Industrial property demand lifts
INDUSTRIAL property transactions have surged in Australia this year, with office investment activity also running ahead of last year's record levels, according to new research data from CBRE.
The data, which takes into account all office, retail and industrial sales over $5 million, shows that commercial property transactions in Q3 were 10% higher that the corresponding period in 2013.
A total of $5.4 billion in property changed hands during the quarter, boosting total sales for the first three quarters of the year to $9.9 billion.
CBRE's head of research for Australia, Stephen McNabb, said the Q3 results had been driven by office transactions (up 62% year on year) and industrial sales (up 8% year on year), which had more than offset lower levels of activity in the retail sector.
"On an annualised basis, investment activity was 4.2% lower than that recorded in the first three quarters of 2013, which was a record year for commercial investment sales," Mr McNabb said.
"This slight dip is directly related to lower activity in the retail sector."