Despite a flat start to the year, commercial property sales have skyrocketed by 423 per cent, new data has revealed.
According to figures released by CB Richard Ellis, the number of commercial property transactions surged in the second quarter of 2011, with investment activity reaching $2.7 billion.
CBRE director, institutional investment properties, Rob Sewell said investors have been enticed by low vacancy rates and climbing rental returns.
“There is currently more capital looking to invest in the office sector than what was evident prior to the GFC,” Mr Sewell said.
“However the majority of this capital is only chasing prime assets with very few groups willing to consider smaller secondary assets and non CBD locations.”