m3commentary MELBOURNE INDUSTRIAL
|
|
- Erica Cameron
- 5 years ago
- Views:
Transcription
1 m3commentary MELBOURNE INDUSTRIAL Spring 2016 Key Research Contacts: Jennifer Williams National Director NSW (02) Erin Obliubek Research Manager VIC (03) Casey Robinson Research Manager QLD (07) Zoe Haskett Research Manager SA (08) Janis McLaren Research Manager WA (08) m3property.com.au P1
2 CONTENTS Market Overview 3 Key Influences 4 Sector Changes 5 Market Fundamentals 6 Submarkets 7 Investment Indicators 9 Key Sales 10 Outlook 11 DEFINITIONS Submarket West North City South East East Suburbs include: Altona Brooklyn Deer Park Derrimut Footscray Laverton North Sunshine Truganina Bundoora Broadmeadows Brunswick Campbellfield Coburg Craigieburn Somerton Thomastown Tullamarine Abbottsford Brunswick Collingwood North Melbourne Port Melbourne Richmond South Melbourne West Melbourne Braeside Dandenong Clayton Keysborough Lyndhurst Moorabbin Mulgrave Bayswater Croydon Mount Waverley Rowville Scoresby FUNDAMENTALS STABLE IN THE MELBOURNE INDUSTRIAL MARKET Building approval levels at historic highs; Face and effective rental growth was generally static over the year to September 2016; Incentives remain high, driven by the availability of land within new industrial estates; Yields for prime assets remain compressed due to the weight of investor demand in a low interest rate environment; Investment demand remains healthy across all submarkets, although there were few prime investment grade transactions over the first half of 2016; and Generally land prices have been relatively stable due to the high level of land supply. Comm3ntary Spring 2016 P2
3 MARKET OVERVIEW Industrial building approval levels have reached highs observed prior to the Global Financial Crisis (GFC) over the past year, with vacancy levels to remain low in the short term. Rents have stayed largely stable while prime yields remained compressed in the September quarter Transactional activity continues to be healthy, particularly for secondary stock and is expected to remain so leading into The health of the Victorian economy continues to underpin demand within the Melbourne industrial market, with the Victorian economy forecast to grow by 3% over the 2017 financial year. The State continues to benefit from solid population growth and a strong housing sector, however below average retail trade growth and low manufacturing activity remains a concern. Solid demand for industrial space remains across the Melbourne industrial submarkets, with building approval levels now well above previous highs observed over the 2005 to 2008 period. Prime and secondary net rents were largely stable across Melbourne s industrial market over the twelve months to September Incentives remain at historic highs, driven by robust competition amongst developers and landlords. Healthy investment demand remained over the twelve months to September 2016, however, transactional activity is slightly down compared to the twelve months prior. A number of portfolios have come to market in 2016 as vendors leverage off solid investor appetite. Prime yields marginally firmed in the September quarter 2016 on the back of increased competition for premium assets, while secondary asset yields were unchanged. Land values across the Melbourne industrial submarkets were relatively stable over the year to September At present, over 700 hectares of land is currently available across major industrial estates, with the south east and western regions continuing to be the main focus of land supply. Demand for industrial land continues to be driven by large owner occupiers and Transport, Logistics and Distribution (TLD) facilities. m3property Valuation: Reece National Distribution Centre Comm3ntary Spring 2016 P3
4 KEY INFLUENCES $ ECONOMIC GROWTH Australian gross domestic product has remained positive with seasonally adjusted growth of 3.8% over the year to June 2016 according to the Australian Bureau of Statistics (ABS). Domestic final demand (excluding exports) increased by just 0.5% over the June quarter with State Final Demand for Victoria significantly higher at 1.1%. Victoria s economy continues to grow with 3.0% growth forecast for , according to The Victorian Department of Treasury and Finance. The Victorian economy will continue to benefit from solid population growth, improving business confidence and demand for residential construction. TRANSPORT INFRASTRUCTURE Transport infrastructure is important in providing accessibility to new and existing industrial regions. Melbourne has a number of infrastructure projects underway. These include: the Western Distributor, which will provide Melbourne s west with an alternative to the West Gate Bridge, the project also includes the Monash Freeway Upgrade; the widening of CityLink and the Tullamarine Freeway will provide additional lanes in both directions and increase the roads capacity by 30% on completion; the Victorian government has commenced the removal of 50 level crossings across Metropolitan Melbourne; Infrastructure Victoria was established late 2015 with the purpose of developing a 30 year infrastructure strategy with a pipeline of projects for Victoria s short, medium and long-term infrastructure needs; and the Westall Road Extension will provide improved access to regional areas, freight routes and connection to activity centres within Melbourne s south east. FREIGHT ACTIVITY Container traffic through the Port of Melbourne continued to improve over the first nine months of Over 2.63 million TEU s (twenty-foot equivalent units) went through the Port of Melbourne in the year to September 2016 reflecting an annual average growth of 1.6%. The Victorian Government was successful in the privatisation of the Port of Melbourne through a long term lease to the Lonsdale Consortium (Future Fund, QIC, GIP and OMERS). INTEREST RATES Changes to interest rates can effect Melbourne s industrial market directly through the investment market and indirectly through it s impact on other sectors. Australia s record low interest rate (currently at 1.50%) has had a positive impact on construction and residential sales over the first half of 2016, which has had a positive flowon effect for manufacturing and warehousing. However, the impact of a low interest rate environment has been somewhat reduced due to Banks refusing to pass on the full rate cut to customers. m3property Valuation: Hyundai Dealership Berwick m3property Valuation: Estate One Comm3ntary Spring 2016 P4
5 SECTOR CHANGES LOGISTICS Retailers continue to be the main users of the logistics sector in Australia, contributing 36.8% of revenue according to IbisWorld (July 2016). Retailers use the full range of logistics services although the focus is now more on transport and storage, than handling and distribution, due largely to just-in-time inventory management. Retail has gone through major changes over the past few years, which has led to inventory reduction, outsourcing of non-core activities and retailers expanding or creating online services to increase their customer base and compete with overseas firms and hence increasing demand for logistics services. Retail turnover has been positive in Victoria. From August 2015 to August 2016 growth was 2.9%, down from 4.8% over the year prior. The continuing low cash rate combined with strong residential construction and prices has kept spending positive, despite global and equity market uncertainty and low wages growth over much of the period. Inventory levels have seen a reducing growth rate over recent years. The four largest inventory holding industries are wholesale trade, manufacturing, retail trade and mining. From June quarter 2015 to June quarter 2016, manufacturers (-2.9%) ran down inventory levels, while retailers (4.0%), wholesale trade (5.5%) and miners (10.0%) increased levels according to the ABS. The demand for logistics services by wholesalers has remained strong, as goods need to be readily available in an improving retail market and imports from overseas although having slowed with the reduced Australian dollar have substituted for the reduced level of domestically manufactured goods. This has helped make wholesalers the second largest contributor to the logistics sector in , accounting for 31.9% of revenue, according to IBISWorld. The third largest contributor to logistics revenue is the manufacturing sector (25.4% of revenue). Although it has been generally on the decline in Australia over the past 40 years it still contributed around 6.8% of gross value add at current prices to GDP in the 2015 financial year. This is due to the overall trend towards offshoring to countries with cheaper labour and other costs. While the reduction in the Australian dollar over the past few years has helped shift the cost imbalance back towards manufacturing of products on shore, in some cases, such as the automotive industry, this has occurred too late and wages costs continue to impact Australia s competitiveness. TECHNOLOGY New technology not only creates new products, which need to be transported and stored but it also influences the way goods are transported and stored. Mobile applications and solutions are impacting the manufacturing sector, including: communications, data collection, onsite visualisation, databases, control equipment, remote access, scheduling, safety applications and employee tracking. These applications and solutions reduce order status calls and can increase sales. Storage solutions including automated storage systems save time, space requirements and costs in logistics. The latest automation systems, include: high-speed unit picking, voice picking and intelligent conveyor systems. Integrated transport and warehouse systems can be complemented by energy-efficient initiatives including rain water harvesting and energy monitoring. Driverless logistics is another technology which is likely to result in major changes in the industrial markets around the world. The key benefits are cost reductions and a lower environmental impact of logistics as well as increased efficiencies and cost savings within warehouse. However, new technology can also be detrimental to a warehouses longevity, especially so when existing integrated technology is superseded and no longer considered to be world s best practice. m3property Valuation: AMG Abattoir m3commentary Spring 2016 P5
6 Value of building approvals ($millions) Number of building approvals Vacancy rate (%) m3property Research MARKET FUNDAMENTALS VACANCY 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Industrial Vacancy Rate Vacancy remains low for prime stock in the Melbourne metropolitan area, while secondary space continues to be affected by the migration of tenants to purpose built facilities. Based on our sample of prime properties in Australia s major industrial A-REITs, the vacancy rate was 5.0% as at June This was down from 5.1% in June The forecast is for the vacancy rate to be fairly stable over the short-term. However, the looming closure of automotive manufacturers Ford, Holden and Toyota could result in a rise in vacancy leading into Source: Various industrial A-REIT annual reports and 1,800 1,600 1,400 1,200 1, Victorian Industrial Building Approvals Number of approvals Factories Agriculture & aquaculture blg No. of approvals (RHS) Source: ABS and m3property (August 2016) Warehouses Other industrial 1,800 1,600 1,400 1,200 1, SUPPLY & TENANT DEMAND Building approval levels, by number, were strong over the year to August Building approval levels have now reached above the pre-gfc highs observed over the 2005 to 2008 period. Supply levels are expected to remain strong over the short term, driven by the rebound in the TLD industry and in particular freight distribution services, e-commerce/online retailing and temperature controlled warehousing. Tenant demand remains moderate, driven by gradually improving key industrial sectors, continued population growth and improvements in business confidence, however tenant demand still remains below long-term average levels. Most space absorbed recently has been prime buildings reflecting an ongoing flight to quality by tenants attracted by historically high incentives. High incentives have been driven by the availability of land in new industrial estates and investment competition. Demand for larger space from the TLD sector remained positive over the first half of 2016, with Spectrum Brands (Remington) pre-committing to a 30,668 square metre purpose-built facility in Chifley Business Park, Moorabbin Airport. Manufacturers Bondor and Dana have precommitted to facilities in Somerton (14,000 square metres) and Keysborough (18,000 square metres), respectively. Furthermore, Corning Cable Systems have also renewed a lease over an existing facility in Clayton South. Numerous tenants in the Melbourne industrial market continue to leverage off current market conditions to either upgrade to new facilities or relocate to strategically located parcels (especially in relation to infrastructure). Comm3ntary Spring 2016 P6
7 SUBMARKETS CITY FRINGE Net face rents were relatively stable over the year to September, with prime and secondary stock to range from $150-$300 per square metre and $75-$85 per square metre, respectively. Melbourne s city fringe submarket is becoming increasingly tightly held, as industrial land owners continue to take advantage of reformed planning schemes, leading to the on-going conversion of secondary assets to residential and mixed-use developments. Although secondary stock continues to make the way for residential and mixed-use developments, industrial property within the submarket will remain an important component to the city fringe property market given it s geographical advantage including close proximity to the Westgate Bridge, Port of Melbourne and the CBD. Incentives in the submarket remained around 20%-25% for prime, with incentives trending down to 0%-15% for secondary assets as at September 2016, although the disparity between effective rates remains. Prime yields tightened to an indicative 6.57%, with secondary yields stable at an average of 7.80%. NORTH Melbourne s northern industrial submarket has become increasing popular with the TLD sector, given the market s strategic transport infrastructure links and ease of access to the Melbourne Airport and connectivity to Sydney. Net face rents in the northern submarket were stable ranging from $70-$80 per square metre for prime and $55-$70 per square metre for secondary stock as at the September quarter Increased supply will ensure rents are stable over the next six to twelve months. Prime yields in the north tightened 25 basis points at the lower end to now range from 6.50% to 7.50%, while secondary yields were stable over the September quarter Incentives generally continue to be in the range of 20%-30% for prime and 10%-15% for secondary assets. EAST & SOUTH EAST Net face rents in the south east have stabilised to range from $70-$90 per square metre for prime and $60-$70 per square metre for secondary assets over the year to September The south east remains one of Melbourne s main industrial locations with a large population base in the south east region and excellent strategic transport infrastructure. New supply within the south east continues to be demand-led ensuring vacancy within the submarket remains in check. Rents within Melbourne s east as at September 2016 range from $80-$90 per square metre for prime stock and $60-$70 for secondary stock. A low CPI forecast will place further pressure on rental growth, resulting in rents being stable over the short to medium term within the eastern submarket. Incentives within the east and south eastern submarkets generally range form 20% to 35% for prime and 10% to 15% for secondary assets. WEST Prime net face rents in the western submarket are in the range of $70- $80 per square metre with secondary net face rents between $55-$70 per square metre. Prime yields in the west tightened to an average 6.75%, while secondary yields were stable ranging from 7.50% to 8.25% over the September quarter Net incentives continue to range from between 20%-30% for prime and 10%-15% for secondary assets. Plans to improve Melbourne s infrastructure will increase the western regions importance as Melbourne s key industrial hub. Geographically, the western regions continue to attract the majority of tenant demand due to the availability of relatively cheap land. Land values in the west are in the range of $110- $200 per square metre for 1 to 2 hectare lots. Incentives in the submarket continue to range from 20%-35% for prime, while incentives for secondary assets remain between 10%-15% as at the September quarter m3property Valuation: Chifley Business Park m3commentary Spring 2016 P7
