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Melbourne’s office market has been rated as Asia Pacific’s second most resilient and prepared for unexpected turns, according to a new report.
The ‘The Prepped Cities Index’ is Cushman &amp; Wakefield’s inaugural report that assesses governance and environment factors to help identify which cities are best prepared in deterring and managing against future uncertainty.
In 2018, the Victorian capital was only behind Singapore.
The Prepped Cities Index is based on eight indicators across Built Environment (Cost/Rental Volatility, Obsolescence, and Sustainability) and Governance and Environment (Governance, Terrorism, Talent, Susceptibility and Cyber Security).
These factors were used to assess 17 major business centres across the Asia Pacific.
Melbourne performed strongly across the majority of categories across both real estate and governance and environmental indicators.
This included ranking first in access to talent that is important for continuity in the event of an acute incident and third in sustainability. Melbourne also ranked strongly relative to the other cities in the indicators relating to cybersecurity and terrorism, which were drawn from the Economist Intelligence Unit’s Safe Cities Index.
However, the city missed out on the top ranking due to a lack of new quality office supply to replenish ageing stock and ongoing political changes impacting its governance rating.
Both Sydney and Melbourne illustrated Australia’s leadership in the sustainability of the built environment, ranking first and third in Asia Pacific respectively. This was assessed as the proportion of A-Grade buildings with at least a ‘very good’ LEED rating.
This sustainability ranking was achieved despite Sydney and Melbourne having the oldest average A- Grade office buildings across the Asia Pacific, however this was offset by high levels of institutional ownership and a well-developed program of building refurbishment.
Melbourne also ranked above every other city in terms of access to workers, either domestic population or attracting international staff, which supports its resilience should an acute incident occur.
Tony Crabb, Director Research, Australia and New Zealand at Cushman &amp; Wakefield, said: 
“A city’s ability to remain resilient in the face of external changes to the physical and geopolitical environment is increasingly important for real estate market participants and the population at large.
“Beyond the universal desire to provide each individual’s personal safety, the move to ensure that buildings are safe, sustainable, resilient and adaptable is being led by institutional landlords and emerging as a key criteria for investment.
“As the world’s second most livable city according to The Economist Intelligence Unit, it is no surprise that Melbourne ranks highly on The Prepped Cities Index.
“With 300,000 square metres of office space being delivered in Melbourne this may have boosted the city’s ranking even further.”
Emma Wright, National Manager, Sustainability Solutions, Australia and New Zealand at Cushman &amp; Wakefield, said: 
“Australia has demonstrated its leadership in environmental sustainability which goes well beyond the BEEC (Building Energy Efficiency Certificate) requirement for all office space advertised for sale, lease, or sub-lease (over 1,000 square metres).
“While A-Grade buildings may be older on average than other APAC locations, technology-enabled solutions and an active program of building upgrades and resource efficiency measures, are key initiatives that align with leadership in the sustainability of the built environment.
“Melbourne is particularly active in driving the sustainability agenda and is currently advancing a range of initiatives that reflects its position as a leader in the region and globally.
“This includes a firm commitment to carbon neutrality, the City Switch program which helps commercial office tenants improve energy and waste efficiency and a range of other initiatives designed to manage the environmental impact.”
Dr. Dominic Brown, Head of Research, Asia Pacific at Cushman &amp; Wakefield added:
“Given that real estate is a pillar of the regional economy, coupled with the massive amounts of investment in the built environment, the real estate industry can directly play a role in making cities better prepared for the future.”
“In the built environment, the cities that are best prepared to address unexpected events hold property assets that are modern, institutionally owned to a high degree, has a forward-looking approach to sustainability and less susceptible to pricing volatility.”
