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Over the next 10 years, Australia’s largest generation is set to retire from the workforce, unlocking a realm of new possibilities for workplace design.
Australia is currently in the midst of a significant demographic shift. Previously the generation home to the largest number of Australians – and the highest concentration of per capita wealth – the Baby Boomers are now being outpaced by Millennials.
By 2030, most Millennials will be in their 40s, making them the primary audience for the office property market.
According to Colliers Queensland senior manager of research, Pragya Sharma, the rise of Millennial and Gen Z workers will lead the Australian office landscape into a new era.
“Millennials and Gen Z are notable for their high engagement around climate change, emphasising sustainability. This is expected to drive a surge in demand for eco-friendly office spaces,” Sharma said.
Speaking on her home state of Queensland, Sharma noted that substantial population growth and a rising number of mature age workers are expected in years to come.
“This alone will cause a substantial transformation of the workforce as we know it, with resourcing strategies needing to adapt,” Sharma said.
According to Martin Blaszczyk, national director of tenant advisory for Colliers Queensland, the effects of this imminent generational shift are already leaving their mark on Brisbane offices.
“We have seen an enhancement in service offerings provided by landlords including wellness areas, social media content rooms and even offering a dog-friendly workplace,” said Blaszczyk.
He attested this shift to the impacts of COVID-19 and the rise of hybrid working, which has put substantial economic pressure on the physical office market.
“Buildings that provide an ‘experience’ are better positioned to make the return to work more attractive and convenient to workers,” explained Blaszczyk.
In addition to the so-called flight to experience, sustainability and wellness are at the top of young workers’ priority lists.
Matt Kearney, office leasing national director at Colliers Queensland, stated that the demographic shift “will see tenants prioritising net-zero targets, driving a shift towards sustainable buildings that not only reduce carbon footprints, but also improve the health and wellbeing of occupants”.
Nick Davies, associate director of tenant advisory for Colliers Queensland, added that “a lot of what drives the modern tenant is the ability to engage with co-workers, driving passion, collaboration and ultimately relationships”.
He noted that environmental features like “natural light, biophilia, air quality, lighting and even the colour and texture of surfaces” can radically improve workers’ health and “in effect impact their productivity”.
“The sky is the limit on what the changing office will incorporate,” Kearney concluded.
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