Perth’s Office Workforce market is structurally similar in many ways to many developed cities throughout Australia and internationally, however does have a number of distinct differences that must be considered when planning corporate real estate solutions.
Today’s workplace landscape is mired in change spurred by evolving business and social contexts. The Perth unemployment rate seems to have peaked at around 6.2% in May 2019, and now falling to 5.8% in June 2019, with a number of economic demand factors potentially compressing this in the next five years. However, companies remain wary of large investments or long-term commitments. The world also continues to become more urban, driving up real estate prices and density in the prime city markets where companies are increasingly locating.
Millennials have become the largest contingent of the Perth workforce from 2016, and Generation Z’s integration has already begun. Younger workers tend to pursue organisations that hold the same values as they do, providing a healthy work/life balance, and including the right amenities in the workplace. Anecdotally, Millennials and Gen Z are less likely to maintain loyalty for a single organisation, and may see four or five transitions in their first decade of work as they seek diversity of opportunities and climb the corporate ladder.
These shifts are driving organisations to increasingly compete on experience and purpose. As the workplace accommodates five generations, its diversity is also growing in other ways. In the developed world, women are entering the workforce at historic rates, however this trend is lagging across Perth’s office workforce which is possibly symptomatic of the high proportion of extractive industries what have traditionally been male dominated.
Today, women outpace men in achieving bachelor’s degrees, and in many industries, outnumber men in middle and upper management positions. Diverse working communities engender diverse perspectives and desires. Workplaces that reflect the wide range of needs and expectations of today’s talent pool will come out ahead.