Generational shifts are shaping our working environments with 24% of Millennials currently in senior positions. By 2025, Millennials will represent 42% of the Australian workforce.
The rise of activity based / agile working and the more recent phenomenon of coworking have been two of the most prolific changes to workplace design over the past five years.
In Australia, coworking has gathered significant momentum over the past three years, with the number of spaces increasing by nearly 300% since 2013.
Today Australia is home to 309 coworking spaces across six capital cities totalling 193,190 sqm equivalent to 0.6% of total office stock.
This industry is anticipated to expand by at least 35% over the next 12 months with a number of international operators looking to establish their footprint here in Australia.
With the growing importance on flexibility for both employees and employers, landlords are increasingly recognising the benefits and opportunity coworking operators can provide to their assets.
Generation-Z will start to enter the workforce in 2018 and currently account for 25% of the Australian population.
This generation will bring a new dynamic and property developers will need to adapt for increasing occupational density demands from occupiers as 1:6 sqm becomes the norm, together with health and wellbeing and hotel standard service expectations.