Market Commentary Brisbane CBD Office
|
|
- Kevin Bryan
- 5 years ago
- Views:
Transcription
1 Market Commentary Brisbane CBD Office May 2016 Executive Summary There was a relatively soft start to the year for the CBD office leasing market with net absorption of 2,614 sqm recorded in 1Q16. Just one of the three major office projects is still to be completed (1 William Street). Prime gross effective rents have declined by 2.3% y-y to 1Q16 and are currently at $394. Incentives edged up slightly to just under 36% on a 10 year lease. The upper end of the prime yield range moved in 50bps over the last 12 months to 5.75%. This is only 25bps away from Brisbane CBD s historical peak achieved in There were five office transactions in the CBD during 1Q16, totalling $325.3 million. Brisbane CBD: Key Indicators Total Stock (million sqm) New Supply (sqm) (last 12 months) End-Mar ,000 Net Absorption (sqm) (last 12 months) 22,100 Vacancy 18.2% Rents (AUD per sqm p.a) Prime Gross Effective $394 Secondary Gross Effective Yields $286 Prime 5.75% % Secondary 7.00% % 12-Month Outlook Brisbane CBD Office Update May
2 Economic Overview Despite some macro-economic difficulties, the Australian economy has been relatively robust with quarterly GDP growth of 0.6% q-q and 2.5% y-y in December Risks around the economic slowdown of China and falling commodity prices continue, however, the lower Australian dollar is providing support to trade exposed industries. In Queensland, the past 12 months has been challenging with construction of the major gas projects wrapping up. On the surface, Gross State Product growth seems to be reasonable at 1.5% for the year to December 2015, however, this is a result of a rise in exports. The domestic Queensland economy has struggled with State Final Demand (SFD) growth at -1.7% y-y in December George Street and 443 Queen Street to alternative uses. 310 Ann Street was withdrawn in 2Q15 for refurbishment and is scheduled to come back to the market in 1Q17 (18,400 sqm). 300 George Street Retail spending growth in Queensland has been sluggish at 1.6% y-y in December 2015, below the national average of 3.0%. Residential construction has been a strong sector for the Queensland economy, particularly in the south-east. This construction has been underpinned by significant growth in high density residential projects. The major slowdown in mining construction has largely past with the bulk of the work for the three gas projects completed. As a result, the Queensland economy is expected to record moderate growth as the transition to a broader based economy continues. In 2016, the forecast is for 4.0% growth in GSP ( effectively due to increased gas exports) and growth in SFD of 1.8%. Supply Two office projects have completed this quarter in the Brisbane CBD. Most notable is Grocon s development at 480 Queen Street (owned by Dexus) within the Golden Triangle precinct. The project measuring 55,400 sqm has been leased to major tenants including BHP Billiton, PWC, Herbert Smith Freehills, DLA Piper and HWL Ebsworth. Grocon has leased the remaining 8,350 sqm of the project and will sub-lease this space. ISPT s development at 170 Queen Street also completed in 1Q16, adding 2,754 sqm to the market. No tenants have been signed for the office component of this building as yet. Over the past 12 months, approximately 117,700 sqm of new office space has been completed in the Brisbane CBD. Daisho s 180 Brisbane project was completed in 4Q15 (57,465 sqm) with just 18% of the space leased at present to CBA. However, Tatts Group has signed a heads of agreement to take 18,000 sqm in the building. ISPT s 155 Queen Street also completed in 4Q15 adding 2,117 sqm; Brisbane City Council has leased the entire space for their The Capital innovation hub. There is one remaining building to complete in the Brisbane CBD during William Street is a 75,000 sqm office tower due to complete in 3Q16 and will be fully leased by the Queensland Government. The project is being developed by Cbus who sold a 50% stake in the building to ISPT. There were no withdrawals of office stock in 1Q16. Over the past 12 months there has been a total of 44,358 sqm withdrawn from the CBD office market including the conversions of Boeing House, George street is a mixed use project on the site of the former Supreme Court. The development is proposed to include a 6-star W hotel, an 82 level residential tower and a 47,700 sqm office building to be developed by Shayher Group. The hotel and retail component are currently under construction whilst work on the office building is not expected until early It is possible that the office component will be built speculatively without a significant commitment. A decision on this is expected later in the year. There are currently two planned projects for the Brisbane CBD office market. 300 George Street is a mixed use development with a 47,700 sqm office component included. The other office development planned in Brisbane is a proposed tower behind the Regent Theatre at Queen Street, owned by ISPT. This project is proposed to be 35,000 sqm, yet is unlikely to proceed unless there is a significant pre-commitment. The trend of refurbishments of office stock is expected to continue due to the elevated vacancy in the Brisbane CBD market. This is forcing owners to be increasingly aggressive to attract tenants. Major refurbishments in Brisbane are 310 Ann Street (currently underway) and 333 Adelaide Street (circa 1Q17). Brisbane Office Update May
