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REIQ Journal : July 2008
INDUSTRY NEWS 11 Yields soften but rents hold up in national metro markets A national decline in investment sales has seen yields soften in the first quarter of 2008 as nervous investors take a wait-and-see approach. However, rents are holding up as both CBD and metropolitan vacancy rates remain tight, according to Colliers International’s latest metropolitan office market research. The Metropolitan Office Market Indicator reports found consistently strong economic growth was continuing to fuel demand for office space in the fringe and suburban markets. Key findings for capital cities included: Brisbane: The fringe office market is predicted to come off the boil slightly as global economic uncertainty feeds through. However, this may come as a relief for businesses whose expansion plans have been curtailed in recent years by a lack of supply. Sydney: Predicted take-up will see decline in the overall metropolitan vacancy by mid-2008. Moderate net face rental growth is expected to continue. Yields are expected to soften, while increasing costs may delay some speculative developments in 2008. Melbourne: Ongoing tenant demand is predicted to continue to drive the market. Lower vacancies and higher rents are expected to combine to drive both pre-commitment and speculative development. Adelaide: An historically low vacancy rate in the Fringe office market is underpinning a rapidly emerging business park sector. The defining statement that makes First National Real Estate the outstanding business partner of choice. First National Real Estate offers more than a brand, a philosophy, or a mission statement - that’s our promise to Australian consumers and our commitment to our members. We’ve created an environment that fosters the genuine sharing of ideas, values the management input of membership, and delivers powerful, relevant products and services. Since launching ‘We put you first.’ in 2004, the transformation in our approach has positioned First National Real Estate as one of the most dynamic, fastest growing networks in Australia - something acknowledged by our recent nomination ‘Most Revitalised Brand’ - Australian Marketing Institute - and our award winning television advertisements. There’s a revolution taking place in one Australian network. Find out how we can re-position your agency to thrive and prosper. Contact recruitment specialist, Greg Pratt, on 0413 624 308 REIQ Journal July 2008