8 1-2 ha serviced lots ($/m 2 ) Yields Sales ($millions) m3property Research INVESTMENT INDICATORS INVESTMENT DEMAND $2,000 $1,500 $1,000 Vic Industrial Sales, by Purchaser Type Transactional activity remains healthy within the Melbourne industrial market, sales over the year to September 2016 were in excess of $843,600,000, however this is down from the $925,700,000 reported over the year to September This is mainly due to fewer institutional grade transactions occurring in $500 $ A-REIT Corporation Developer Government Institution Owner Occupier Private Investor Syndicate Undisclosed Superannuation Fund Foreign Investor Unlisted Fund Source: m3property Research (*Up to end September 2016) A number of portfolios have come to market in 2016 as vendors leveraged off solid investor appetite. Portfolio sales include: the Altis Property Partners portfolio, which was separately purchased by AMP Capital and Mapletree; Charter Hall purchased the Alex Fraser portfolio; and Blackstone purchased a Goodman portfolio which included a high proportion of Victorian assets. YIELDS 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Industrial Yields and 10 Year Bonds 10 yr Bond Rate Melbourne Prime Melbourne Secondary Sydney Prime Sydney Secondary Source: m3property Research The average yield for prime and secondary assets in Melbourne s industrial market was stable over the first half of Prime yields marginally tightened across all submarkets in the September 2016 quarter to range from 6.25% to 7.50%, while secondary yields continued to range from 7.50% to 8.25%. The minor tightening in prime yields reflects the continued hunt for premium assets by investors. Sydney yields demonstrated a similar trend to Melbourne with a basis point compression across all submarkets over the year to September 2016 for prime, well-located space, whereas yields for more risky assets tightened by between 50 to 100 basis points over the same time frame. Although the yield gap between prime and secondary stock in Sydney remains wide, relative to Melbourne, the gap has reduced over the past year. Despite a historically low yield environment, the gap between government bonds and industrial prime yields is currently the widest it s been over the past 10 years. However, we anticipate the gap to compress leading in to 2017 as prime yields continue to tighten. $300 $250 $200 $150 $100 $50 $0 Melbourne Land Values (1-2 ha lots) North South East West East LAND VALUES Melbourne s industrial land market remains focused within the outer areas, driven by ongoing residential development, improving infrastructure and land affordability. At the same time inner precincts have seen a steady reduction in the supply of available sites and larger redevelopment options that do come to the market are often converted to alternative uses, such as residential or mixed-use where planning regulations permit. Land values across the Melbourne industrial markets have Source: m3property Research. been relatively stable over the nine months to September Comm3ntary Spring 2016 P8
9 SELECT SALES TO DATE Property sales Date Price Equated Market Yield Horsburgh Drive, Altona North 3Q-16 $35,000, %* Vendor Langley Pty Ltd/ Toll Properties Purchaser Logos 485 Dohertys Road, Truganina 3Q-16 $102,500, % CorVal (RF Capital) Charter Hall Alex Fraser Portfolio, Greater Melbourne 2Q-16 $44,000, % Alex Fraser Group Charter Hall (CPIF) Kororoit Creek Road, Altona North 2Q-16 $40,000, % Prixcar Transport Charter Hall (CPIF) Chambers Road, Altona North 2Q-16 $10,800, % Highmarsh UA Holdings Pty Ltd 28 Salta Drive, Altona North 1Q-16 $36,000, % F.Mayer APPF Industrial Please contact one of our Commercial Valuers for a detailed sales analysis. *Analysed inclusive of a development agreement. LAND AVAILABILITY Key industrial estates with land availability. Key Industrial Estates 1 Merrifield Business Park 2 Northpark Industrial Estate 3 Alliance Business Park 4 Biodiversity Business Park 5 Orbis Business Park 6 Paramount Industrial Estate 7 Dexus Industrial Estate 8 West Industry Park Industrial Esate 9 Wyndham Industrial Estate 10 Stage 3, Dexus Industrial Estate 11 Link360 Industrial Park 12 Access Altona Industrial Estate 13 Riverwalk Business Park 14 The Key Industrial Park 15 M1 and M2 Industry Park 16 Innovation Park 17 Inter Link Business Park 18 Power Park 19 Thompsons Base 20 Evans Park Business Village 21 SouthEast Business Park Comm3ntary Spring 2016 P9
10 OUTLOOK MELBOURNE INDUSTRIAL The outlook for the Melbourne industrial property market is expected to remain positive. Improving economic growth supported by stronger housing, a gradual recovery in port trade volumes and a growing TLD sector should support the industrial property market going forward. A high level of industrial building approvals suggest a healthy supply pipeline over the short to medium term. While the flight to quality trend will continue to divide prime and secondary markets as tenants take advantage of new supply. Rental growth is expected to remain subdued, in line with historical averages, given the high level of land supply and insufficient tenant demand to drive rental growth over the short-term. With high incentives to sustain relatively low effective rental levels. Although economic challenges remain, headed by global uncertainty, changing exchange rates and volatile equities markets, which could impact property investment decisions, we expect the Melbourne industrial market to remain attractive by global standards. Activity in the investment market is expected to improve over the remainder of 2016 and leading into 2017, with a higher level of transactions expected than the first half of This is likely to result in further yield compression, especially for prime and better quality secondary assets. KEY INDUSTRIAL VALUATION CONTACTS Josh Phegan Senior Valuer VIC (03) Gary Longden Director VIC (03) James Farrugia Director NSW (02) Basil Simitci Director QLD (07) m3property provides national coverage in all States and Territories. info@m3property.com.au Neil Bradford Director SA (08) Gavin Chapman Managing Director WA (08) DISCLAIMER m3property Australia. This report has been derived, in part, from sources other than m3property. In passing on this information, m3property makes no representation that any information or assumption contained in this material is accurate or complete. To the extent that this material contains any statement as to the future, it is simply an estimate or opinion based on information currently available to m3property and contains assumptions which may be incorrect. m3property makes no representation that any such statements are, or will be, accurate.
