Trends come and go, that's the nature of them. Many years ago, you may remember it was trendy to purchase an old church and convert it into a family home. With high ceilings and large central spaces, what’s not to love. Eventually church conversations moved to 'warehouse conversations' and these huge buildings become the trendiest thing to do. No inner city warehouse was safe. Raw industrial spaces became the showpiece of some of Australia’s most prime real estate. From church conversions, to warehouse upgrades all the way to the tiny house trend we are now seeing, there is always something new around the corner.
With our finger on the pulse, we are here to report a new trend in the commercial property space.
With more than 27% of businesses in Australian having 1 - 4 employees and 36% with less than 20 employees, there are many businesses that don't have a need for the expense of a typical office. In some cases, businesses are start-ups and don’t require office space just yet until cash flow increases. For others it makes economical sense to reduce overheads by sharing a space working in a short term office.
Not all people are employed by big businesses that require huge CBD office spaces. According to McCrindle research, more than 1 in 12 people work from home. Independent contractors make up 9% of all employed persons in Australia and small businesses employ 45.7% of all employees Australian wide.
So with a trend towards more smaller businesses than traditionally reported, what does this mean for commercial office spaces?
With the changing nature of business/office needs, there are a few developers and builders who have understood the shift in the working world and delivered a service providing services to combine small business with the family home.
New developers provide off-the-plan properties that now combine both a family home and a warehouse or office facility. Check out Duo at Evans Park, Cranbourne that combines a home with a small warehouse and office space. Also companies like Home and Bath that can convert your garage space into extra room or an office.
Although some trends may last only a little window of time, this one seems to be a trend we think we will see more of in the near and distant future.