Navigating Trends and Challenges in Commercial Office Real Estate Market: An Insider’s Perspective

FuturePlace Interview Spotlight, Stace Fishwick

FuturePlace recently interviewed the industry leader – Stace Fishwick, Executive Director-Commercial Development & Management of Property and Development NSW where he highlighted a dual landscape in the commercial office real estate market, with Sydney and Parramatta CBDs showing promise while secondary metro centers lag and require reinvention. Short-term challenges persist, but a shift toward hybrid, amenity-driven workplaces defines their strategy. Remote engagement and next-gen spaces shape their vision for the future.

FuturePlace: What is your outlook for the commercial office real estate market?

Stace Fishwick: Depends on which market you look at, Sydney and Parramatta CBDs are positive, secondary metro centres will remain flat and need to reinvent themselves. Amenity and flight to quality remain key. Larger businesses are consolidating, but SME’s remain stable and in fact some are growing.

FuturePlace: How do you think this outlook may change over the short, medium and long term?

Stace Fishwick: The commercial market will remain challenging throughout 2024, it continues to be a tenants market, but I am confident 2025 will see the market normalise. Secondary markets will continue to be a challenge over the next few years.

FuturePlace: In the context of attracting and retaining talent, how do you design and equip your office spaces to promote productivity, well-being, and collaboration among employees?

Stace Fishwick: We always look to deliver the next generation workplace, providing a diversity of work settings with collaboration, social, wellness & flexible spaces is key. We look across the sector and take the learnings from each new workplace project.

FuturePlace: How do you approach placemaking to boost office occupancy, both within your buildings and in the surrounding community? 

Stace Fishwick: Building selection has become even more important now, for us it has become key evaluation criteria when selecting a new workplace location, the amenity around the building is critical.  Placemaking within our workplace is around our social spaces such as our marketplace, being the heart of our workplace

FuturePlace: As one of the largest occupiers of office space in NSW, how do you foster connections and engagement among your workforce, especially when employees are distributed across various locations or working remotely?

Stace Fishwick: While it’s a challenge and a focus for continuous improvement, we’re connecting and engaging with our teams remotely through seamless technology, while providing a connected network of quality workplaces across NSW with a variety of work settings, including flexible touchdown spaces where all government employees can work flexibly among colleagues from other agencies. We also do our best to bring remote teams together in person to collaborate where appropriate.

FuturePlace: Is there anything further you’d like to add?

Stace Fishwick: The workplace is back, hybrid working is here to stay, it about amenity for our people.

” Those that haven’t, must redefine their business, it is about hybrid, flexible working with some boundaries. We deliver next generation workplaces today, I am proud of what our team has & is delivering!”

 

FUTURE OF OFFICE SPACE SUMMIT

Stace will be speaking at the Future of Office Space Summit, taking place on 19 March 2024 in Sydney.

It brings office owners, investors, developers, agencies, tenant rep firms, flex space providers and tenants together to find out everything they need to know about the state of play in the Australian office market, the latest research and trends impacting the sector and strategies for success.

Interested in being a blog contributor? Send us an email at info@futureplace.tech indicating your interest and we’ll contact you shortly.

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