A look inside Melbourne’s booming ‘Industrial Renaissance’
Article | 2min read
by JONES REAL ESTATE on September 14, 2022
The commercial property landscape has changed fundamentally over the past 24 months, and so too have peoples’ perceptions around what makes an ‘inspiring place to work’.
While CBD office buildings will always play an important role in the corporate arena, a new frontier of progressive workplaces have emerged in recent years, prompting the beginnings of Melbourne’s ‘Industrial Renaissance’.
What is the Industrial Renaissance movement?
Following the surge of Melbourne warehouse conversions in the 1990s and 2000s, savvy asset owners and managers have taken things to the next level in the early 2020s, up-spec’ing outdated open-plan warehouse spaces in idyllic locations with state-of-the-art amenity and progressive floorplans to retain or attract new tenants.
Premium end-of-trip facilities, quiet meeting spaces and sound-proof studio nooks for content production activities, breakout recreation and brainstorming areas with beer and wine on tap, as well as commercial-grade kitchen equipment for events are just some of the transformative ways former industrial and warehouse assets are being elevated.
What else makes this new breed of workplace attractive?
Another important contributor to this surge in popularity for this new breed of warehouse and industrial spaces is their location.
There are many small and medium-format spaces in inner-metropolitan regions across Melbourne that are within easy reach of the CBD and other business precincts.
In Richmond alone, our experienced sales team has facilitated multiple leasing deals and sales for revitalised industrial and warehousing assets spanning over 5,000 square metres with a total value of approximately $80 million – demonstrating significant demand for this style of workspace which is driving robust returns for owners and asset managers.
Where are some case studies for the Industrial Renaissance?
One of the most exciting Industrial Renaissance-style listings we have on the market right now is The Lincoln – a versatile 390 square metre mixed-use space at 19 Lincoln Street, Richmond.
The Lincoln is just one exemplar of the Industrial Renaissance taking place across Victoria, evolving to become an eye-catching open plan ‘blank canvas workspace’ suitable for almost any business industry, thanks to its flexible mixed-use zoning that creates essentially limitless fit out opportunities.
How can I find, lease or sell a converted warehouse space?
Alternatively, if you are an asset owner and interested in a valuation or keen to take your property to market, we would love to discuss this with you and share some suggestions on how to drive the best possible results for your listing.
If you would like to learn more about this emerging trend, or would like to discuss a commercial property matter, please reach out to us at email@example.com