Exacerbated by the pandemic and the significant changes it has brought to the workplace, landlords and asset managers have been presented with a fundamentally different landscape now than a decade ago… enter the spec suite. 

However, rather than watch occupancy rates drop, landlords are adjusting to their situation, and a large part of this response has been the spec-suite.

In this case, the ‘spec’ refers to the speculative nature of the undertaking. With no promise of a tenant, many landlords are constructing complete fit-outs in their buildings in the hope of attracting prospective business – and it’s working.

For tenants, landlords taking on the construction risk and delivering the fit-out ultimately incentivise tenants in their decision-making. At the same time, timely move-in and move-out factors also add to their popularity.

Also of benefit have been the scale and attractiveness of spec-suites. For small-medium businesses, the premium location in premium buildings is one of the main attractions. As of 2022, 79% of turnkey solutions have been prime-grade assets, according to JLL’s recent findings.

For tenants, the ease of the spec-suites is proving the difference. In addition, the finished spaces give these businesses the connectivity – personally and digitally, the prestige and quality they seek without any overbearing financial commitments or the need to wait. It’s a win-win.

Working on spec-suites for Vantage, Artifex, Jones-Lang-Laselle, and a collection of suites in the Queens and Collins Tower, McCormack finds itself at the forefront of the spec-suite trend, its development, and construction. See here a collection of some of our favourite spec-suites. Watching our clients turn otherwise empty buildings into functional, modern, and, most importantly, occupied spaces has set the scene for years to come.

While this trend has been in the making for more than a few years, the pandemic forced the market to respond and pushed the turnkey market to where we see it today. The speculative suites are here to stay with benefits that embrace tenant and landlord outcomes.

With experience and expertise in the market, McCormack can develop a premium spec suite to suit a range of tenants and modern needs, all leading to building occupancy. To learn more about creating the perfect speculative suite click here.