The future of office property

Janine Irons, Lynne Armitage

Research output: Contribution to conferencePaperResearchpeer-review

Abstract

The following paper considers the question, where to office property? In doing so, it focuses, in the first instance, on identifying and describing a selection of key forces for change present within the contemporary operating environment in which office property functions. Given the increasingly complex, dynamic and multi-faceted character of this environment, the paper seeks to identify only the primary forces for change, within the context of the future of office property. These core drivers of change have, for the purposes of this discussion, been characterised as including a range of economic, demographic and socio-cultural factors, together with developments in information and communication technology. Having established this foundation, the paper proceeds to consider the manner in which these forces may, in the future, be manifested within the office property market. Comment is offered regarding the potential future implications of these forces for change together with their likely influence on the nature and management of the physical asset itself. Whilst no explicit time horizon has been envisioned in the preparation of this paper particular attention has been accorded short to medium term trends, that is, those likely to emerge in the office property marketplace over the coming two decades. Further, the paper considers the question posed, in respect of the future of office property, in the context of developed western nations. The degree of commonality seen in these mature markets is such that generalisations may more appropriately and robustly be applied. Whilst some of the comments offered with respect to the target market may find application in other arenas, it is beyond the scope of this paper to explicitly consider highly heterogeneous markets. Given also the wide scope of this paper key drivers for change and their likely implications for the commercial office property market are identified at a global level (within the above established parameters). Accordingly, the focus is necessarily such that it serves to reflect overarching directions at a universal level (with the effect being that direct applicability to individual markets - when viewed in isolation on a geographic or property type specific basis – may not be fitting in all instances).
Original languageEnglish
Pages1-19
Number of pages19
Publication statusPublished - 2003
Externally publishedYes
Event9th Annual Pacific Rim Real Estate Society Conference - Brisbane, Australia
Duration: 19 Jan 200322 Jul 2003
Conference number: 9
http://www.prres.net

Conference

Conference9th Annual Pacific Rim Real Estate Society Conference
Abbreviated titlePRRES
CountryAustralia
CityBrisbane
Period19/01/0322/07/03
Internet address

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Property market
Commonality
Complex dynamics
Preparation
Assets
Cultural factors
Time horizon
Isolation
Information and communication technology
Target markets
Demographic economics

Cite this

Irons, J., & Armitage, L. (2003). The future of office property. 1-19. Paper presented at 9th Annual Pacific Rim Real Estate Society Conference, Brisbane, Australia.
Irons, Janine ; Armitage, Lynne. / The future of office property. Paper presented at 9th Annual Pacific Rim Real Estate Society Conference, Brisbane, Australia.19 p.
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Irons, J & Armitage, L 2003, 'The future of office property' Paper presented at 9th Annual Pacific Rim Real Estate Society Conference, Brisbane, Australia, 19/01/03 - 22/07/03, pp. 1-19.

The future of office property. / Irons, Janine ; Armitage, Lynne.

2003. 1-19 Paper presented at 9th Annual Pacific Rim Real Estate Society Conference, Brisbane, Australia.

Research output: Contribution to conferencePaperResearchpeer-review

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Irons J, Armitage L. The future of office property. 2003. Paper presented at 9th Annual Pacific Rim Real Estate Society Conference, Brisbane, Australia.