Optimising your asset for a new era
Despite facing lower risks of obsolescence compared to the US and Europe, the office sector in Asia Pacific is not without challenges. Pressure is starting to build on several fronts including elevated vacancy levels, evolving occupier space requirements and impending government legislation.
In Sydney’s secondary market, B-grade stock accounts for over-two thirds of the total, with lower grades (C- and D-grade) the remaining 31%, equivalent to 6.5 msf. It is these assets at the highest risk of obsolescence in the office market as they average in excess of 70 years of age and for the most part lack a sustainability rating.
Our report takes a deeper dive into the underlying dynamics and drivers across the APAC region’s major markets and provides a roadmap for asset optimisation.
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Cushman & Wakefield Sustainability works collaboratively with our clients to develop environment and sustainability objectives, policies, strategies and programs; and manages the implementation of these projects and programs that drive tangible environmental performance and cost reduction outcomes.
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In our two sister reports, we’ve also analysed the level of risk of office asset obsolescence in the United States and Europe. The findings were stark and highlighted the significant amount of work that lies ahead for landlords in both regions. Access our sister reports below:
