AvLaw Pty, Sydney
The past 10 years have shown that construction’s slow adoption of technology has proven to be a challenge to owners in providing contemporary content and agility to their tenants. There is an increase in tenants that are millennials—buying “experience,” demanding latest technology standards embedded into the building, and seeking spaces that promote health and well-being principles. This reflects the owner’s business case in developing tall buildings and what can be done to diversify and maximize revenue streams in lieu of changing demand.
With the rise in tall building developments, competition has become increasingly fierce and tenants are becoming more sensitive towards the “space” inside the building, rather than the mere architectural splendor. Ninety percent of our time is spent indoors, and comfort has become one of the main priorities for tenants. Owners are pushing architects and engineers to create healthier, high-tech and more efficient buildings. These principles reflect on the owners, as they seek alternative ways to offer their occupants more attractive content and more agility to meet ever changing tenant requirements.
Contemporary content demand translates into a diversified revenue stream that owners are able to implement into their business plan and design. These include the typical skybars, observation decks, gyms, shops, and restaurants, but also building-specific apps, wellness products, meditation and “quiet” rooms, lighting features and air quality. These revenue streams can be quantified so that optimal solutions on how to balance the content to both will maximize financial benefits for the owners and satisfy contemporary tenant requirements.