A quote from another real estate portfolio manager below seems...

A quote from another real estate portfolio manager below seems to apply strongly to the COF fringe city holdings. Seems to make sense to me.

"The majority of Australian businesses (and employment) are
small and medium-sized enterprises. These SMEs are in
the market for a new ‘Toyota’, not a ‘Rolls-Royce’. They want
the highest quality office, in the best location, within their
price bracket. So “high quality office” is really the space that
meets the needs and preferences of its target audience.
We are also seeing a shift to “experiences”, with tenants
now increasingly focused on the whole package of location,
local amenity, on floor experience and fit-out, natural light,
third spaces and wellness, and proximity to transport.
We are seeing this play out particularly in the city fringe
areas where rents are growing strongly, given the lack
of availability."