3 Market Balance: Brisbane CBD However, there are currently several large briefs in the market. These include: - Origin Energy seeking between 15,000 and 18,000 sqm which is required by mid QIC has a requirement of 8,000 sqm with their lease at Central Plaza Two expiring in late Cooper Grace Ward Lawyers are looking at options for 4,000-4,500 sqm with their current lease expiring in 3Q19. Staying in their existing building is a likely option. - Requirements for 1,000-3,000 sqm include Expedia, Arcadis and Red Hat. There is currently just one withdrawal expected in 2016 at 240 Margaret Street, which will make way for Aspial s 91-storey residential tower. A large amount of space is due to be withdrawn in 2017 as a result of the Queens Wharf project. In total there are six state government buildings to be withdrawn in 1Q17 due to the $3 billion project, taking approximately 58,000 sqm of space out of the CBD office market. Demand There has been a relatively soft start to the year for the CBD office leasing market, recording net absorption of 2,614 sqm in 1Q16. This follows an above average result in 2015 with 26,600 sqm net absorption. The continuing contraction of the mining industry in Queensland is holding back net absorption whilst also impacting on overall business confidence in the state. Net absorption: Brisbane CBD Two of the three major office projects in the CBD have now completed, resulting in a rise of total vacancy to 18.2%. The relatively weak economy has contributed to the elevation in vacancy as demand has not kept up with the almost 118,000 sqm of new office stock. Prime vacancy has risen to 17.0% in Brisbane due the new supply, particularly the addition of 180 Brisbane which remains largely unoccupied. Secondary vacancy has also crept higher to 19.3% as the flight to quality continues for tenants who want to take advantage of the high incentives currently available. Sub-lease vacancy has significantly increased over the quarter to 63,936 sqm (2.8% of stock) compared with 31,517 sqm (1.4% of stock) at the end of 4Q15. This is a result of the completion of 480 Queen Street. Overall net absorption for 2016 is expected to be below the long term average. The move by Tatts into the CBD provides some relief, however, this is partly offset by Flight Centre moving to the fringe. As a result, vacancy is expected to rise this year due to a lack of business confidence limiting company s expansion intentions and the completion of 1 William Street. Vacancy: Brisbane CBD by Quality Grade Brisbane Office Update May
4 Rents High vacancy continues to impact on rents as owners are having to be increasingly aggressive to compete for tenants. Face rents have remained relatively stable with owners preferring to increase incentives to attract tenants. Incentives for prime stock have increased further and are currently at almost 36% for an average 10 year lease. Accordingly, effective rents have fallen further and now sit at $394/sqm (gross). Gross face rents for prime stock currently average $698/sqm. The spread between effective rents of prime and secondary office space is at the lowest level for almost a decade meaning that motivation for tenants to upgrade is particularly high. Rents: Brisbane CBD Prime Rents Major sales for the quarter include: - Mineral House at George Street, which sold for approximately $159.0 million to Singapore s AEP Investment Management. - Lend Lease s Australian Prime Property Fund Commercial has purchased the remaining 50% share in the Brisbane Transit Centre at 151 Roma Street for $62.6 million. Prime Yield Range: Brisbane CBD In the secondary market incentives have risen slightly to 37.5% in 1Q16, increasing by about 1.5 pps from a year earlier. Secondary gross face rents have declined slightly and are now at $538/sqm whilst gross effective rents have fallen 2.7% for the year and are $284/sqm as of 1Q16. Yields & Sales Despite the recent subdued economic performance of Queensland, investor demand for office stock has been relatively strong. There have been a total of 13 transactions over the past 12 months totalling $1.472 billion. A combination of low interest rates pushing investors towards higher yielding real estate investments and increased capital flows from overseas have contributed to the high transaction activity. There were five transactions that occurred in 1Q16 totalling $325.3 million. Over the past 12 months there has been significant yield compression in the CBD office market as a result of increased investor interest. The average prime yield has compressed by 50 basis points (bps) from this time last year. The upper end of the prime yield range is 5.75%, only 25bps away from Brisbane CBD s historical peak achieved in However, the spread between the upper and lower limits are far greater than the previous peak. In the secondary market, the yield range between upper and lower is 250 bps which is a historic high. This shows the considerable disparity between secondary assets as a result of the vacancy risk in the market. Currently the upper and lower secondary yields are at 7.00% and 9.50% respectively. Outlook The Queensland economy is expected to improve over the next 12 months. The lower Australian dollar should help trade exposed industries, particularly tourism. As a result, tenant demand should be positive in 2016, however, net absorption will likely be below the long term average. The state government has slowly been expanding to a point where total employment is above the level prior to the job cuts experienced in 2013 under then Premier Campbell Newman. Brisbane Office Update May