m3commentary MELBOURNE CBD OFFICE
m3commentary MELBOURNE CBD OFFICE Spring 2016 Key Research Contacts: Jennifer Williams National Director NSW (02) 8234 8116 Erin Obliubek Research Manager VIC (03) 9605 1075 Casey Robinson Research Manager
More informationm3commentary SYDNEY INDUSTRIAL
m3commentary SYDNEY INDUSTRIAL Autumn 2017 Key Research Contacts: Jennifer Williams National Director NSW (02)8234 8116 Casey Robinson Research Manager QLD (07) 3620 7906 Zoe Haskett Research Manager SA
More informationQUARTERLY UPDATE 31 MARCH 2017
AUSTRALIAN PROPERTY OPPORTUNITIES FUND QUARTERLY UPDATE 31 MARCH 2017 The Australian Property Opportunities Fund (APOF I or the Fund) is pleased to provide this update for the March quarter 2017 (Q1 2017)
More informationGOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST
GOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST ANNUAL REPORT 2006 1 2 3 4 1 2 181 Miller Street, North Sydney, NSW 150 170 Leichhardt Street, Spring Hill, Brisbane, QLD 3 4 38 Akuna Street, Canberra,
More informationSydney CBD Office Market
WINTER 2016 MARKET TRENDS Leasing demand strong, led by take-up in the property services, education and finance and insurance sectors. Supply levels high over 2015 Stock withdrawals to increase in 2016
More informationPerth Industrial Market
WINTER 2016 MARKET TRENDS Perth Industrial Market Rents have softened. Vacancy is increasing, particularly in older space. Land values have declined marginally over the last year. Sales activity was robust
More informationInvestor Briefings First-Half FY2016 Financial Results
Cedar Woods Properties Limited Investor Briefings First-Half FY2016 Financial Results 26 February 2016 Cedar Woods Presentation 2 Snapshot of Achievements in FY2016 Extensive portfolio of residential estates
More informationDEXUS Property Group (ASX: DXS) ASX release
6 May 2013 DEXUS and DWPF to acquire strategic office investment in Perth DEXUS Property Group (DEXUS or DXS) and DEXUS Wholesale Property Fund (DWPF) today announced the joint acquisition of a strategic
More informationBriefing Melbourne Industrial July 2018
Savills Research Victoria Briefing Melbourne Industrial Highlights Industrial land values saw double-digit growth across most markets, with the South East and Eastern precincts experiencing the largest
More informationSEQ Catalyst Projects
m3property Update SEQ Catalyst Projects Winter 2018 Since our Autumn Catalyst Projects report, several projects in South East Queensland s pipeline of major projects have progressed and several new projects
More informationGRANT THORNTON BANKERS BOOT CAMP
GRANT THORNTON BANKERS BOOT CAMP Where are we in the cycle? Yield compression slowing, rents growing Yields bottoming but the bottom could last till 2020 The end of yield compression brings income return
More informationBriefing Melbourne Industrial April 2018
Savills Research Victoria Briefing Melbourne Industrial Highlights Industrial land values in Melbourne s South East and East grew by 40% and 37% respectively, driven by demand-supply imbalance over the
More informationm3commentary BRISBANE CBD OFFICE
m3commentary BRISBANE CBD OFFICE Autumn 2017 Key Research Contacts: Casey Robinson Research Manager QLD (07) 3620 7906 Jennifer Williams National Director NSW (02) 8234 8116 Erin Obliubek Research Manager
More informationSydney Metropolitan Office
CBRE Sydney Metropolitan Office www.cbre.com.au/research Third Quarter 211 Quick Stats Change from last Yr. Qtr. Economic Growth White collar employment New supply Net absorption Total Vacancy Prime rents
More informationBrisbane. Executive Summary. Economic Overview. Q Industrial Market Commentary
Q3 2017 Industrial Market Commentary Brisbane Executive Summary The Brisbane industrial market is showing tangible signs of improvement, after relatively soft leasing conditions in 2016. Gross take-up
More informationBriefing Melbourne Industrial January 2018
Savills Research Victoria Briefing Melbourne Industrial Highlights Prime industrial rents rose in the South East and the Eastern precincts; whilst rents remained stable elsewhere over the last 12 months;
More informationThe Melbourne CBD: What is driving centralisation?
