The Australian capitals where WFH employees are digging in
A leading industry body warns that some CBDs need support if they are going to thrive economically
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If you’re looking for office space in Brisbane anytime soon, you might want to get a move on.
That’s according to the last data from the Property Council Australia which has just released its biannual Office Market Report.
The report shows the Sunshine State capital has recorded a fall in vacancy rates over the past six months from 12.9 percent to 11.6 percent. There is even less available office space available in the nation’s capital, with vacancy rates in Canberra falling from 8.9 percent to 8.2 percent. Perth and Adelaide also reported modest falls in office vacancies as more businesses entice workers back to their desks.
However, it’s a different story in the country’s two largest capitals, with Sydney and Melbourne data revealing vacancy rates are on the rise.
Property Council Chief Executive Mike Zorbas said Sydney and Melbourne face some challenges.
“Demand remains strong in four of the six capital cities captured in our detailed survey, but it has subsided across the big two, Sydney and Melbourne,” Mr Zorbas said.
“Sydney and Melbourne experienced slight vacancy rate increases with over 200,000 sqm of new office space planned in the next three years. However, pre-commitment rates are lower than Brisbane, with only 42 per cent in Sydney and 17.4 per cent in Melbourne already secured by tenants,” Mr Zorbas said.
Businesses have been trying in recent months to entice more workers back to the office in a post COVID environment offering everything from fully stocked fridges to board games to make workplaces feel more welcoming.
Mr Zorbas said CBDs were key economic centres and governments around the country need to support them to ensure they remain vibrant.
“Thriving CBDs are an essential part of our national economic prosperity and support the viability of large-scale public transport systems and investments in public amenities,” Mr Zorbas said.
“We need parliaments and public and private sector leaders to recognise and champion the superior relationships, organisational, economic and societal outcomes that come from face-to-face teamwork in cities and towns across our nation each and every week.”
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A family trust for Gernot Langes-Swarovski, great-grandson of the crystal company’s founder, is selling the 72-acre Isola Santa Cristina.
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A private island near Venice, Italy, that was owned by an heir to the Swarovski crystal fortune is set to hit the market for the first time in 40 years with an asking price of €24 million (US$28.3 million), Mansion Global has learned.
Isola Santa Cristina is in the northern part of the Venetian Lagoon, about a 40-minute boat ride from Venice. Drawn to the area’s fishing culture, Gernot Langes-Swarovski, the great-grandson of Swarovski founder Daniel Swarovski, acquired the island in 1986, according to Venice Sotheby’s International Realty, which is marketing the property.
The 72-acre island became a retreat for Gernot Langes-Swarovski, who valued sustainability and nature and maintained it with respect for those concerns.
In fact, the island’s fish farming has been redeveloped in collaboration with Venice’s Ca’ Foscari University, according to Sotheby’s International Realty.
“Gernot Langes-Swarovski’s passion for agriculture, heritage and ecology made his stewardship of Isola Santa Cristina extremely personal, forging relationships with local centres of excellence, such as Ca’ Foscari University, which shared his passion and view,” said Dr Christoph Völk, chair of the trustees of SEGNAL Privatstiftung, the private family trust selling the island.
Today, the island’s landscape still includes much of Langes-Swarovski’s additions: apricot and plum orchards; an olive grove, roughly 7 acres of vineyards producing Merlot, Chardonnay and Cabernet grapes; a vegetable garden; and beehives that produce organic salt marsh honey.
In addition to being involved in the family business, Gernot Langes-Swarovski co-founded business jet operator Tyrolean Jet Services. In 2014, Forbes estimated he had a net worth of $1.3 billion. He died in 2021 at the age of 77.
After his death, ownership of the island was transferred into a family trust, and the property was previously operated by Gernot Langes-Swarovski’s stepson René Deutsch and his wife, Sandra, as a luxury retreat with “a limited number of bookings per year,” according to the island’s website.
The historic villa spans 9,250 square feet across four floors, and includes nine bedrooms, nine bathrooms, two reception rooms, a formal dining room and a chef’s kitchen, plus air conditioning throughout. A crystal chandelier remains in the villa as a nod to Langes-Swarovski’s stewardship of the island.
Outdoor features include a veranda with a large dining space and an open-fire rotisserie and grill; an altana, a traditional Venetian roof terrace; and a heated saltwater pool. A path from the villa leads down to a dock and boat house, and there’s also a mooring for up to five boats.
Across a pond from the main house, there’s a 6,080-square-foot farmhouse with two bedrooms, two bathrooms, a kitchen, a living room and a yoga studio, as well as a self-contained apartment, also with two bedrooms, two bathrooms and a kitchen.
The family trust has continued to invest in the island in keeping with Langes-Swarovski’s eco-friendly ideals, according to information provided by the brokerage.
Most recently, they’ve planned the installation of a new €2 million-plus Centro Tecnologico, a facility that will support the island’s technical services, water management and storage of agricultural equipment.
“The time is now right for stewardship of Isola Santa Cristina to pass to a new custodian,” Völk said, “who appreciates the uniqueness of the location and whose passion for ecology and the lagoon will ensure its future.”
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