The pandemic has pushed many businesses to the brink and has forced many to think of cost cutting measures - moving to Wollongong is one of them, according to real estate agents.
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Travis Machan from MMJ Real Estate said Wollongong was in the middle of a commercial real estate boom, with his company selling $30 million worth in the winter months alone.
He said staff retention was a key factor along with lifestyle, proximity to Sydney and cost.
"Wollongong is 30 per cent more cost effective than Sydney, Melbourne and Parramatta CBDs," Mr Machan said.
"We have 50 per cent less staff turnover than the national average ... and we have an industry focused global university offering an unrivalled talent pool for new business.
"It will be our highest annual activity in commercial sales in the company's 60 year history ... despite this year's distractions."
He said industrial property had been the strongest sector for MMJ, selling more than $21 million in North Wollongong during June and July.
Hayley Rodd from Colliers International Wollongong attested to also seeing "an exponential increase in the demand for industrial space ... in the last 12 months".
Meantime, both Ms Rodd and Mr Machan said the city was ready to open its doors to the corporate world, with thousands of square metres of new office space becoming available as a number of large developments reach completion.
"Wollongong could be well on the road to becoming a destination of choice for organisations, with more than 17,000 metres of new office accommodation coming online throughout 2020," Ms Rodd said.
It comes as Councillor Tania Brown will this week urge other councillors to support a motion to urge the NSW Government to consider moving some of its offices to Wollongong.
Head of the Illawarra Business Chamber Adam Zarth said now was the time to encourage the "decentralisation of jobs" and coax business to Wollongong.
"Wollongong benefits from a 28 percent cost saving compared Western Sydney, compromising lower expected salaries, costs associated with staff turnover, and commercial real estate in particular," he said.
"Combined with a talent pool of 23,000 commuters and 5,000 annual university graduates, and an improved work-life balance, the decision stacks up."
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Desiree Savage
At the helm of Australia's premier publication for people aged over 55, covering hard hitting issues, travel, lifestyle and entertainment. Got a hot tip? Email me - edit@TheSenior.com.au
At the helm of Australia's premier publication for people aged over 55, covering hard hitting issues, travel, lifestyle and entertainment. Got a hot tip? Email me - edit@TheSenior.com.au
