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Business and consumer confidence will return to peak levels by mid 2010 according to Knight Frank.
Associate director for leasing at Knight Frank, Giuseppe Ruberto, told Real Estate Business that the industrial real estate market had begun to pick up and inquiries for office leasing and relocating tenants were starting to filter through.
“Tenants are starting to realise that if they want to upgrade or relocate to a better address, now is the time to do so,” Mr Ruberto said.
“Business confidence is starting to bounce back. I don’t think we will see huge improvements over the short term, but I think it will have rebounded by the end of the first quarter next year.”
Earlier this week, Mr Ruberto was honoured in the Australian Property Institute’s (API) Excellence in Property Awards.
Mr Ruberto took home the Institute’s Young Achiever of the Year award for his consistently strong results.
Mr Roberto joined Knight Frank in 2005 as a property manager and since then has managed to broaden his skills and is now responsible for executing office and retail lease deals while actively pursuing and securing new leasing opportunities.
According to Mr Ruberto, who settles between 40 to 50 deals a year, the biggest challenge facing agents at the moment is the ability to juggle and meet the needs of both the tenant and interested party.
“You have to mold your services to accommodate everyone’s needs. It is a bit of a juggling act, but at the end of the day you want to get the best deal for both parties and you do that by creating a level playing field,” he said.
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