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Industries & Specialties

Living

A full-lifecycle platform for maximum value
woman inside apartment
 

The living sector is evolving fast, shaped by strong structural demographic trends, lifestyle demands and investor appetite.

Australia's Living sector, which includes build-to-rent (BTR), student housing (PBSA), retirement living, and co-living, is no longer an alternative asset but a core part of real estate investment strategies. This shift is driven by a housing undersupply, demographic changes, and growing institutional interest. Favorable government policies are also reshaping the investment landscape, increasingly helping to enable deployment of capital and supporting demand fundamentals. We guide developers, investors, and owners through the entire asset lifecycle, from initial planning to final sale. We use our deep market knowledge to turn complex challenges into your competitive edge. 

What Sets Us Apart

Full Lifecycle Expertise

We guide you through every stage of a Living asset's lifespan, from site selection and design to lease-up, management, and sale. In Australia's BTR and PBSA markets, this end-to-end perspective aligns your strategy with long-term returns and mitigates capital risk.

Living Sector Specialists

Our teams have dedicated expertise in BTR, PBSA, retirement living, and more. Because each sub-sector has unique regulations, this specific knowledge is essential for navigating the market and ensuring compliance from the start.

Data-Led, Human-Centered

We merge proprietary research and real-time market intelligence with a focus on resident experience. Our Living research provides the analytical foundation clients need to underwrite with confidence, operate with precision, and enhance asset performance.

Invested in Performance

We understand the economics behind every decision. Whether advising on feasibility, capital structuring, or exit strategy, we bring analytical rigor to support strong, stable returns across market cycles in these diverse Living sub-sectors.

Sustainability in Practice

ESG is critical for capital in this market. We help clients integrate sustainability into design, development, and operations, from PBSA campuses to retirement communities, to protect long-term asset value and meet investor mandates.

Services

Our Services



Valuation & Advisory


Precise valuations underpin sound investment decisions. We offer financial reporting, acquisition/disposal appraisals, feasibility assessments, and rental determinations for BTR, PBSA, and co-living assets, built on proprietary data, market intelligence, and deep sub-sector fluency. 

Learn more about valuations

Capital Markets


Accessing the right capital is the defining challenge in Australia's Living sector. We connect clients with local and offshore capital sources, structuring transactions that reflect the specific risk profile and return expectations of each Living sub-sector. 

Learn more about capital markets

Strategic Advisory & Consulting


The Living sector requires strategic clarity before capital commitment. We advise on market entry, portfolio strategy, development feasibility, and policy navigation, giving clients a structured path from opportunity identification to successful execution. 

Learn more about strategic advisory

Project & Development Services


We help clients achieve their Living real estate goals by integrating expertise across project management, building consultancy, cost consultancy, building engineering, and sustainability. Our specialists provide end-to-end support, from design to construction, ensuring value-driven, risk-managed solutions.

Learn more about project & development services 

Research & Market Intelligence


Our dedicated Living research platform produces sector-specific analysis. From our Living Cost to Build report to bespoke market studies, we give clients the intelligence needed to underwrite opportunities, benchmark performance, and anticipate demand shifts.

Specialisation

Industry Expertise

Purpose-Built Student Accommodation (PBSA)


A structural undersupply of student beds and record enrolments creates a compelling PBSA investment case. We advise clients on acquisition, valuation, and capital raising, leveraging our relationships in every major university city. 

Build-to-Rent (BTR)


Policy reform and strong rental demand are driving the BTR market in Australia. We advise clients across site acquisition, feasibility, capital structuring, and disposition, helping them navigate this new phase of growth. 

Retirement Living


An aging population and a supply shortage are reshaping the investment narrative for retirement living. We advise clients on development feasibility, valuation, and portfolio strategy for both entry-level and luxury assets.

Co-Living


As a response to housing affordability, co-living is gaining traction, especially in Sydney. We advise on feasibility, valuation, and capital strategy, including adaptive reuse and hybrid models. 

Affordable & Social Housing


Government programs are creating a pipeline of affordable housing opportunities. We help developers and investors navigate this socially critical sector, advising on viability, funding, and valuation. 

Team

Conal Newland_May 2026.png
Conal Newland

International Director, Head of Living, APAC
Sydney, Australia

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Paul Savitz_bio.png
Paul Savitz

Director, Living, Capital Markets, ANZ
Sydney, Australia

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Louise Burke
Louise Burke

Director, Living, Capital Markets, ANZ
Melbourne, Australia

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Contact Us

Research

Warehouse Internal Rack
MarketBeat • Investment / Capital Markets

Australia Capital Markets Marketbeat Report

The Australia Capital Markets Marketbeat Report offers a examination of the Australian economy.
Jake McKinnon • 04/08/2026
AI+ Teams Background
Insights • Economy

Artificial Intelligence and the Next Chapter for Australian Commercial Real Estate

Cushman & Wakefield has developed four possible scenarios of how AI may diffuse across the Australian economy over the next decade and modelled the implications of each of these on commercial real estate markets.