November 2013 The Melbourne CBD: What is driving centralisation? Key Points Jones Lang LaSalle recorded a notable increase in the number of city Fringe 1 occupiers migrating to the Melbourne CBD over the
More informationMELBOURNE INDUSTRIAL RESEARCH MARKET OVERVIEW JUNE 2016 HIGHLIGHTS
RESEARCH MELBOURNE INDUSTRIAL MARKET OVERVIEW JUNE 216 HIGHLIGHTS Total supply in 216 is forecast to be largely completed within the Western and South Eastern industrial regions which together will account
More informationGOLD COAST OFFICE OVERVIEW
GOLD COAST OFFICE OVERVIEW Q1 2015 Gold Coast OVERVIEW Gold Coast office stock at January 2015 totalled 472,022sqm, up by just over 12,000sqm over the past year. The only new building completed in 2014,
More informationGOLD COAST OFFICE OVERVIEW
GOLD COAST OFFICE OVERVIEW JANUARY 2014 Gold Coast OVERVIEW Gold Coast office stock at January 2014 totalled 459,890 sqm, down by almost 4,000 sqm on the mid-year stock level. Around 2,000 sqm of refurbished
More informationAdelaide Industrial Market
AUTUMN 2016 MARKET TRENDS Rents remain largely stable. Land values continue to decline in some submarkets. Tenant demand weakens, but remains buoyant in the West and North submarkets. Pre-commitment activity
More informationAustralian Cities Accounts Estimates. December 2011
Australian Cities Accounts 2010-11 Estimates December 2011 This report has been prepared by: SGS Economics and Planning Pty Ltd ACN 007 437 729 Level 5 171 Latrobe Street MELBOURNE VIC 3000 P: + 61 3 8616
More informationDemand set to continue for Sydney Suburban Office
March 2012 Demand set to continue for Sydney Suburban Office Key Points Buyer activity was steady in the Sydney Suburban office market, with interest directed towards prime Suburban assets. Prime yields
More informationINTERIM REVIEW OF AUSTRALIAN CONSTRUCTION MARKET CONDITIONS JULY 2015
INTERIM REVIEW OF AUSTRALIAN CONSTRUCTION MARKET CONDITIONS JULY 2015 2 Review of Australian Construction Market Conditions July 2015 Trade bottlenecks continue in New South Wales, Victoria and Queensland
More informationCitigroup Investor Conference October 2010
Citigroup Investor Conference October 2010 Disclaimer Important information This presentation ti has been prepared in good faith, but no representation ti or warranty, express or implied, is made as to
More informationAnnual Net Absorption (sq m) Annual Net Additions (sq m)
RESEARCH Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-19 Jan-2 CBD total vacancy fell from 6.5% to 4.6% in the 12 months to January 218, the lowest level since July 28. The CBD recorded the strongest net
More informationmarket-view Australian housing markets report Residential construction on the rise - higher and higher?
Australian housing markets report Residential construction on the rise - higher and higher? Dr Andrew Wilson Chief Economist Domain Group October 2016 Copyright 2016 Dr Andrew Wilson all rights reserved
More informationLMW Link. Brisbane CBD Office ~ August For more information. Brisbane CBD Office Indicators
~ August 216 Indicators Indicator Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Total Stock 2,199,1 2,193,83 2,158,29 2,157,34 2,261,878 Vacancy Rate 14.7% 15.5% 14.9% 14.9% 16.9% Annual Net Absorption (sq m)
More informationQueensland Economic Update
Queensland Economic Update Chamber of Commerce & Industry March 2018 cciq.com.au Queensland Economic Update: Summary National Accounts GDP expanded 2.3% during calendar year 2017. QLD state final demand
More informationm3commentary INNER BRISBANE OFFICE CBD and Fringe
m3commentary INNER BRISBANE OFFICE CBD and Fringe Spring 2017 Key Research Contacts: Casey Robinson Research Manager QLD (07) 3620 7906 Jennifer Williams National Director NSW (02) 8234 8116 Amita Mehrotra
More informationNew CBD office supply is improving the quality of stock
Australia Office, Q3 215 New CBD office supply is improving the quality of stock National CBD WCE Jun-15.9% p.a National CBD Net Absorption 215 153,sqm F National CBD Net Supply 215 361,sqm F National
More informationLend Lease Investment Management Australia
Lend Lease Investment Management Australia Tarun Gupta CEO Australia Lend Lease Investment Management Appropriate photo Market Update May 2007 Australian Business Overview: Funds Under Management (FUM)
More informationFor personal use only
3Q15 Stockland Update Implementing our Strategy Isles of Newport, Brisbane Agenda Topic Page Group Update 03 Commercial Property 05 Residential 09 Retirement Living 10 Summary and Outlook 11 2 Group Update
More informationMELBOURNE INDUSTRIAL RESEARCH MARKET OVERVIEW JUNE 2015 HIGHLIGHTS
RESEARCH MELBOURNE INDUSTRIAL MARKET OVERVIEW JUNE 215 HIGHLIGHTS New supply in 215 is projected to be 32% higher than last year, and its highest level since 28. New development is forecast to be underpinned
More informationFor personal use only. Merrill Lynch Emerging Stars Conference
Merrill Lynch Emerging Stars Conference October 2013 Performance History Share Price Performance 12 Months 150 100 18.8% (3.6%) 14 Oct 2013 AHE ASX Small Ords Share price $3.72 2193.21 50 0 Oct-12 Dec-12
More informationThe Australian Property Institute Inc. Australian Property Directions Survey
The Australian Property Institute Inc. Australian Property Directions Survey SEPTEBER 2012 T his is the 29th API Australian Property Directions Survey conducted by the Australian Property Institute (NSW
More informationWHY INVEST IN QUEENSLAND URBIS MARKET OUTLOOK
WHY INVEST IN QUEENSLAND URBIS MARKET OUTLOOK WHO IS URBIS? PERTH AUSTRALIA ADELAIDE BRISBANE GOLD COAST SYDNEY MELBOURNE Urbis is an integrated multi-disciplinary consulting firm with a unique and comprehensive
More informationFY2016 Financial Results
Cedar Woods Properties Limited FY2016 Financial Results 25 August 2016 Cedar Woods Presentation 2 Agenda 1 Company Overview 2 FY16 Financial Highlights 3 Operational Overview 4 Market Conditions 5 Company
More informationGoodman Property Trust. 30 & 31 October 2018 NAB First Look USPP Conference, Sydney
Goodman Property Trust 30 & 31 October 2018 NAB First Look USPP Conference, Sydney Contents Presented by: Andy Eakin Chief Financial Officer James Spence Director Investment Management GMT overview 3 Auckland
More informationEconomic Performance of Australia s Cities and Regions Embargoed until Tuesday 5 December 2017
