The future of office property

The following paper considers the question, where to office property? In doing so, it focuses, in the first instance, on identifying and describing a selection of key forces for change present within the contemporary operating environment in which office property functions. Given the increasingly complex, dynamic and multi-faceted character of this environment, the paper seeks to identify only the primary forces for change, within the context of the future of office property. These core drivers of change have, for the purposes of this discussion, been characterised as including a range of economic, demographic and socio-cultural factors, together with developments in information and communication technology. Having established this foundation, the paper proceeds to consider the manner in which these forces may, in the future, be manifested within the office property market. Comment is offered regarding the potential future implications of these forces for change together with their likely influence on the nature and management of the physical asset itself. Whilst no explicit time horizon has been envisioned in the preparation of this paper particular attention has been accorded short to medium term trends, that is, those likely to emerge in the office property marketplace over the coming two decades. Further, the paper considers the question posed, in respect of the future of office property, in the context of developed western nations. The degree of commonality seen in these mature markets is such that generalisations may more appropriately and robustly be applied. Whilst some of the comments offered with respect to the target market may find application in other arenas, it is beyond the scope of this paper to explicitly consider highly heterogeneous markets. Given also the wide scope of this paper key drivers for change and their likely implications for the commercial office property market are identified at a global level (within the above established parameters). Accordingly, the focus is necessarily such that it serves to reflect overarching directions at a universal level (with the effect being that direct applicability to individual markets - when viewed in isolation on a geographic or property type specific basis – may not be fitting in all instances)

Creative Industries come to China (MATE)

This paper introduces the special issue “China: Internationalizing the Creative Industries”, describing the Australian Research Council funded “MATE” project which provides the conceptual background for the questions the issue explores. The MATE project began with the expectation that as China evolves from its status as a developing country with an emphasis on primary industries and manufacturing, to a mature, market-driven economy benefiting from high levels of international investment, it will become more actively engaged with the global “knowledge economy” and “information society”. In this context, developments in the “creative industries”, which are playing such an important role in developed economies, might reasonably be expected in China. Although China continues to be characterised by strong central-policy settings, as the domestic consumer market matures there is greater scope for consumer-led creative business development. The “MATE” project aimed to capture some of these changes as they began to gain momentum across a range of services: Media, Advertising, Tourism and Education. This special issue continues this theme with papers that explore the theoretical challenges, economic questions and implications, and practical instantiations of creative industries growth in China. All papers contained in this special issue have been peer-reviewed.