Australia’s commercial property market looks set to recover following a very slow start to the year, according to CB Richard Ellis.
Sales figures released by CBRE today show the commercial sector recorded $1.2 billion in significant sales in the second quarter – up nearly 50 per cent compared to the previous quarter’s disappointing results.
The office and retail markets in particular have seen significant sales activity over the second quarter, accounting for 55 and 38 per cent of total sales thus far, respectively.
CBRE regional director, institution investment properties, Rob Sewell said the significant growth in sales confirms Australia’s commercial real estate markets are well on the way to a strong recovery.
“Given the strong outlook for the office sector, it continues to be very popular with investors,” Mr Sewell said.
“Over the next six months we expect to see the majority of investment activity occur in the main CBD markets for assets priced between $30 million and $100 million.”