With the Auckland and Wellington office markets experiencing some of the lowest vacancy rates ever recorded, it's no secret that occupiers are turning to workplace strategy to find the key to making the most efficient use of their space and to improve productivity.
Prime vacancy has reached its lowest point ever in the 26-year history of the office vacancy survey carried out by real estate consultancy JLL.
Mark Grant, JLL national director of markets, says with such a critical shortage in prime office space and limited new supply in the short term, New Zealand businesses are embracing the international trend toward implementing a successful workplace strategy.
"Workplace strategy used to be a buzz word, but in the current market it's a practical reality," Grant says. "It is becoming the norm, not the exception, with more than 72% of companies now looking for workplace productivity."
Grant says a successful workplace strategy not only helps companies reduce their occupancy costs and space requirements, but 61% of companies now look to their workplace to increase employee productivity, satisfaction and retention. This creates a culture ready to adapt to future business evolutions.
"We are seeing the workplace strategy trend in corporates who are implementing more efficient space solutions to combat a business expansion when the cost of moving is prohibitive or, in the case of Auckland, where there are no available alternatives." Resilience essential