South East Queensland’s suburban office market has demonstrated remarkable resilience in 2020, with a new survey highlighting the underlying confidence in the state’s economic recovery, plans for growth, and their top policy priorities in the upcoming State Election.
Graystone’s inaugural South East Queensland Urban Precincts Report surveyed 105 tenants across its three Business Technology Precincts (BTP) – Brisbane Technology Park in Eight Mile Plans, Westlink Green in Darra and Northshore Hamilton.
The survey captured tenant views of their business performance in Q3 2020, future outlook, and the election priorities most important to the sector.
Respondents across the three BTP precincts comprised a range of small, medium and large businesses of 1 – 5 employees (42.3%), 6 – 15 employees (17.3%), 16 – 50 employees (26.9%), 51 – 100 employees (7.7%) and over 100 employees (7.7%).
Of these, 44.2% said they planned to increase their workforce in Q4 2020.
Attitudes towards SEQ’s economic performance were surveyed across four indexes for Q3 2020 with the findings summarised below.
Respondents ranked job creation as the most important policy area in the upcoming State Election, followed closely by small business subsidies/concessions (i.e. electricity), and at equal third – border openings/supply chain restoration and maintaining strict health controls.
Graystone’s Director of Developments & Property Management, Kirsty Heymink said BTP’s tenants and employees are uniquely positioned to share their sentiments and insights as the focus on market recovery looks to the suburbs for solutions.
“The open format of suburban office parks and limited reliance on public transport offsets many challenges created by COVID-19 in our CBDs,” Ms Heymink said. “In this regard, suburban office parks have incredible appeal. Their expansive outdoor areas, low density, surplus parking and accessible urban setting enables businesses to spread their workforce across larger, more flexible spaces within one expansive precinct.
“This approach enables companies to keep some degree of separation between team members without having to sacrifice productivity and collaboration.”
Tenants who participated in the survey ranked on-site parking, staff convenience and access to major transport networks as the top three drivers for basing their operations from a suburban business park, followed by lease rate differentiation/value, flexibility of scale, and proximity to clients.
Thirty-five per cent said a CBD location provided no additional benefit to their business.
The SEQ Urban Precincts Survey will be released each quarter to index business confidence, policy priorities and growth in SEQ’s suburban office market and share the findings across the sector.
If you are looking to relocate your business and are interested to know more about BTP please contact our friendly and knowledgeable leasing team on 3368 9099, or alternatively have a look at our current listings.