Economic Performance of Australia s Cities and Regions Embargoed until Tuesday 5 December 2017 Media Release Tuesday 5 December 2017: New research released today by SGS Economics & Planning (SGS) reveals
More informationDEXUS Property Group (ASX: DXS) ASX release
11 February 2016 DEXUS and DWPF acquire North Sydney site for premium office development DEXUS Property Group (DEXUS) and DEXUS Wholesale Property Fund (DWPF) today announced that they have jointly entered
More information1HFY2012 RESULTS PRESENTATION
1HFY2012 RESULTS PRESENTATION 21st February 2012 AWARD WINNING PROPERTY DEVELOPER Listed 1994, consistently profitable, always paid dividends Strategically located and diverse residential portfolio Urban
More informationLocation Report. Coffs Harbour U Retire ( ) Retire with Property
Location Report Coffs Harbour Retire with Property 1300 U Retire (873 847) www.superannuationproperty.com Coffs Harbour Location Coffs Harbour is a regional town on the North Coast of New South Wales
More informationSouth Australian Tourism Industry Council SA Tourism Barometer March Quarter 2015
South Australian Tourism Industry Council SA Tourism Barometer March Quarter 2015 Headline: Events Season Provides a Lift In the March quarter 2015 survey the business activity index increased by 6% -
More informationMARKETBEAT. Queenstown Regional. Residential
Winter 2016 MARKETBEAT RESEARCH NEWSLETTER Queenstown Regional Queenstown is booming. A surging tourism sector drawing in more workers, coupled with an increasing wave of lifestylers and rising investor
More informationSydney CBD Market Commercial Market Overview - Jul 2015
Sydney CBD Market Commercial Market Overview - Jul 2015 Contents The Sydney CBD Market... 4 The Sydney CBD Market - Summary... 5 The Sydney CBD Market - Overview... 6 The Sydney CBD Market - Commercial
More informationBriefing Brisbane Fringe Office February 2018
Savills Research Briefing Brisbane Fringe Office Highlights The Queensland economy continues to show strong signs of recovery, with economic growth for the state recorded at 3.0% over the year to September
More informationEuroz Rottnest Investor Briefing
Cedar Woods Properties Limited Euroz Rottnest Investor Briefing 15 March 2016 Cedar Woods Presentation 2 Snapshot of Achievements in FY2016 Extensive portfolio of residential estates in Perth and WA regions,
More information74 Pirie Street (1,500m²), a 7 storey building is currently being refurbished by Maras Group and is expected to be completed in Q
RESEARCH Jul-7 Jul-8 Jul-9 Jul- Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-2 CBD prime yields firmed by 12 basis points from an average of 7.13% to 7.1% in the six months to January
More information23 February The Manager Market Announcements Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000.
Level 1 157 Grenfell Street Adelaide SA 5000 GPO Box 2155 Adelaide SA 5001 Adelaide Brighton Ltd ACN 007 596 018 Telephone (08) 8223 8000 International +618 8223 8000 Facsimile (08) 8215 0030 www.adbri.com.au
More information2017 Major Projects Pipeline Report Adrian Hart, Senior Manager Infrastructure & Mining
2017 Major Projects Pipeline Report Adrian Hart, Senior Manager Infrastructure & Mining Major Projects Pipeline Report - 2017 Presentation Outline Overview and key findings of the 2017 Pipeline Report
More informationRESEARCH INDUSTRIAL SNAPSHOT
RESEARCH INDUSTRIAL SNAPSHOT GREATER LONDON AND WESTERN HOME COUNTIES H2 2017 GREATER LONDON & WESTERN HOME COUNTIES LOGISTICS & INDUSTRIAL RESEARCH Introduction As the UK economy continues to grow so
More informationLand area 1.73 million km 2 Queensland population (as at 31 December 2017) Brisbane population* (preliminary estimate as at 30 June 2017)
Queensland - 11 Queensland OVERVIEW Queensland is nearly five times the size of Japan, seven times the size of Great Britain, and two and a half times the size of Texas. Queensland is Australia s second
More informationState of the States October 2017 State & territory economic performance report. Executive Summary
State of the States October 2017 State & territory economic performance report. Executive Summary NSW ON TOP; VICTORIA CLOSES IN How are Australia s states and territories performing? Each quarter CommSec
More informationBriefing West Perth Office April 2018
Savills Research Briefing West Perth Office Highlights Recentralisation to the CBD remains a feature in West Perth, with a number of tenants relocating from West Perth to the CBD, contributing to the rise
More informationMARCH 2018 CHARTER PACK
MARCH 218 CHARTER PACK Image: Truganina Distribution Facility, 485 Dohertys Road, Truganina Vic. FEATURE ARTICLE Will Melbourne s west be Australia s Inland Empire? THE ONCE UNASSUMING, HUMBLE SHEDS OF
More informationThe Residential Outlook for South Australia
The Residential Outlook for South Australia Matthew King Economist HOUSING INDUSTRY ASSOCIATION February 2011 Overview Economic backdrop Other important matters Interest rates & bank lending Renovations
More informationA Conversation With Folkestone. November 2017
A Conversation With Folkestone November 2017 1 POPULATION GROWTH BY STATE Australian Population Growth by State: March 2017 Population (m) Growth in Year ( 000) % Change in Year VIC 6.3 149.4 2.4 ACT 0.4
More informationLand area 1.73 million km 2 Queensland population (as at December 2016) Brisbane population* (preliminary estimate as at 30 June 2016)
Queensland - 11 Queensland OVERVIEW Queensland is nearly five times the size of Japan, seven times the size of Great Britain, and two and a half times the size of Texas. Queensland is Australia s second
More informationLand area 1.73 million km 2 Queensland population (December 2015) Brisbane population* (June 2015)
Queensland - 18 Queensland OVERVIEW Queensland is nearly five times the size of Japan, seven times the size of Great Britain, and two and a half times the size of Texas. Queensland is Australia s second
More information2009 Annual General Meeting
2009 Annual General Meeting Managing Director s Address October 2009 Steve Gostlow Agenda Contents 1 Capital Structure 2 Company Profile 3 FY09 Key Highlights 4 FY10 Operational Update 5 Gorgon Update
More informationAustralian Property Directions Survey Commercial, Industrial, Retail and Trusts
Australian Property Directions Survey Commercial, Industrial, Retail and Trusts NOVEMBER 2016 This is the 36th API Australian Property Directions Survey conducted by the Australian Property Institute.