5 The final project of the current development pipeline, 1 William Street, is expected to complete in 3Q16. Therefore, there is likely to be upward pressure on the overall CBD office vacancy which is expected to reach just over 19% by the end of There is still some unknown about which specific state government departments are moving into 1 William Street which could impact upon vacancy moving forward. The recent rise in premium grade vacancy will likely begin to fall as tenants take advantage of very competitive rents being offered in this space. The risk is still in the secondary stock which is suffering from the flight to quality trend and lack of underlying economic activity driving business growth. The trend of refurbishments, withdrawals and conversions is likely to continue for the secondary market, although the existing residential development pipeline and tighter lending from the banks may reduce demand for development sites. There is uncertainty about the construction pipeline for office in the CBD with the possibility of a development at 300 George Street and The Regent Tower to bring an additional 81,200 sqm to the CBD market. Clearly this will further impact upon future vacancy whilst both project will likely rely on their ability to attract a major anchor tenant. For further information, please contact Carol Hodgson Director Strategic Research tel carol.hodgson@ap.jll.com Tom Broderick Senior Research Analyst Strategic Research tel tom.broderick@ap.jll.com With vacancy edging towards 20%, incentives are expected to remain elevated for some time and will likely move higher by the end of the year. Effective rents are therefore expected to decline further in the short term. The investment market is expected to remain strong whilst interest rates are low and foreign buyers continue to see the Australian market as good place to diversify their portfolios. In addition, the spread between average prime yields in Brisbane compared to Sydney has risen significantly, meaning that some buyers may be priced out the southern markets. It is likely that the yield compression trend over the past 12 months will ease with moderate tightening expected over the next year. This outlook for pricing is based on the assumption that there are no global macro-economic shocks adversely impacting the availability of capital or pricing. A gradual recovery in the world economy is anticipated with a very gradual increase in interest rates. JLL Brisbane Level 33, 345 Queen Street Brisbane QLD 4000 Australia This document is confidential to the recipient of the document. No reference to the document or any part thereof may be published, stated or circulated in any communication with third parties without prior written approval from Jones Lang LaSalle. This document has been produced solely as a general guide and does not constitute advice. Whilst the document has been prepared in good faith and with due care, no representation is made for the accuracy of the whole or any part of the document. Jones Lang LaSalle accepts no liability for damages suffered by any party resulting from their use of this document. Brisbane Office Update May
Residential Commentary - Perth Apartment Market
Residential Commentary - Perth Apartment Market March 2016 Executive Summary The Greater Perth apartment market has attracted considerable interest from local and offshore developers. Projects under construction
More informationMarket Commentary Perth CBD Office
Market Commentary Perth CBD Office November 2016 Executive Summary The vacancy rate at 3Q16 is 24.7%, reflecting a quarterly increase of 0.1 percentage points. Two office projects are under construction
More informationResidential Commentary Sydney Apartment Market
Residential Commentary Sydney Apartment Market April 2017 Executive Summary Sydney Apartment Market: Key Indicators 14,200 units are currently under construction in Inner Sydney with completion expected
More informationResidential Commentary Brisbane Apartment Market
Residential Commentary Brisbane Apartment Market July 2016 Executive Summary Approximately 15,200 apartments are under construction and are expected to complete over 2016-2021 within Inner Brisbane. The
More informationBrisbane CBD Office Market: the 1990s Vs Now
September 2013 Brisbane CBD Office Market: the 1990s Vs Now Key Points Figure 1: Brisbane CBD Sub-lease Vacancy % of Total Stock 3.0 2.5 2.0 1.5 1.0 1993 2002 2009 2013 Total market vacancy in Q2/2013
More informationRecord leasing activity in the Melbourne CBD office market
Record leasing activity in the Melbourne CBD office market June 215 Summary The recovery in the Melbourne CBD office leasing started in 214 and the momentum in leasing enquiry gathered pace in 215. We
More informationPerth CBD Office Market
SPRING 2016 MARKET TRENDS New supply has moderated. There is no new supply forecast until 2018. Demand weakened in the first half of 2016. Vacancy rates continued to rise in the first half of 2016. Face
More informationMarket Commentary Melbourne CBD Office
Market Commentary Melbourne CBD Office November 2016 Executive Summary Six transactions totalling $1.052 billion completed in 3Q16 and four of these are for assets located in Southbank. The Melbourne CBD
More informationCommercial Research BETWEEN THE LINES. Sunshine Coast Industrial Overview. June 2018
Commercial Research BETWEEN THE LINES Sunshine Coast Industrial Overview June 2018 The Sunshine Coast has witnessed a strong growth in population over the past ten years, fuelled by the release of land
More informationPerth CBD office market
Perth CBD office market Considerations for stakeholders in today s office market July 215 Publication No. 15-1 Vacancy levels in the Perth office market are at a 2 year high and forecast to increase further.
More informationSnapshot Adelaide Apartment Market
Snapshot Adelaide Apartment Market December 215 Executive Summary Our View The Adelaide apartment market is undergoing considerable growth, particularly in the CBD where around 4 apartments will complete
More informationRESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES
RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES Feb-17 May-17 Aug-17 Nov-16 Feb-17 May-17 The official cash rate target remained at 1.5 on 1 August 2017. Domestic
More informationQ Cape Town Office Market Report. In association with Baker Street Properties
Cape Town Office Market Report 217 set for rental growth as economy improves, but the city continues to struggle to cater to large occupiers Q4 216 In association with Baker Street Properties 1 Central
More informationMelbourne Industrial Vacancy October 2016
Kimberley Paterson +61 3 9604 4608 Kimberley.Paterson@au.knightfr ank.com Matt Whitby +61 418 404 854 Matt.Whitby@au.knightfrank.co m Melbourne Industrial Vacancy October 2016 Despite gross take-up being
More informationAustralia Residential MarketView
Australia Residential MarketView Q3 2013 NATIONAL HOUSE BUILDING APPROVAL 5.3% (SEPT 13 Y-O-Y) NATIONAL NON HOUSE BUILDING APPROVALS 19.7% (SEPT 13 Y-O-Y) QUARTERLY NATIONAL HOUSE CAPITAL VALUES 0.5% (SEPT
More informationMARKETBEAT HIGHLIGHTS 1.6% 5.9% $916 SYDNEY OFFICE. Big lease deals rebound in Q3. Strong prime absorption drives vacancy lower
SYDNEY OFFICE 1.6% 5.9% $916 PRIME GROSS GROWTH (QoQ) TOTAL VACANCY RATE (Q2 2017) PRIME GROSS (PER SQ M) HIGHLIGHTS Big lease deals rebound in Q3 After a Q2 in which smaller deals dominated the Sydney
More informationInner Perth Residential Market Report
Inner Perth Residential Market Report MARCH QUARTER 2014 Inner Perth Residential Market Market Highlights While Western Australia will experience slowed short term growth as the state transitions from
More informationConstruction Investment Cools In Lead Up To General Election
Phnom Penh, Q2 218 Construction Investment Cools In Lead Up To General Election Average High-end Condominium Price $3,211/SQM Prime Condominium Rent $14.3/SQM Prime Office Rent $25.5/SQM Prime Retail Mall
More informationAn Assessment of Sydney s Industrial Land Supply. A shortage of developable land has the potential to impact occupier location strategies
An Assessment of Sydney s Industrial Land Supply A shortage of developable land has the potential to impact occupier location strategies At 4Q17 3 years 4.1% 37% 4 years Gross-take up above 1 million sqm
More informationDomain.com.au House Price Report December Quarter 2015
Domain.com.au House Price Report December Quarter 2015 Dr Andrew Wilson Senior Economist for Domain.com.au Key findings Record drop in Sydney median house prices over the December quarter Melbourne and
More informationHousing market report
Capital city market report Prepared August Dr Andrew Wilson, Senior Economist Australian Property Monitors Buyer momentum rises through mid-winter housing markets National overview Buyer and seller momentum
More informationSydney Apartment Market Indicators - November 2015
Sydney Apartment Market Indicators November 2015 Executive Summary As many as 61,000 new units* will complete between 2015 2017, compared to 44,500 completions between 2012 2014**. JLL adjusts supply numbers
More informationWhen Will Singapore s Private Residential Leasing Market Turn Around? June 2016
When Will Singapore s Private Residential Leasing Market Turn Around? June 2016 Rents have been declining in all sub-markets The Urban Redevelopment Authority s (URA) rental index for private homes has
More informationSeptember 2016 RESIDENTIAL MARKET REPORT
September 2016 RESIDENTIAL MARKET REPORT The real estate investment market in Japan has had an abundance of capital (both domestic & foreign) over the past couple of years. This, along with the low (now
More informationQuarterly Review The Australian Residential Property Market and Economy
Quarterly Review The Australian Residential Property Released January 2018 Contents Introduction 3 Housing Market 4 Mortgage Lending 11 Housing Supply 17 Demographic Overview 20 Household Finances 22 National
More informationRESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES
RESIDENTIAL RESEARCH MARKET ACTIVITY REPORT FOR AUSTRALIAN CAPITAL CITIES & REGIONAL CENTRES Sep-16 Mar-17 Mar-17 Jun-17 Sep-16 Mar-17 The official cash rate target remained at 1.5 on 6 June 2017. Domestic
More informationConstruction Outlook: Major construction to further build on high base of activity
SUNDAY 2 DECEMBER 2018 Construction Outlook: Major construction to further build on high base of activity Building on a high base, Australia s leading construction companies are projecting further expansion
More informationIf you've been thinking of making an Australian property investment recently, here is some critical information
If you've been thinking of making an Australian property investment recently, here is some critical information There is an 18-20 year real estate cycle as outlined by Phil Anderson in his book The Secret
More informationSydney CBD Office Investment Market Review 2010
Sydney CBD Office Investment Market Review 2010 2010 Market Performance After a sluggish 2008 and 2009, transaction volumes in the Sydney CBD have returned to pre-gfc levels in 2010 with AUD 2.5 billion
More informationBüromarktüberblick. Market Overview. Big 7 3rd quarter
Büromarktüberblick Office Market Overview Big 7 3rd quarter Deutschland Gesamtjahr 2017 2016 Erschieneninim Published October April 2017 2017 Will the office lettings market achieve a new record volume?
More informationBankwest Future of Business: Focus on Real Estate
Bankwest Future of Business: Focus on Real Estate 2018 Contents Key insights Industry overview What s driving industry growth? Spotlight on Australia Spotlight on Western Australia What does the future
More informationProperty Report. South Australia
Property Report South Australia National overview Looking back over 2011 it s clear that the Australian property market was and in early 2012, still is far from homogenous. Cooler market conditions in
More informationQ Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary All sectors of the Cairo real estate market continued to exhibit positive performance and improved sentiment during. The Egypt Economic Development
More informationSekisui House, Ltd. < Presentation >
Sekisui House, Ltd. Transcript for Earnings Results Briefing for the Second Quarter of FY2018 (Telephone Conference) Date: Participants: September 6 th, 2018, Thursday 17:00 18:00 JPT Shiro Inagaki, Representative
More informationHousing market report
Australian capital cities and Gold Coast residential property market ruary Prepared by Australian Property Monitors The housing market is up and running in with increased buyer activity and seller confidence.
More informationState of the Market Report
State of the Market Report Dr Andrew Wilson Senior Economist for the Domain Group Sydney About us Domain Group Domain Group, a Fairfax Media real estate business, is a leading supplier of multi-platform
More informationAustralian office vacancy decreased by 0.5% over the last six months to 9.1%
Australian Vacancy: 1990-2018 25% 20% 15% 10% 5% 0% Jan-90 Jul-90 Jan-91 Jul-91 Jan-92 Jul-92 Jan-93 Jul-93 Jan-94 Jul-94 Jan-95 Jul-95 Jan-96 Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00
More informationOffice Market Snapshot Podgorica H1 2017
Economy The main macroeconomic indicators of Montenegro, having highlighted only four of them, show a diversified picture of the current trends of the Montenegrin economy. The consumer prices increased
More informationRESIDENTIAL RESEARCH A REVIEW OF KEY RESIDENTIAL INDICATORS ACROSS MAJOR AUSTRALIAN CITIES
RESIDENTIAL RESEARCH A REVIEW OF KEY RESIDENTIAL INDICATORS ACROSS MAJOR AUSTRALIAN CITIES Aug-17 Feb-18 Aug-18 Economic growth was recorded at 3.1 growth in March 2018. Unemployment across Australia was
More informationHas The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2.
Research & Forecast Report OAKLAND METROPOLITAN AREA OFFICE Q1 Has The Office Market Reached A Peak? > > Vacancy remained low at 5. > > Net Absorption was positive 8,399 in the first quarter > > Gross
More informationBriefing Melbourne Fringe Office February 2018
Savills Research Victoria Briefing Melbourne Fringe Office Highlights The St Kilda Road office market recorded positive net absorption for the first-time in three years causing its vacancy rate to fall
More informationNEW RECORD HIGH Condominium pre-sales reach historical high, but slower launches threaten 2019 take-up
Joey Roi Bondoc Manager Research Philippines +632 858 9057 Joey.Bondoc@colliers.com NEW RECORD HIGH Condominium pre-sales reach historical high, but slower launches threaten 2019 take-up Summary & Recommendations
More informationSuburb Profile Report. Paddington, 2021 NSW
Suburb Profile Report Paddington, 2021 NSW October 2018 About Sound Property Group Sound Property Group is a property investment and education company specialised in sourcing strategic real estate opportunities,
More informationOman Real Estate Conference th May 2015
Oman Real Estate Conference 2015 11 th May 2015 1 Contents 1. Global Real Estate Overview 2. MENA Real Estate Overview 3. Oman s Market Overview 4. Market 5. Market 6. Hospitality Market 7. Market Global
More informationBRISBANE HOUSING MARKET STUDY
BRISBANE HOUSING MARKET 2018 STUDY Executive Summary Brisbane s residential market, especially the detached houses segment has risen steadily over the last year due to the rise in population, falling unemployment
More informationMultifamily Outlook 2018
Multifamily Outlook 2018 Page 1 Canada Multifamily From strength to strength The Canadian commercial real estate sector continues its steady upward performance amid a silently moving economic engine. Owners,
More informationAdelaide house market. Outlook. Adelaide unit market. Outlook. Adelaide: dwelling prices CONTENTS. New dwelling supply
CONTENTS Adelaide house market Despite the weakness in the economy, there has been modest house price growth in Adelaide over the past four years. Lower interest rates and prices at a relatively low base
More informationDISTRICT OF COLUMBIA IN THIS ISSUE OFFICE Q RESEARCH MARKET REPORT. State of the Economy. Leasing Activity. Development Pipeline.
RESEARCH MARKET REPORT DISTRICT OF COLUMBIA OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Outlook p.5 Market Breakdown p.6 DC Development: No Signs
More informationVIEW FROM NAB ECONOMICS VIEW FROM PROPERTY EXPERTS. NAB Behavioural & Industry Economics NAB HEDONIC HOUSE PRICE FORECASTS (%)*
NAB RESIDENTIAL PROPERTY SURVEY Q2-218 CURRENT MARKET SENTIMENT AMONG PROPERTY PROFESSIONALS AT ITS LOWEST LEVEL IN 2 YEARS AS HOUSE PRICES IN NSW & VIC COME UNDER MORE PRESSURE. CONFIDENCE (NEXT 1-2 YEARS)
More informationTaipei Property Market Snapshot 1Q12
May Report 2012 Title - 6 August 2010 Taipei Property Market Snapshot 1Q12 Given the increases in oil and electricity costs, Taiwan s CPI is expected to rise and grew at a moderate 1.21% y-o-y in March
More informationhousing outlook Australian Housing Outlook Prepared by BIS Shrapnel October 2012
housing outlook Australian Housing Outlook 2012 2015 Prepared by BIS Shrapnel October 2012 housing outlook DISCLAIMER: The information contained in this publication has been obtained from BIS Shrapnel
More informationResearch & Forecast Report New Zealand Workplace Report. Occupational trends across New Zealand. Accelerating success.
Research & Forecast Report New Zealand 14 Workplace Report Occupational trends across New Zealand Accelerating success. Introduction In the seventh edition of our biennial CBD office workplace report,
More informationIndustrial Outlook. An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment.
Industrial Outlook Louisville An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment. JLL Research Insight Industrial market quick out of the
More informationEconomic and Market Outlook: SAN ANTONIO OFFICE Q1 2016
Economic and Market Outlook: HOUSTON SAN ANTONIO AUSTIN Table 1. Key market indicators for Q1 2016, and their percent (%) change on a quarter-over-quarter (QoQ) and year-over-year (YoY) basis (Class A
More informationProperty Report. Western Australia
Property Report Western Australia National overview Taken as a whole, the Australian property market has cooled over recent months though in a market as diverse as ours, there are pockets of growth even
More informationUDIA WA DEVELOPMENT JUNE 2018
UDIA WA DEVELOPMENT JUNE 218 UDIA (WA) The UDIA provides market research and in-depth analysis of the urban development industry and property market. To download this report and other UDIA research visit
More informationMarket Insights & Strategy Global Markets
Market Insights & Strategy Global Markets UAE Real Estate Review 2016 Q2 Please find below a quick snapshot of the key topics covered in this note: Pricing trends - Sales In June 2016, monthly average
More informationUK Office Market Report
UK Office Market Report Winter 21 211 will remain challenging for some cities, however, the muted development pipeline will help underpin rents. Prime yields have continued to harden, albeit at a slower
More informationNAB COMMERCIAL PROPERTY SURVEY Q4 2017
EMBARGOED UNTIL 11.30 AM WEDNESDAY 21 FEBRUARY 2018 NAB COMMERCIAL PROPERTY SURVEY Q4 2017 Date February 2018 NAB Behavioural & Industry Economics KEY FINDINGS The NAB Commercial Property Index (a measure
More informationQatar Real Estate Market Overview. Cityscape, March 2017
Qatar Real Estate Market Overview Cityscape, March 217 Qatar Real Estate Market Overview Introduction Overview The fall in oil prices, which started in 214, started to have an impact the real estate market
More informationProperty Report. Victoria
Property Report Victoria Upgraders & investors reap rewards Welcome to this edition of the Westpac/ Property Report, a first hand look at how Australia s residential property market is performing on a
More informationREAL ESTATE SENTIMENT INDEX 1 st Quarter 2016
About Real Estate Sentiment Index (RESI) The Real Estate Sentiment Index (RESI) is jointly developed by the Real Estate Developers Association of Singapore (REDAS) and the Department of Real Estate (DRE),
More informationLeasing focused on new construction; renewals up
MARKETVIEW Midtown Manhattan Office, Q3 216 Leasing focused on new construction; renewals up Leasing Activity 3.96 MSF Net Absorption (.86) MSF Availability Rate 12.1 Vacancy Rate 7.9 Average Asking Rent
More informationASIA PACIFIC OFFICE OVERVIEW April - June 2017
ASIA PACIFIC OFFICE OVERVIEW April - June A CUSHMAN & WAKEFIELD QUARTERLY RESEARCH PUBLICATION INSIGHTS INTO ACTION ASIA PACIFIC OFFICE OVERVIEW OCCUPIER CONDITIONS INDIA Delhi-NCR GREATER CHINA Chongqing
More informationSoaring Demand Drives US Industrial Market to New Heights
Soaring Demand Drives US Industrial Market to New Heights Capitas (DIFC) Limited I June Issue: 2017 THIS ISSUE COVERS: The Amazon Factor a seismic shift in the way people shop Industrial real estate hitting
More informationDB Residential round up
DB Residential round up by mirvac 25 november 2010 Yarra s edge, Melbourne, Vic mirvac group Mirvac group Founded 1972, listed 1987, stapled 1999 Credit Rating: BBB (Positive Outlook) 26.8% Balance Sheet
More informationSTABLE OCCUPANCY DESPITE RAMPED UP SUPPLY
COLLIERS QUARTERLY RESIDENTIAL MANILA Q3 2018 20 NOVEMBER 2018 Joey Roi Bondoc Manager Research Philippines +(632) 858 9057 Joey.Bondoc@colliers.com STABLE OCCUPANCY DESPITE RAMPED UP SUPPLY Summary &
More informationProperty Report. Northern Territory
Property Report Northern Territory National overview The Australian residential property market continues to deliver a mixed bag of results. Regions supported by mining activity are experiencing strong
More informationSigns that the housing market may be peaking
National Media Release: 21 October, 2015 Market movement s data released today show which markets are moving out of peak cycles. Signs suggesting that Australia s housing market may be moving through the
More information6.5 % p.a. Minimum investment $50,000.
AN AWARD-WINNING AUCKLAND OFFICE PROPERTY INVESTMENT OPPORTUNITY 6.5 % projected pre-tax cash return.* p.a. Minimum investment $50,000. 585 interests available. 33 CORINTHIAN DRIVE, ALBANY, AUCKLAND *
More informationProperty Report. Tasmania
Property Report Tasmania Upgraders & investors reap rewards Welcome to this edition of the Westpac/ Property Report, a first hand look at how Australia s residential property market is performing on a
More informationDETACHED MULTI-UNIT APPROVALS
HIA New Home Sales DETACHED MULTI-UNIT APPROVALS SALES MULTI-UNIT DETACHED A monthly update on the sales of new homes December 217 TAX BURDEN TAKES TOLL ON New Home Sales during 217 Sales still post modest
More informationMultifamily Market Commentary February 2017
Multifamily Market Commentary February 2017 Affordable Multifamily Outlook Incremental Improvement Expected in 2017 We expect momentum in the overall multifamily sector to slow in 2017 due to elevated
More informationTHE ADVISORY. READY FOR CHANGING TIDES? How Real Estate Companies Can Prepare for a New Cap Rate Era. Eric Willett, Senior Associate
READY FOR CHANGING TIDES? How Real Estate Companies Can Prepare for a New Cap Rate Era Eric Willett, Senior Associate 2 Ready for Changing Tides? How Real Estate Companies Can Prepare for a New Cap Rate
More informationMultifamily Market Commentary February 2018
Multifamily Market Commentary February 2018 2018 Multifamily Affordable Market Outlook A Long Way to Go Momentum in the overall multifamily sector will likely slow in 2018 due to elevated levels of new
More informationVacancy Inches Higher, Despite Continued Absorption
Research & Forecast Report GREATER PHOENIX OFFICE 1Q 2017 Vacancy Inches Higher, Despite Continued Absorption Key Takeaways > > Improving conditions in the Greater Phoenix office market took a pause in
More informationHOUSING AFFORDABILITY
HOUSING AFFORDABILITY (RENTAL) 2016 A study for the Perth metropolitan area Research and analysis conducted by: In association with industry experts: And supported by: Contents 1. Introduction...3 2. Executive
More informationMonthly Market Update
Monthly Market Update December 2015 New York City Office Outlook February 2016 M A N H A T T A N Class A Asking Rents M A N H A T T A N Class A Vacancy Rates $100.00 Jan-14 Jan-15 Jan-16 20.0% Jan-14 Jan-15
More informationBriefing Melbourne Fringe Office August 2018
Savills Research Victoria Briefing Melbourne Fringe Office Highlights Withdrawal of stock for conversion has previously contributed to the tightening vacancy rate, however there are signs that this is
More informationWEST MELBOURNE URBIS RESIDENTIAL MARKET OUTLOOK
WEST URBIS RESIDENTIAL MARKET OUTLOOK WEST S APARTMENT MARKET IS SUPPORTED BY STRONG AMENITY AND PROXIMITY TO THE CBD. WEST The average annual income of residents in West Melbourne is 45% greater than
More informationDomain Rental Report September Quarter 2016
Domain Rental Report September Quarter 2016 Dr Andrew Wilson Chief Economist for Domain.com.au Key findings House rents in Sydney, Melbourne, Brisbane, Adelaide and Darwin all remain steady Canberra is
More informationtrilogyfunds.com.au/industrial
Trilogy Industrial Property Trust an industrial property trust that aims to provide investors with stable and regular income, and the opportunity for long-term capital growth. trilogyfunds.com.au/industrial
More informationACQUISITION OF 50% INTEREST IN OLDERFLEET, 477 COLLINS STREET, MELBOURNE, AUSTRALIA
ACQUISITION OF 50% INTEREST IN OLDERFLEET, 477 COLLINS STREET, MELBOURNE, AUSTRALIA 26 July 2017 Agenda 03 Investment Overview 05 Property Highlights 10 Benefit to Unitholders 13 Financing & Timeline 2
More informationQ Dubai Real Estate Market Overview
Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,
More informationRent grew in the serviced apartment market
Colliers Quarterly Q4 2016 13 January 2017 BEIJING RESIDENTIAL Rent grew in the serviced apartment market Jamie Xu Analyst North China In light of tightening policies announced by the end of September,
More informationProperty Report NSW / ACT
Property Report NSW / ACT National overview Taken as a whole, the Australian property market has cooled over recent months though in a market as diverse as ours, there are pockets of growth even amid quieter
More informationLinkages Between Chinese and Indian Economies and American Real Estate Markets
Linkages Between Chinese and Indian Economies and American Real Estate Markets Like everything else, the real estate market is affected by global forces. ANTHONY DOWNS IN THE 2004 presidential campaign,
More informationDa Nang City MarketView
Da Nang City MarketView Q2 213 CBRE Global Research and Consulting VN Q2 GDP 5.% HCMC Q2 GDP 8.1% DA NANG Q2 GDP 7.1% VNINDEX 24% LOCAL GOLD PRICE 19.4% TRADE BALANCE US$1.9 billion ECONOMY IS MOVING IN
More informationUDIA WA PROPERTY MARKET STATISTICS
UDIA WA PROPERTY MARKET STATISTICS OCTOBER 217 1 IN THIS ISSUE KEY TRENDS INDUSTRY UPDATE 3 4 ECONOMY RESIDENTIAL LAND DEVELOPMENT RESIDENTIAL PROPERTY SETTLEMENTS RESIDENTIAL PROPERTY MARKET RESIDENTIAL
More informationTRENDS SUMMARY. 1 st Quarter 2007
PT FAS In cooperation with PT Paragon Property 1 st Quarter 27 Jakarta TRENDS SUMMARY Office: Retail: Apartment: While demand for space is increasing, occupancy levels remain nearly the same as newly completed
More informationHousing Markets: Balancing Risks and Rewards
Housing Markets: Balancing Risks and Rewards October 14, 2015 Hites Ahir and Prakash Loungani International Monetary Fund Presentation to the International Housing Association VIEWS EXPRESSED ARE THOSE
More informationHousing Market Outlook Trois-Rivières CMA
H o u s i n g M a r k e t I n f o r m a t i o n Housing Market Outlook C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fall 2011 Activity to remain strong in 2011 and
More informationOutlook for the Australian Property Market OCTOBER This overview is produced by PMI in conjunction with BIS Shrapnel.
Outlook for the Australian Property Market 2007-2010 OCTOBER 2007 This overview is produced by PMI in conjunction with BIS Shrapnel. Darwin Brisbane Perth Adelaide Sydney Canberra Melbourne Hobart DISCLAIMER
More informationUncertain outlook SINGAPORE OFFICE Q Colliers Quarterly. Expect rent declines to slow. Forecast at a glance.
Net Lettable Area (million sqft) Colliers Quarterly SINGAPORE OFFICE Q4 2016 7 February 2017 This report has been updated on 7 February 2017 and supersedes all previous versions Uncertain outlook Tricia
More informationPrime Views MAY 2017 SINGAPORE
Prime Views MAY 17 SINGAPORE SINGAPOREOffice Market 12 The CBD comprises of the following submarkets: Marina Bay, Raffles Place, Shenton Way/Tanjong Pagar, City Hall/Marina Centre, Orchard and Bugis. Marina
More informationApartment Sector SURABAYA APARTMENT APARTMENT FOR STRATA- TITLE. Supply. Colliers Half Year H February Forecast at a glance
Colliers Half Year 16 February 2017 SURABAYA APARTMENT Accelerating success. Apartment Sector Ferry Salanto Senior Associate Director Research Despite further pressure from tight competition amongst projects
More informationCoreLogic RP Data November Rental Index Results
Rental Review Snapshot Released: December 3, 2015 Capital city rental growth lowest on record over the past twelve months Weekly rents across the combined capital city measure were unchanged in November
More informationPOLAND BELGIUM LUXEMBOURG FRANCE PUSHING THE BOUNDARIES
BELGIUM POLAND FRANCE LUXEMBOURG PUSHING THE BOUNDARIES ANNUAL REPORT 2017 MARKET ANALYSIS: BELGIUM I. OFFICE MARKET IN BELGIUM A. BRUSSELS 2017 was an interesting and pivotal year for the Brussels office
More information17th Annual Real Estate Review & Forecast
2017 17th Annual Real Estate Review & Forecast This Year s Sponsors Member FDIC Construction: Review & Forecast 2017 Page 2 Permits Issued 142 New Commercial Construction Permits issued for all Elkhart
More informationHigh-priced homes have a unique place in the
Livin' Large Texas' Robust Luxury Home Market Joshua G. Roberson December 3, 218 Publication 2217 High-priced homes have a unique place in the overall housing market. Their buyer pool, home characteristics,
More information