<a href="https://www.propertyobserver.com.au/images/2018/11/15/melbourne%20.jpg" target="_blank">Click here</a> to enlarge:
Chart: Preparedness Ranking for 17 major business centers in Asia Pacific 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/15/melbourne%20.jpg" alt="">
Source: Cushman &amp; Wakefield Research
<a href="https://www.propertyobserver.com.au/images/2018/11/15/figure%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/15/figure%201.jpg" alt="">
Source: Cushman &amp; Wakefield Research
<a href="https://www.propertyobserver.com.au/images/2018/11/15/figure%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/15/figure%202.jpg" alt="">
Source: Cushman &amp; Wakefield Research
 
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Melbourne is APAC's second most resilient office market: Cushman & Wakefield

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NAME: Kevin Coppel
<img src="/images/2015/11/18/Screen%20Shot%202015-11-18%20at%201.54.23%20PM.png" alt="" width="218" height="181">
POSITION: Regional Head, Asia Pacific
COMPANY: Knight Frank Asia Pacific
OFFICE LOCATION: Singapore (Knight Frank Asia Pacific is the headquarters in Asia Pacific)
How long have you been in the industry?
I have been working in the professional services sector for about 25 years, of which eight years (and counting) have been in real estate.
What’s happening in the area you specialise in?
Market performance across the Asia Pacific region is quite mixed. For example, the east coast of Australia and Japan remain strong with considerable buying interest; whilst the Southeast Asian markets are struggling.
For Asian real estate investors, there remains significant interest in purchasing trophy assets (residential and commercial) in gateway cities in the UK, US and Australia.
At the same time, technology is becoming increasingly important in everything we do, bringing about technology-enabled offices which drives activity-based working. Knight Frank Sydney has recently been transformed into a new agile workplace which we believe will create more flexibility for our staff and improve collaboration.
Describe the most interesting commercial property you have worked on?
In my role I am more focused on client relationships than individual properties or portfolios.    
What I am noticing is that our clients are increasingly regional or global in the way they operate and make decisions.  In order to serve our clients effectively, we need to be able to mirror that in terms of the way we work.
Today, Knight Frank has 417 offices across 58 countries. In Asia Pacific alone, we have 57 offices in 13 countries. Hence, it is important that the region is actively communicating and sharing information in order to increase cross-border collaboration and provide the sort of seamless service our clients expect.
What are the ingredients to being successful in your job?
My ingredient mix for success:
<ul class="ul1">
<li class="li1">Listening well</li>
<li class="li1">Patience</li>
<li class="li1">Communicate clearly</li>
<li class="li1">Ability to articulate the firm’s strategy and how each employee fits into the bigger picture</li>
<li class="li1">Project energy despite limited sleep after a long haul flight; you cannot let jetlag get the better of you</li>
<li class="li1">Not taking yourself too seriously</li>
<li class="li1">Carefully managing consumption of food and alcohol and doing plenty of exercise</li>
</ul>
What aspects of your role do you enjoy the most?
My top 3 favourites:
<ul class="ul1">
<li class="li1">Meeting with clients and visiting offices in the region to catch up with the local teams</li>
</ul>
<ul class="ul1">
<li class="li1">The privilege of travelling around the region and experiencing different food, cultures and office dynamics</li>
</ul>
<ul class="ul1">
<li class="li1">Getting home to my family after a business trip 
</li>
</ul>
Where would you invest a spare A$750,000?
I would focus on residential opportunity in “brownfield” city fringe areas likely to be gentrified, concentrating on gateway cities in Asia Pacific. 
Which football team do you support?
Many – it depends on what football code you are talking about.
My pick:
<ul class="ul1">
<li class="li1">Rugby:  NSW Waratahs and Wallabies.  </li>
<li class="li1">AFL: Sydney Swans.  </li>
<li class="li1">NFL: New England Patriots.  </li>
<li class="li1">EPL: Man Utd.  </li>
<li class="li1">League: Sydney FC.   </li>
<li class="li1">NRL:  Manly Warringah</li>
</ul>
What’s your favourite app or techno gadget?
Favourite gadget: Bluetooth headphones for jogging
Favourite app: 
Seasonal: RWC 2015 (Rugby World Cup)
All-time: My Flights (tracks all of my flights); I am also an avid user of podcasts
How do you use social media?
<ul class="ul1">
<li class="li1">LinkedIn – via sharing updates and publishing pulse posts</li>
<li class="li1">Facebook – to follow what my children are doing; but I’m not a big fan of posting </li>
<li class="li1">WhatsApp – at present, I have approximately 40 active Chats groups across work, family, hobbies and sports</li>
</ul>
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