Sean Ellison • 15/07/2026
Australian Marketbeat Report
MarketBeat • Economy

Australian Marketbeat Reports

Our Australian MarketBeat Reports cover local CBD and metro office markets, and industrial and logistics in Sydney, Melbourne, Brisbane, Adelaide and Perth.
07/07/2026
the-cost-to-build-industrial-Mobile Banner.jpg
Insights • Economy

The Cost To Build Industrial

Luke Crawford • 28/05/2026
Self-Storage-CardImg
Insights • Valuation

Why are capitalisation rates not softening in self storage?

As we wrap up the financial reporting season for 2022/2023, minimal capitalisation movement was reported by the two self storage Real Estate Investment Trusts (REITs), National Storage REIT (NSR) and Abacus Storage King (ASK).
07/11/2023
Climate Risk: REAL (E)STATE OF EMERGENCY
Insights • Sustainability / ESG

Climate Risk: Real (E)STATE OF EMERGENCY

Following the sobering assessment of climate risk by the UN’s Intergovernmental Panel on Climate Change (IPCC) and the COP26 summit in Glasgow, in our latest report, Real (E)state of Emergency, we give our view on the impetus for the property industry across Asia Pacific to act.
Natalie Craig • 07/02/2022
Decoding COP26 Card image
Insights • Sustainability / ESG

Green Financing and Building Retrofits in APAC

At the recent COP26 Summit in Glasgow, over 450 of the world’s banks have committed to decarbonising their investments and lending. What does this mean for Asia Pacific?
06/12/2021
josh-cullen
Insights • Investment / Capital Markets

Josh Cullen: Cross-border Investment into Australia in 2021

Despite international travel restrictions, Australia saw a strong year in cross-border investment attracting capital from both within and outside Asia Pacific in 2020.
Josh Cullen • 15/03/2021
Queensland Hotel Snapshot - Q3 2020
Research • Valuation

Queensland Hotel Snapshot Q3 2020

The hotel and short-term accommodation market in Queensland continues to recover from the earlier effects of the shutdowns and restrictions on movement caused by the COVID-19 pandemic.
Cameron Harris • 05/11/2020
Flexible Workspace
Insights • Valuation

Valuation of Flexible Workspace

With flexible workspace now considered a vital component of the workplace ecosystem, how should landlords successfully value a flexible workspace proposition?
10/09/2020
5 More Questions Answered About H2 2020 Real Estate Trends in Asia Pacific
Insights • Investment / Capital Markets

5 More Questions Answered About H2 2020 Real Estate Trends in Asia Pacific

In July we held our Reclaim 2020: H2 Insights webinar in which our panel of experts explored the state of the real estate market across Asia Pacific and the green shoots of opportunity that have started appearing after a challenging first half of the year.
Shaun Jenkinson • 04/08/2020
MELBOURNE RETAIL INSIGHTS
Research • Investment / Capital Markets

A Shifting Tenancy Mix

Cushman & Wakefield surveyed the Melbourne CBD retail core on 13 March, 2020.
17/04/2020
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Frequently Asked Questions

The Living sector in real estate encompasses purpose-built residential asset classes designed for institutional ownership and operation. This includes build-to-rent apartments, purpose-built student accommodation, retirement living communities, co-living facilities, and affordable and social housing. Each sub-sector operates under distinct planning, tax, and financing frameworks in Australia, and each carries a different risk and return profile. We advise clients across all five asset types, providing integrated guidance from strategy and underwriting through to capital markets and ongoing asset management.

Federal and state-level policy reform has materially improved the investment case for build-to-rent in Australia. Changes to managed investment trust tax treatment, land tax concessions in several states, and explicit recognition of BTR's role in the National Housing Accord have all strengthened feasibility and investor confidence. That said, inconsistent recognition of BTR as a distinct use class across state planning systems remains a friction point. We help clients navigate this policy landscape by identifying jurisdictions where the settings are most favorable and structuring investments to capture available concessions.

The PBSA market offers a rare combination of mature demand drivers and an undersupplied asset base. With nine universities ranked in the global top 100, strong international student enrolment, and a national bed-to-student penetration rate well below comparable markets like the UK, the structural gap between supply and demand is significant. Record occupancy and sustained rental growth support development feasibility and income stability. We advise institutional investors on site selection, valuation, capital structuring, and portfolio-level PBSA strategy across all major university cities.

Retirement living in Australia presents one of the clearest demographic investment theses in the sector. The over-65 population is projected to double within four decades, current supply addresses less than a fifth of existing demand, and national occupancy is near capacity. Bipartisan political support adds policy stability. The key decisions for investors center on product positioning, from affordable entry-level to high-end luxury retirement communities, and on understanding the specific regulatory and operational requirements that differ from other residential asset types. We provide feasibility, valuation, and capital markets advice tailored to each tier of the retirement living market.

ESG considerations have moved from a screening criterion to a core underwriting input for institutional capital targeting the Living sector in Australia. Superannuation funds, sovereign wealth groups, and offshore investors increasingly require demonstrable sustainability credentials before committing capital. These credentials cover energy performance, embodied carbon, social outcomes, and governance standards. Regulatory pressure is also building, with disclosure requirements tightening. We help clients integrate ESG principles into design briefs, development programs, and operational frameworks, ensuring assets are positioned to attract capital and meet evolving tenant expectations across the asset lifecycle.

Looking for more information?

Get in touch with one of our professionals.
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