Commercial office suites to be built in Woolooware Bay Town Centre are expected to become even more attractive to investors and business owners as a result of the coronavirus pandemic, an agent says.
Hayden Bennett, managing director at Commercial Property Group, said businesses were expected to rethink their approach to space requirements after the experience of remote working.
"We expect there will be a change in the market where, depending on the kind of business they are, small to medium-size operations will not require significant floor space and may seek alternative office space, closer to where the bulk of their employees live," he said.
"This will create demand for commercial space in local and high-density residential areas like Sutherland Shire, which will also provide a healthier work/life balance."
Mr Bennett said businesses were likely to scale back from large office spaces to a more affordable and tailored arrangement.
"Most will still need a premises however it may come down from 300 square metres to to about 50-100 square metres, similar to what's on offer at Woolooware Bay," he said.
"We suspect the premises will be more for client interaction and customer experience, rather than a workspace for staff.
"It will need to be an 'experience' that may not be a traditional office area - rather, meeting rooms, lounges, breakout areas, and space for staff members to collaborate."
Mr Bennett said strong inquiries from potential investors in Woolooware Bay continued after half the 12 suites on offer were sold off the plan between October 2019 and March 2020.
Highland Property Group agent Luke Barbuto said investors were looking ahead while navigating the present challenges.
"Woolooware Bay is a long term investment, with completion due in 2022," he said.
"With settlement not for another two years, it's an investment people are not only confident with, but feel comfortable with as well."
The agents say the retail component of the development was a major selling point.
Other attractive features would include a childcare centre, medical centre, gym and rebuilt Sharks Leagues Club.