More informationAustralian Capital Markets Q Accelerating success. THE HUNT FOR YIELD. Australian Capital Markets Q The Hunt For Yield
Australian Capital Markets Q3 2016 Accelerating success. THE HUNT FOR YIELD Australian Capital Markets Q3 2016 The Hunt For Yield Global unease position Australia favourably as an investment destination
More informationThe Case for Investment in Australian Logistics Property. May 2015
The Case for Investment in Australian Logistics Property May 2015 INTRODUCTION The industrial real estate sector forms a key part of the fabric of the economic infrastructure of Australia. With a strongly
More informationFY2017 Financial Results
Cedar Woods Properties Limited FY2017 Financial Results 22 August 2017 Cedar Woods strategy Cedar Woods Presentation 2 To grow and develop our national project portfolio, diversified by: geography product
More informationBriefing Melbourne Industrial July 2015
Savills Research Victoria Briefing Melbourne Industrial July 2015 Highlights Melbourne s infrastructure continues to give it a competitive advantage A total of 648,324 square metres was reported leased
More informationBriefing Adelaide Fringe Office February 2018
Savills Research South Australia Briefing Adelaide Fringe Office Highlights A slight rise in the vacancy rate was led by the return of refurbished floor space, the largest level since 2013, reflecting
More informationThe Outlook for the Residential Construction Industry Hunter and the Central Coast
The Outlook for the Residential Construction Industry Hunter and the Central Coast Graham Wolfe HIA Chief Executive Industry Policy and Media HIA Industry Outlook Breakfast Newcastle February 2013 Backdrop:
More informationAIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter
AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income
More informationAustralia Office MarketView
Australia Office MarketView Q4 212 QUARTERLY GDP.5% OFFICE JOBS GROWTH -.8% CBD OFFICE VACANCY 8.1% PRIME RENTAL GROWTH +3.2% CBRE Global Research and Consulting PRIME YIELD 7.45% Q412 INVESTMENT VOLUME
More informationNSW BUSINESS CONDITIONS DECEMBER Quarterly snapshot of NSW economy informed by the businesses of NSW
NSW BUSINESS CONDITIONS DECEMBER 218 Quarterly snapshot of NSW economy informed by the businesses of NSW NSW THIS QUARTER The NSW Business Chamber s Business Conditions Survey points to tougher trading
More informationhttps://gsc-public-1.s3-ap-southeast-2.amazonaws.com/s3fs-public/draft-eastern-city-district-plan.pdf
GSC Sydney East Rev Draft -references Port Botany - 30 https://gsc-public-1.s3-ap-southeast-2.amazonaws.com/s3fs-public/draft-eastern-city-district-plan.pdf Pages 6. The District s freight routes, particularly
More informationBuoyant Melbourne CBD office market underpinned by a healthy economy
RESEARCH CBD total vacancy fell from 5.9% to 3.6% in the 12 months to July 2018, the lowest level recorded in ten years. Prime and secondary effective rents grew by 7.2% y.o.y and 14.5% y.o.y respectively
More informationURBIS STORAGE INDEX 31 DECEMBER 2017 RELEASED MARCH
URBIS STORAGE INDEX 31 EMBER 2017 RELEASED MARCH 2018 PERTH JOINS THE URBIS STORAGE INDEX In recognition of the increasing importance of the Perth self storage market for investment, we have now undertaken
More informationBUILDING INDUSTRY OUTLOOK 2018
BUILDING INDUSTRY OUTLOOK 2018 Welcome to the 2018 edition of Master Builders Building industry outlook, a snapshot of the state of Queensland s building and construction industry. Contents Foreword...3
More informationEconomic Impact of Tourism. Cambridgeshire 2010 Results
Economic Impact of Tourism Cambridgeshire 2010 Results Produced by: Tourism South East Research Department 40 Chamberlayne Road, Eastleigh, Hampshire, SO50 5JH sjarques@tourismse.com http://www.tourismsoutheast.com
More information1H2018 Financial Results
Cedar Woods Properties Limited 1H2018 Financial Results 22 February 2018 Cedar Woods strategy Cedar Woods Presentation 2 To grow and develop our national project portfolio, diversified by: geography product
More informationAssessing the long-term potential of Macquarie Park
Assessing the long-term potential of Macquarie Park March 2016 Summary The Macquarie Park office market acts as a business cluster for companies in the health, education and technology sectors. The cluster
More informationOuter East and South East regions lead gross new supply. Gross new supply in 2018 to stem from the North & West region
RESEARCH Melbourne metropolitan office vacancy rate fell from 7.0% to 5.2% in the 12 months to March 2018, sitting below the historical average of 5.9%. Average prime net rents increased by 5.8% in the
More informationInvestment Opportunity
Investment Opportunity Quest Apartment Hotel Pakenham Street, Fremantle Investment Highlights 120 key Quest serviced apartment development Fremantle s CBD is undergoing renewal and Sirona Capital is a
More informationFor personal use only
ASX Release 23 June 2015 Cedar Woods Properties Limited ASX Code: CWP Cedar Woods Properties Limited is an ASX-listed Australian property development company. Established in 1987, Cedar Woods has a diverse
More informationRESEARCH INDUSTRIAL SNAPSHOT
RESEARCH INDUSTRIAL SNAPSHOT GREATER LONDON AND WESTERN HOME COUNTIES H1 2017 GREATER LONDON & WESTERN HOME COUNTIES LOGISTICS & INDUSTRIAL RESEARCH Introduction Our report provides an insight into the
More informationWhat will a broad-based economic recovery mean for the Brisbane office leasing market?
