weaker—largely a runoff from COVID,” Beaumont adds. He points to the long tail of commercial leasing cycles as a key factor.“Leases often run three to five years. So even if tenants signed new leases in 2020, those are just coming up for renewal now. That’s when we’re seeing companies reevaluating their space needs,” Beaumont relays. Meanwhile, government and market pressures are prompting some owners to convert commercial assets into residential use. “There’s a definite movement toward conversion and rezoning as councils try to address the housing crisis,” he adds.“It’s a reflection of shifting demand, and the reality that there just isn’t the same appetite for new office construction right now,” Beaumont notes. At the same time, transportation infrastructure such as the Northwest Rail Link is reshaping regional dynamics. “It’s had the interesting effect of not necessarily drawing people west, but sending many back toward the city. Combined with the incentives being offered by institutional owners in CBD areas, that’s pulling some businesses back into central Sydney,” he expands. TECHNOLOGY, EFFICIENCY, AND THE HUMAN ELEMENT Technology—and more recently,AI—is transforming how Beaumont operates. “AI and automation are changing the way we do business, and I see that as a real opportunity,” says Beaumont. “It’s about providing efficiency for staff, but also enhancing the customer experience.” Beaumont has been early to embrace data-driven tools, particularly through its adoption of Salesforce as a CRM.“We’ve used Salesforce in quite a creative way, matching prospective buyers and tenants to properties. We’re using big data to assess who might be the best fit for particular buildings—it’s been quite effective.” Beyond CRM, Beaumont has also developed 151 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 10 BEAUMONT PROPERTY GROUP
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