Leasing office space in Australia’s major cities is not as affordable as many business owners may hope. In fact, for many small businesses, the cost of leasing office space in the CBD of their city can be prohibitive, forcing many SMEs and startups out of the CBD due to larger organisations and foreign investment dominating the rental markets.
These trends are worrying for new business owners, but the good news is that you can still have that prestigious CBD address, without the hefty price tag or long-term commitment. Finding an office space for rent in prestigious CBD locations across the country isn’t completely out of the question, especially when you stop to consider alternative office solutions such as serviced and virtual office setups.
With prestigious office providers offering office space in Australia’s most sought-after CBD addresses, there’s no reason why your business can’t have the business address you’ve always wanted.
Flexibility and Affordability
Long-term, fixed leases are a thing of the past with serviced offices. Instead, business owners can take advantage of month-to-month contracts which can last anything from one month to a lifetime. With no long-term commitments, this level of flexibility puts a prestigious CBD address within reach of most businesses.
Just a few short years ago Sydney was the ninth most expensive city in the world to rent office space in. Business owners were paying just over $600 per square meter to claim their prestigious Sydney CBD address.
While the commercial rental market in Sydney is not at those extremes nowadays, Sydney’s massive infrastructure upheaval in 2017, the largest in the last 80 years, has had a continuing effect on property prices. Along with the large amount of residential development in and around the city, business owners are looking at alternative office space options more favourably than ever before.
With serviced and virtual office spaces available in six different iconic CBD office buildings, including Bangaroo, the country’s most expensive tower, it’s no wonder more business owners are opting for these alternative options over more traditional setups.
Business is Booming in Melbourne
In Victoria, Melbourne’s CBD office market is experiencing a 40-year high with more than 36,800 sqm of office space claimed in the first quarter alone in 2017. With a flair for innovation and a reputation for breeding a talented, creative workforce, it makes sense that more businesses are choosing to locate their offices in the Victorian capital.
Office spaces on Williams Street, Collins Street and Southbank all have something unique to offer those who choose to set up shop there. With great transport links, some of the best cafes and restaurants in the country and the top university in the country, University of Melbourne, expect to see more startups making Melbourne their first choice for virtual and serviced solutions.
Opportunities in Perth
Perth may be the most isolated city in Australia but that hasn’t stopped companies relocating back to the Western Australian capital in the early half of 2017. Office vacancy rates have decreased for the first time since 2012, attracting many large companies back to the west coast.
For SMEs and startups, this means that there are more opportunities in WA as more complementary businesses and support businesses will prosper with this insurgence of new business in the region. Choosing a serviced or virtual office in a prolific Perth location such as AMP Tower or Brookfield Place gives you the chance to capitalise on these opportunities in the near future.
Choose a Prestigious Location With Flexibility
It’s a time of opportunity in Australia and those opportunities are primarily in the major CBDs of the country. Now is the time to secure a prestigious address in one of these iconic cities and start making your business known.
With flexible month-to-month leasing options and virtually no setup costs, serviced and virtual offices are gaining popularity with SMEs and startups all over Australia. Take some time to carefully consider which city will offer the most opportunity for your business and start your expansion into some of the best office spaces Australia has to offer.