Commercial Property Guide –
Converting commercial buildings into apartments may not be new but it has certainly been reignited as a hot topic. Events over the past year have given supporters fresh impetus to push for more flexible planning laws to fast-track of commercial/residential conversions. While acknowledging CBDs will always remain critical to any city’s economy, the rise of working from home since March last year mean those hubs may never be as well patronised as they were before covid hit our shores, observers say.
This is especially true of Sydney’s CBD according to NSW chief economist Stephen Walters. Although CBD office workers are increasingly returning, they will never do so in the same numbers experienced pre-pandemic he said. “We are not coming back in 100 per cent five days a week and so the reality is the demand for office space is not going to be what it used to be,” Mr Walters said.
