A speculative fit out is nothing new to the property industry. However, in recent times they have taken on a more prominent role as landlords seek to attract prospective tenants to their buildings.
Speculative suites are now a hotly contested niche of the property industry. The fit outs are used to enable building owners to stand out from the crowd and not only draw in potential tenants that would take advantage of a completed office but also those who align themselves with the aesthetic represented as well – it’s about setting the tone for the rest of the building.
For this reason, the investment of landlords to provide these spaces can act as a draw card creating a sort of hub for certain industry sectors & a building community who align with a particular look and feel.
While these spaces exhibit an element of current ‘fashion’ in workplace aesthetic they equally need to be generic enough to appeal to a range of potential occupiers. Treading the line between mass appeal and unique enough to stand out from the crowd. Venko work with landlords to create a varied palette across the building – where the design language is consistent but variation on colour palette provides choice to prospective tenants, our work with RACV does just that.
Spec suites are the ‘pret-a-porter’ answer to the haute couture of the property industry. These suites are designed with cues from the ‘Haute Couture’ high-end and custom designed fitouts of our industry to attract tenants who normally couldn’t afford the investment of a custom fitout.
“…they are the pret-a-porter answer to the haute couture of the property industry.”
Budgets for spec suites are often tightly controlled – especially as the investment is made by the landlord without any precommitment from tenants and often because of an inability to attract tenants to the building the first place. Restricted budgets do not mean that these suites are not well designed. At Venko we believe that applying good design principles while meeting budget is a mark of good design in itself. We take the inspiring conceptual ideas at hand and use them to create outcomes that are functional representations of this inspiration and that are cost minimised and budget relevant.
Our design for Level 26 at 500 Collins Street ended a frustrating period of vacancy for the landlord. The resulting workspace is instantly appealing with crisp whites & charcoal tones set against bursts of colour that draw the eye across the space while having universal appeal, a vibrant solution.
The Exit Strategy
We take an ‘in and out’ approach to our design for speculative suites. The exit strategy is equally as important as attracting a tenant in the first instance. When a tenant is outgoing, the fit out needs to be easily returned to its original state. Using loose furniture is one key example in providing this functionality. Clients can create individual change while they occupy space through rearrangement & repositioning of the furniture elements to suit their unique needs. This ensures the fitout can be efficiently and cost effectively returned to its original state.
Elevated Appeal
Spec suites can tell a story to prospective tenants that a leasing agent, no matter how creative, cannot. No amount of glossy visuals or conversation can compete with the real thing. An environment a client can actually see, touch and experience.
Our work is in the art of storytelling and Venko creatives design spec suites to clearly express how a client would inhabit a space. From visual impact in the arrival, to how you would traverse the environment throughout the day and the employee experience of areas like the breakout and collaboration spaces.
Venko’s work with Salta Properties at OneFourFive Clarendon takes this a step further where the 6 floors of spec suites also tell a story of the surrounding locality and set the tone for the building in harmony with the architecture.
The speculative suites of today are unique and creatively designed workplaces in reach for the majority of businesses, whatever their scale & budget. A highly attractive offering, we would go so far as to suggest they may herald the end of the reign in the appeal of co-working environments…but that’s just speculative.
Elements of a successful Spec Suite
- Designed to plan for easy transition of incoming & outgoing tenants
- Space types that are relevant & functional to the tenancy size
- Ease of personalisation & flexible to needs
- Inspiring but cost minimised and budget relevant