Friday on my mind: The workers avoiding the CBD
Staff incentives fail to fire with workers as NSW State Government gets a jump start on the weekend
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Massages, pilates classes, free food and beverages and discounted parking have not been enough to lure office staff back to the CBD, a commercial property expert said this week.
Head of research at Ray White Commercial, Vanessa Rader said despite best efforts by employers, staff have been less inclined to come into the city on Fridays, prompting calls for the introduction of a four-day week.
“While office owners and employers are doing their bit to encourage staff interaction in the office by way of perks and experiences such as massages, pilates classes, free cannolis and iced lattes, occupancy levels remain subdued,” she said. “Now Transport NSW has weighed in, Sydney’s public transport prices are set to increase next month, weekly caps however have remained unchanged and Friday is now considered a weekend.”
Last weekend, NSW Transport announced that weekend fares will also apply on Fridays, providing all-day travel for no more than $8.90 for adults on metro, train, light rail and bus services.
“However, half-price trips after eight journeys will no longer be available when the fare change comes into effect,” the statement said. “Fewer people are travelling five days a week, resulting in lower uptake of the half- price trips benefit, which has dropped from 24 percent pre-Covid to 14 percent in 2023.”
City office vacancies are at their highest rates since the late 1990s, with Sydney and Melbourne recording 11.5 percent and 15 percent respectively. Ms Rader said there were several factors keeping occupancy rates consistently low.
“The prolonged historically low 3.7 percent unemployment rate is a stumbling block for many businesses, the lack of quality talent leading to employers having to provide greater flexibility to secure quality staff,” she said. “Hybrid working models allow remote working, be it from home, in regional areas or even interstate with limited need for “in the office” interaction continuing to be commonplace.”
However, data released by CoreLogic last month showed the desire for regional areas has cooled, with key areas such as the Richmond-Tweed, Shoalhaven and Southern Highlands in NSW and Ballarat and Geelong in Victoria experiencing falls in values between -10.4 percent and -20.4 percent, indicating a return to city areas.
In the meantime, Ms Rader said the case for a four-day week to entice workers back to the city while maintaining work-life balance is growing.
“The mandating of staff back into the workplace for a four-day week, would do much to stimulate the office market’s demand for space, while promoting better work/life balance, reduced stress and growth in health benefits,” she said. “(This would) leave the three-day weekend to explore Sydney on public transport at a discounted rate, or travelling across toll roads, growing family time and healthy lifestyle habits.”
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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