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Maybe it's 1976 thenChillyPhilly wrote: ↑Sat Dec 24, 2022 2:30 pmDefinitely looking east in that postcard because we can see the Hills, unless there was an unscientific tsunami about!
That’s sad news but thanks for sharing. Just spending some time reading up on his amazing work.Nathan wrote:Incidentally, the designer of both the State Bank and the original BankSA logo (the desert pea one), Ian Kidd, passed away last week.
https://www.adelaidenow.com.au/business ... f324fc9564Adelaide office vacancies hit six-year high as pressure builds on ageing buildings
Adelaide’s ageing buildings are in a battle for survival, with office vacancies hitting a six-year high as businesses move to modern and hybrid workplaces.
The rate of empty offices in the Adelaide CBD has jumped to its highest level in more than five years as the city’s ageing buildings struggle to attract tenants in the aftermath of Covid.
The shift to hybrid working and a bleak economic forecast are putting added pressure on landlords to invest in upgrades to their older buildings, which are losing tenants to new developments in the city.
Figures from the Property Council show the city’s office vacancy rate increased to 16.1 per cent in January, up from 14.2 per cent six months earlier, and reaching its highest point since July 2017.
The national figure rose from 12 per cent to 12.5 per cent.
Completion of Cbus Property’s 30,000sq m office tower on Pirie St contributed to the spike, with the Department for Infrastructure and Transport’s move to its new headquarters leaving close to 16,000sq m of vacant space at its former Grenfell St home.
Charter Hall’s $450m development on King William St and Walker Corporation’s Festival Tower project are expected to push vacancies higher when they’re completed later this year.
Figures from global property firm JLL show 58 per cent of office space in Adelaide is more than 30 years old – the highest proportion of any capital city in the country.
A “flight to quality” within the city’s office market means many of those older buildings remain vacant as businesses move to modern workplaces in a bid to attract and retain staff.
Property Council SA executive director Bruce Djite said businesses were increasingly looking for modern working environments in the wake of Covid, and that was putting pressure on landlords to upgrade their older buildings.
“We have seen record investment in Adelaide, despite the pandemic, resulting in new and ‘future proofed’ office accommodation growing our skyline,” he said.
“What’s also interesting is that B grade office stock vacancy has decreased with landlords carrying out activities such as backfill asset refurbishments to attract tenants.
“With approximately 33 per cent of Adelaide CBD stock over 40 years old it’s encouraging to see this level of regeneration, reflecting a market voting with its feet.”
The shift to hybrid working has also enabled many corporates to cut costs by reducing their physical office footprints.
Telstra will reduce its city office space in Adelaide from about 20,000sq m to just 6000sq m later this year, when it moves into the Charter Hall development currently under construction at 60 King William St.
It will join NAB, which will occupy about 3700sq m in the building, down from more than 6000sq m at its current CBD home.
Both companies have said their new offices have been designed to support hybrid styles of work.
Lord Mayor Jane Lomax-Smith said there was a role for council to play in helping landlords adapt to evolving work habits.
“There has been a change in work life balance and we need to acknowledge that we may never return to full time office work,” she said.
“Quality office space is in high demand but in other cases refitting and repurposing will offer new opportunities for property owners. Council needs to help facilitate this.
“Council’s own workforce has returned to working in the office for the majority of the week and I’m glad that we’re showing leadership in this area.”
Probably be a while until we see that happen since the city overall is still quite low density so there would be cheaper land options.
Would love to see it, but easily? Many office buildings would require extensive retrofitting and upgrades to things like plumbing that might make it cost prohibitive. That said it seems a similar scale of task to conversions like the Mayfair Hotel, so I guess it could be practical for more upmarket apartments with the prestige of a nice building?[Shuz] wrote: ↑Mon Feb 06, 2023 11:49 amThey could easily refurbish some office stock to apartments. Council will just need to make sure they actually do their job properly and send building inspectors out regularly they're not just quick conversions with curtains put up and calling it a "bedroom". They'd have a field day issuing fines to the number of dodgy landlords and owners who have been doing this for years.
Unfortunately most of the offices in question don't have "the prestige of a nice building".Nort wrote: ↑Mon Feb 06, 2023 12:27 pmWould love to see it, but easily? Many office buildings would require extensive retrofitting and upgrades to things like plumbing that might make it cost prohibitive. That said it seems a similar scale of task to conversions like the Mayfair Hotel, so I guess it could be practical for more upmarket apartments with the prestige of a nice building?[Shuz] wrote: ↑Mon Feb 06, 2023 11:49 amThey could easily refurbish some office stock to apartments. Council will just need to make sure they actually do their job properly and send building inspectors out regularly they're not just quick conversions with curtains put up and calling it a "bedroom". They'd have a field day issuing fines to the number of dodgy landlords and owners who have been doing this for years.