Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.17645/up.v7i3.5298 |
Resumo: | Covid-19 has led to unprecedented changes in functional structures in our cities. Since the mid-20th century, central business districts (CBDs) worldwide have hosted economic and employment activities, leaving suburbia to home the residential function. However, the global Covid-19 responses have resulted in changes in some urban functions, and it is yet to see if these changes would transpire as temporary or permanent. Some argue that the broad macrogeographical pattern of urbanisation is unlikely to be changed. Still, that significant intra-metropolitan, neighbourhood-level and daily life changes are to become part of the new reality. Thus, this article considered these changes by focusing on property trends in the Sydney CBD to reflect on future trends, urban structures, and associated functions. An evaluative single case study desktop analysis was conducted to investigate commercial vacancy rates and rental prices within the CBD of Sydney (Australia) between 2018 and 2021 to reflect on the Covid-19-drive changes and their implications for urban planners. Findings highlighted that before Covid-19, both residential and commercial markets were growing, with rising rental prices and decreasing vacancy rates. However, commercial vacancies in the CBD have increased, and rental prices have decreased since 2020’s lockdown, stressing the dropping demand for commercial spaces. The residential market experienced a different trend with dropping vacancy rates and increasing rental prices. The data analysed provide an initial understanding of how Covid-19 has impacted the Sydney CBD. It poses some insights into potential future trends and changes in the urban landscape. It highlights the implications that the planning profession should consider in the quest to realise sustainable and resilient cities. |
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Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trendscommercial use; Covid-19; future of CBD; pandemic impacts; property data; purchasing prices; residential use; vacancy ratesCovid-19 has led to unprecedented changes in functional structures in our cities. Since the mid-20th century, central business districts (CBDs) worldwide have hosted economic and employment activities, leaving suburbia to home the residential function. However, the global Covid-19 responses have resulted in changes in some urban functions, and it is yet to see if these changes would transpire as temporary or permanent. Some argue that the broad macrogeographical pattern of urbanisation is unlikely to be changed. Still, that significant intra-metropolitan, neighbourhood-level and daily life changes are to become part of the new reality. Thus, this article considered these changes by focusing on property trends in the Sydney CBD to reflect on future trends, urban structures, and associated functions. An evaluative single case study desktop analysis was conducted to investigate commercial vacancy rates and rental prices within the CBD of Sydney (Australia) between 2018 and 2021 to reflect on the Covid-19-drive changes and their implications for urban planners. Findings highlighted that before Covid-19, both residential and commercial markets were growing, with rising rental prices and decreasing vacancy rates. However, commercial vacancies in the CBD have increased, and rental prices have decreased since 2020’s lockdown, stressing the dropping demand for commercial spaces. The residential market experienced a different trend with dropping vacancy rates and increasing rental prices. The data analysed provide an initial understanding of how Covid-19 has impacted the Sydney CBD. It poses some insights into potential future trends and changes in the urban landscape. It highlights the implications that the planning profession should consider in the quest to realise sustainable and resilient cities.Cogitatio2022-07-29info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/up.v7i3.5298https://doi.org/10.17645/up.v7i3.5298Urban Planning; Vol 7, No 3 (2022): The Resilient Metropolis: Planning in an Era of Decentralization; 49-622183-7635reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/urbanplanning/article/view/5298https://www.cogitatiopress.com/urbanplanning/article/view/5298/5298Copyright (c) 2022 Gabriela Quintana Vigiola, Juaneé Cilliers, Luis Hernando Lozano-Paredesinfo:eu-repo/semantics/openAccessQuintana Vigiola, GabrielaCilliers, JuaneéLozano-Paredes, Luis Hernando2023-01-26T21:15:35Zoai:ojs.cogitatiopress.com:article/5298Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:45:47.127063Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
title |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
spellingShingle |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends Quintana Vigiola, Gabriela commercial use; Covid-19; future of CBD; pandemic impacts; property data; purchasing prices; residential use; vacancy rates |
title_short |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
title_full |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
title_fullStr |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
title_full_unstemmed |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
title_sort |
Reimagining the Future of the Sydney CBD: Reflecting on Covid-19-Driven Changes in Commercial and Residential Property Trends |
author |
Quintana Vigiola, Gabriela |
author_facet |
Quintana Vigiola, Gabriela Cilliers, Juaneé Lozano-Paredes, Luis Hernando |
author_role |
author |
author2 |
Cilliers, Juaneé Lozano-Paredes, Luis Hernando |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Quintana Vigiola, Gabriela Cilliers, Juaneé Lozano-Paredes, Luis Hernando |
dc.subject.por.fl_str_mv |
commercial use; Covid-19; future of CBD; pandemic impacts; property data; purchasing prices; residential use; vacancy rates |
topic |
commercial use; Covid-19; future of CBD; pandemic impacts; property data; purchasing prices; residential use; vacancy rates |
description |
Covid-19 has led to unprecedented changes in functional structures in our cities. Since the mid-20th century, central business districts (CBDs) worldwide have hosted economic and employment activities, leaving suburbia to home the residential function. However, the global Covid-19 responses have resulted in changes in some urban functions, and it is yet to see if these changes would transpire as temporary or permanent. Some argue that the broad macrogeographical pattern of urbanisation is unlikely to be changed. Still, that significant intra-metropolitan, neighbourhood-level and daily life changes are to become part of the new reality. Thus, this article considered these changes by focusing on property trends in the Sydney CBD to reflect on future trends, urban structures, and associated functions. An evaluative single case study desktop analysis was conducted to investigate commercial vacancy rates and rental prices within the CBD of Sydney (Australia) between 2018 and 2021 to reflect on the Covid-19-drive changes and their implications for urban planners. Findings highlighted that before Covid-19, both residential and commercial markets were growing, with rising rental prices and decreasing vacancy rates. However, commercial vacancies in the CBD have increased, and rental prices have decreased since 2020’s lockdown, stressing the dropping demand for commercial spaces. The residential market experienced a different trend with dropping vacancy rates and increasing rental prices. The data analysed provide an initial understanding of how Covid-19 has impacted the Sydney CBD. It poses some insights into potential future trends and changes in the urban landscape. It highlights the implications that the planning profession should consider in the quest to realise sustainable and resilient cities. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-07-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.17645/up.v7i3.5298 https://doi.org/10.17645/up.v7i3.5298 |
url |
https://doi.org/10.17645/up.v7i3.5298 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.cogitatiopress.com/urbanplanning/article/view/5298 https://www.cogitatiopress.com/urbanplanning/article/view/5298/5298 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Gabriela Quintana Vigiola, Juaneé Cilliers, Luis Hernando Lozano-Paredes info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Gabriela Quintana Vigiola, Juaneé Cilliers, Luis Hernando Lozano-Paredes |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Cogitatio |
publisher.none.fl_str_mv |
Cogitatio |
dc.source.none.fl_str_mv |
Urban Planning; Vol 7, No 3 (2022): The Resilient Metropolis: Planning in an Era of Decentralization; 49-62 2183-7635 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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