-quality tenants, but existing buildings make up around 98% of urban building stock. Many quickly become inefficient to run or grow less competitive in their markets. is meeting growing demand from property owners and operators for retrofit solutions that improve building performance in energy consumption and cost, water use and occupant comfort. Icons/Social/Facebook Created with Sketch. Icons/Social/LinkedIn Created with Sketch. Icons/Social/Twitter Created with Sketch. Icons/Social/More Created with Sketch.
A building’s location – the historic City of London, for example, or densely packed Hong Kong – may demand niche expertise. ’s building design specialists are trusted to rise to the toughest, most awkward challenges around the globe, including designing for seismic regions and high winds.
Increasingly, a building’s place in the urban fabric is also a consideration. For forward-thinking clients such as the Co-operative Group, which put its new Manchester headquarters at the heart of local renewal, we are now integrating buildings with surrounding amenities, transport, energy and water infrastructure.You're not alone — faced with the prospect of more moderate returns from their residential property investments, many investors are considering this as an alternative.
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Some investors have noticed that most of the institutional property investors as well as many of the investors you read about in the Financial Review Rich 200 List own mainly commercial properties.
Successful commercial property investment requires an understanding of the complex market factors at work, unique financing requirements, property management options, leasing arrangements, and a good grasp of the potential risks.
In particular, retail and office space will be affected in the short term, but warehousing space is in higher demand than ever.
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Before you embark on commercial property investment you must recognise that there are considerable differences between commercial and industrial properties compared with residential real estate.
To estimate the value of a 100 sqm shop that is leased for $40, 000 net per annum, the general rule of thumb is to divide the rental by a yield acceptable to the market at the time.
Working on a 7.5% yield the following formula would apply: $40, 000 / 7.5% = $533, 333 Which means the property is worth about $530, 000.
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In fact, it is usually worthless if there is a tenant on a long-term lease as owner-occupiers would not buy the property.
With commercial properties, which are valued based on their rental return (or potential income) a vacant property usually carries a substantial discount on leased property.
This creates some tremendous opportunities because if you buy a vacant property and find a tenant to take it on a long-term lease you increase its value substantially.
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Similarly, if you find a property that is significantly underlet and at the lease expiration or the market review of the rental you can increase the rent, once again you increase the value of the property.
These are a little different from residential property and while obviously driven by supply and demand, commercial demand is driven by economic factors as well as population growth.
As the economy starts to grow the demand for warehouse space grows, followed by increased demand for retail space as consumers feel more confident and spend more, and this is in turn followed by increased demand for office space.
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When the Reserve Bank raises interest rates to manage inflation and slow the economy, the higher cost of money slows the rate of company growth. At the same time, higher rates tend to reduce consumer spending. This has a slowing effect on the demand for both commercial and residential property.
The opening of bypasses and ring roads in our capital cities means cheap land and access to good roads in the outskirts of our cities provides the impetus for transport companies to move their warehousing facilities.
For example, Baby Boomers have increased demand for healthcare services, in certain suburbs while young families require more childcare facilities in the new outer suburbs.
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As lifestyle becomes increasingly important, more people want to work nearer to home. Thus there has been an increase in the number of small offices located in the middle ring suburbs
As new suburbs spring up, shopping centres are built to service the growing consumer demand. Grocery stores are required, then cafes and specialty shops, support services (small industrial), and then office space.
When investing in the retail sector, it is important to consider how the emergence of online shopping is changing the way Australians do their shopping.
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At the same time, it's important to understand how the retailing giants in Australia have now taken over the bulk of the retail market.
In the past, most of the successful retail chains were represented in the retail shopping strips. Now they are mainly in the large shopping centres owned by the listed trusts like Westfield and which have become something of an entertainment mecca for families.
Recently, as these large shopping complexes have become even larger, many shoppers seem to be returning to the strip shopping centre where parking is easier and there is less hustle and bustle. They also find the local retailers more personal.
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Another change is the trend to “bulky goods centres” those large warehouse-type centres that house retailers like Harvey Norman and other electrical or furniture retailers.
So the average investor is left with the possibility of buying a shop in a neighbourhood or strip retail centre with a small business as a tenant.
This means that retail tenancies are possibly riskier unless you can afford to own the larger type of premises that are required by the big retailing chains.
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When developers plan a shopping centre, one of the first likely tenants spoken to is one of the high-volume selling food chains such as Coles or Woolworths.
Developers like this sort of tenant because, with a key tenant in their centres, other retailers will be encouraged to lease there because of the custom the main tenant will attract.
Similarly in strip shopping centres, if there is a substantial and successful retailer who is attracting customers in large volumes then other retailers will be encouraged to locate near them.
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So when looking to purchase a retail investment, while you may not be in the category that will be able to purchase a property that would house one of these key retailers, it is important to find a retail investment near such a retailer.
These latter two have reasonably wide use in the food retailing industry, particularly for supermarkets and this is the way the large shopping complexes like to structure their leases.
The harder the retailer works the more he has to pay. It is also difficult to fix a percentage and it would require you to have a good understanding of the retailer's business.
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There may also be opportunities for you to undertake a small development in strip or neighbourhood shopping centres. You could buy an older shop and refurbish it or put offices on top.
Many of these buildings now contain large amounts of offices as our industrial base has changed from manufacturing to more storage and distribution.
Industrial buildings now house a range of activities from research and development space which requires a large component of office space to vacant warehouse space.
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In recent times industrial developments have sprung up in industrial parks where there is a large garden component and greater amenities for tenants.
Many new buildings are purpose-built with an end-user in mind, but if you are building a complex speculatively, try and make the building design flexible
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