Another example from Ian Robertson. From Commercial Real Estate:
As public transport usage among Sydney’s CBD workforce surges, and the number of cars entering the city each day falls, developers and landlords may soon face the challenge of figuring out what to do with basement spaces that don’t meet modern building codes. …
At the same time public transit patronage among the CBD workforce has been undergoing a significant increase. Transport for NSW estimates that between 7000 and 8000 fewer cars entered the city each day over the three years to 2018 …
Developers and building landlords nowadays are less concerned with onsite parking provisions, opting to use more of the building’s floor plan for office space or building infrastructure like end-of-trip facilities or gyms in an attempt to future-proof buildings against declining demand for parking spaces. …The City of Sydney has planning controls which encourage the reduction of parking spaces as part of redevelopment plans for existing sites, allowing developers to pursue additional height levels in exchange for adaptive reuse of basement spaces.
The owners of one CBD office tower at 160-166 Sussex Street are hoping to add extra levels to the building. While the existing car parking and servicing arrangements will be retained under the current proposal, the development application outlines the potential for the future removal of the building’s 26-car stacker system in favour of “two basement levels of activity”.
… most basements were not suitable for habitation, primarily due to ceiling heights, and that retrofitting them to comply with current standards was difficult. This meant that landlords may need to get creative in future, turning to solutions such as Mirvac’s underground urban farm as inspiration.
Despite the uptick in public transport use and move away from new spaces being constructed, parking is still in hot demand in some parts of the CBD. …These commuters are opting to take up parking space offered by commercial landlords but also residential owners and tenants in fringe suburbs of the city – such as Glebe, Pyrmont, Surry Hills and Darlinghurst – who don’t use their parking spaces. …a lot of people who live within walking distance of the city, they’re happy to rent out to people.