Market outlook

Downturn affects Australian commercial market

The credit crunch has seen growth slow in Australia’s retail and industrial markets, but the office market is still healthy – for now. Sean Murray, Head of Property Securities, Perpetual Investments, told a a recent Adcorp Property luncheon, “things moving along reasonably well, although [commercial property] is vulnerable if unemployment rises”. “It’s an opportunistic market,” added Murray. “When markets are down, it’s time to buy. There are acquisition opportunities at prices which are lower than two years ago.”

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Out and about in Commercial property

A snapshot of sales results from around the nation

Queensland

Geoffrey Cooper, of Raine & Horne Commercial Brisbane North, negotiated a three-year office lease for the lessors at Suite 18/ 457 Upper Edward Street, Spring Hill. The office suite is 103sqm and the tenant is the Surveyors Board of Queensland. The agreement includes a rental rate of approx $460psqm pa gross, plus GST and has been linked to CPI increases.

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Land tax hikes to hit tenants

Commercial lessors in NSW are reeling in the wake of the State Government’s decision to double property transfer fees from $92 to $184 and increase land tax by 25 per cent on properties valued at more than $2.25 million.

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