2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 What will a broad-based economic recovery mean for the Brisbane office leasing market? December 216 Summary Introduction Vacancy in the Brisbane
More informationBriefing Melbourne CBD Office April 2018
Savills Research Victoria Briefing Melbourne CBD Office Highlights Victorian jobs ads have been positive for past five years and currently are at their highest level since May 2009; This growth in professional
More informationQLD Economic Outlook. Thursday, 21 December Key Points: State Report QLD. Summary
Thursday, 21 December 217 QLD Economic Outlook Summary Queensland s economy has been subdued over the past couple of years, as declining commodity prices and a sharp slowdown in mining investment weighed
More informationQueensland Economic Update. Are there more pots of gold ahead?
Queensland Economic Update Are there more pots of gold ahead? Katie Dean Economist ANZ Bank 4 November 24 Australian economic growth has been strong and Queensland has been a star performer Economic growth
More informationFrasers Commercial Trust. Portfolio details as at 30 June 2018
Frasers Commercial Trust Portfolio details as at 30 June 2018 25 July 2018 Portfolio Composition 2 Asset values Total: S$2,242.9 million as at 30 June 2018^ Singapore: S$1,239.6 million (55%) Australia:
More informationEconomic Report. Tasmania December Savills Research. Tasmania - Key Economic Indicators. Highlights
Savills Research Economic Report Tasmania December 2018 Highlights Tasmania s economic growth for the current annual period has been notably above trend, with the strongest growth rate, on GSP numbers,
More informationCOFFS HARBOUR MARKETSNAPSHOT
MARKETSNAPSHOT NEW SOUTH WALES The Mid North Coast region is ranked fourth in Australia for business confidence with its regional economy growing at a healthy 4.1% p.a. and produces an annual Gross Regional
More informationASCOT SUBURB PROFILE
ASCOT SUBURB PROFILE CONTENTS SUBURB HIGHLIGHTS 2 3 4 4 5 5 ASCOT & SURROUNDS LOCATION & LIFESTYLE DEMOGRAPHICS EMPLOYMENT FUTURE INFRASTRUCTURE WA MARKET TRENDS ACCESSIBILITY ENTERTAINMENT & RECREATION
More informationADELAIDE RESEARCH OFFICE MARKET OVERVIEW AUGUST 2017 HIGHLIGHTS
ADELAIDE OFFICE MARKET OVERVIEW AUGUST HIGHLIGHTS Average Prime incentives in the CBD Core now average 36.3% and typically range between 35% to 4%, compared with 3% to 35% in the second half of 216. Offshore
More informationTOWNSVILLE NORTH QUEENSLAND QUARTERLY ECONOMIC SNAPSHOT
TOWNSVILLE NORTH QUEENSLAND QUARTERLY ECONOMIC SNAPSHOT SEPTEMBER 2017 TOWNSVILLE NORTH QUEENSLAND QUARTERLY ECONOMIC SNAPSHOT SEPTEMBER 2017 The Townsville North Queensland Economic Snapshot provides
More informationFor personal use only
Cedar Woods Properties Limited Queensland Projects Tour Cedar Woods Presentation 2 Cedar Woods Charter Cedar Woods Purpose to create long term value for our shareholders through the disciplined acquisition,
More informationAustralian Property Growth Fund
Australian Property Growth Fund Presentation Overview 2006/07 Key Highlights Property Trust Assets Funds Management & Development Company Projects Future Projects 2006/07 Key Highlights Profit after tax
More informationBriefing Brisbane CBD Office August 2017
Savills Research Queensland Briefing Brisbane CBD Office Highlights A turnaround has become evident in Brisbane with absorption of prime grade stock leading the nation and double digit growth evident in
More informationUNITED KINGDOM BIRMINGHAM OFFICES QUARTER
UNITED KINGDOM OFFICES QUARTER 4 2 TAKE-UP 753,329 SQ FT 113,713 KEY DEAL 118,240 SQ FT TO BCU AT BELMONT WORKS, EASTSIDE CITY CENTRE SERVICED OFFICES SQ FT HEADLINE RENT 33 PSF Take-up > Annual take-up
More informationBriefing Sydney CBD Office August 2018
Savills Research New South Wales Briefing Sydney CBD Office Highlights Prime yields tightened further in the year to March 2018 as demand for prime assets continued unabated from both local and overseas
More informationResearch and Forecast Report. Accelerating success. INDUSTRIAL. Second Half 2018
Research and Forecast Report Accelerating success. INDUSTRIAL Second Half 2018 EXPERTS IN PROPERTY DATA & INSIGHTS Colliers Edge harnesses the on the ground knowledge and latest transactional insights
More informationBriefing Adelaide CBD Office February 2018
Savills Research South Australia Briefing Adelaide CBD Office Highlights Adelaide CBD office market has recorded two consecutive periods of positive net absorption, also the highest level seen in five
More informationLeasing market posts increase in take-up Slow activity on investment market
Düsseldorf Office Leasing and Investment Q1 2015 MARKET REPORT Leasing market posts increase in take-up Slow activity on investment market LARS ZENKE Research Analyst Düsseldorf Office take-up (in 1,000
More information