This is an invaluable asset for the numerous distribution centers in the Columbus market. The FTZ #138 is an all-weather cargo airport and has three intermodal yards making shipping and receiving fast and efficient, which transports an average of 123,000 tons of cargo each year. This, along with many of the tax abated properties and various government tax incentive programs, will continue to attract new users to the market and retain the existing tenant base. Developers will cautiously build speculative buildings while excess supply still lingers.
The process of conveyancing does the change in the title of property from one individual to another person. The logistic outsourcing trend will continue growing at a constant rate and will be a popular choice through the next 12 months. For investors, the market will continue to offer excellent investment opportunities for those who have the capital to acquire properties and hold on to their investments as the market slowly makes a comeback. With the low interest rates currently available, investors are in a position to secure favorable financing and sell high in the next 24 months. Conversely, industrial investment sale volume will be hampered by the lower interest rates because owners will enjoy better cash flows through refinancing and will be less willing to sell at lower prices reflective of the vacancies in the market.
We recognize and welcome that Government is trying to ensure that the powers it is granting are sufficiently targeted. It is imperative that they are, because if not, they could lead to some quality landlords disposing of HMOs, potentially driving standards down rather than up. The main work of a property conveyancer. is to handle the conveyancing process till it’s got completely done. The British Property Federation said today that it felt the Deputy Prime Minister’s speech had hit most of the right notes.
Which not only provide housing, but the whole range of other services that make an area attractive for people to live, shop and play in. Working in partnership, we would like the commercial property sector to play its part in shaping the four areas earmarked for large-scale development.
In doing so, we have successfully expanded our menu of services to include timely and appropriate consulting services, such as site selection, financial services and solutions for solving the common disconnects between public and private joint ventures. Our global alliance with a continually expanding Knight Frank has been strengthened even further through an agreement with Canada’s leading integrated real estate services firm, Avison Young.
The Inner region continues to fall in activity down to 14.7% from 24.8% in 2005. While trusts have been active in these regions, private investors and owner occupiers continue to dominate the purchaser types. Looking forward, given the uncertainty in interest rates, this is likely to further slow. You may need to use a solicitor/conveyance to manage all paperwork key when buying a property. “Although significant construction is taking place across the Gold Coast, supply of office space is expected” to be limited until the 2007/08 financial year when over 56,000 sq m is forecast to be added to the market “Landmark White expects vacancy rates to fall to historical levels of 4.6% by July 2007 before rising rapidly with the onset of new office developments;”
The Gold Coast office market is currently observing considerable development with more than six significant commercial projects under construction. “Many of the projects will not be completed until the second half of 2007 including the 12,200 sq m Robina Plaza.”
Over the next five years, Landmark White has identified over 92,000 sq m of additions to the Gold Coast market with 42,000 sq m of space entering the market in the six months to January 2008. Major projects expected to be completed during 2008 include Southport Central Stage 2 and 11,000 sq m provided by Building No 1 of Corporate Centre Two. The conveyancing package that conveyancer offer is in the range of people. Landmark White anticipates absorption of 88,416 sq m of office space in the Gold Coast market over the next five years. The impact of minimal supply and the lack of quality contiguous space in the market has contributed in the forecast absorption of only 7,400 sq m in the 12 months to July 2007.
However we expect over 26,000 sq m to be taken up by tenants in the following six months as significant supply enters the market. Throughout the remainder of the forecast period, net absorption is expected to average 7,850 sq m every six months to 2011 supported by solid economic fundamentals.
Vacancy levels in the Gold Coast office market have been forecast to fall to an all time low of 4.6% in July 2007. At this point (July 2008) vacancy levels are expected to peak at 9.6% and gradually fall back to 6.0% in 2011 as the rate of absorption is anticipated to be greater than the proposed supply.
Rental growth in the office market has been strong over the last four years; averaging 10.32% and climbing to almost 14% growth over the last two years. The peak in growth was seen in June 2006 at rate of 15.79%, with an average net face rent level of $277/sq m. It is anticipated that such high levels of growth are unlikely to continue in the next five years. Our forecast for rents suggest a fall in rental growth levels to 3.89% in June 2007 and stabilize between a band of 2.50% and 5.00% to average 4.18% over the five years to 2011.
The response from owners of secondary space to growing segmentation in the market is a key trend to emerge in this cycle, Mr McCarthy pointed out. Owners in Sydney and Melbourne CBDs are withdrawing space at record levels. In Sydney, where 172,800 sq.m. of space was withdrawn last year, most owners are opting to refurbish. More than 50 per cent of withdrawn space will come back as higher quality accommodation, 28 per cent is being converted to other uses such as residential apartments and most of the balance is to be demolished.
In Melbourne, 159,500 sq.m. m of office space was removed from the market last year – about 73 per cent will be converted to residential, tourism and educational accommodation and the balance will be refurbished for offices. Mr McCarthy noted that despite the squeeze on Premium space, Sydney CBD is still the only Australian market to show significant development activity. We are specialist residential and commercial property auctioneers as well as conveyancing brisbane with an unrivalled depth of experience and market knowledge. Over the next four years, the Property Council projects about 825,000 sq.m. of new and refurbished office space to be supplied to CBD markets around the country – but the bulk – 63 per cent or 517,000 sq.m. – will be in the Sydney CBD.
“The relative lack of development activity in other markets isn’t the result of there being no plans – a number of projects across the country remain mooted. Investors are simply waiting for more positive signs of rental growth before pressing the button”. Perth was the only CBD office market to record an increase in vacancies in the past six months up from 12.3 per cent to 12.6 per cent. Mr McCarthy said “this was the first increase in Perth CBD’s total vacancies in the past five years”.
As the market begins to stabilize by year-end 2003, the Northern Arc suburban office markets will lead the way with projects in the Easton, Polaris, Tuttle Crossing and New Albany areas. There will be more supply than demand with a gradual increase in speculative construction during the fourth quarter of 2003.
This trend is starting to plateau and will gradually cease to exist through the next 12 months.
Current Columbus businesses will be expanding, and new businesses will come to the market taking advantage of the various concessions. The Columbus market will continue to survive and provide an excellent opportunity for corporate growth. Franklin County also has been listed as the top producer in Ohio for new business starts since 1996.
Near City vacancy levels are forecast to fall to a historic low of 2.1% in July 2007 before reverting back to 6.2% by July 2008. Results from our forecast then see vacancy rates peak at 8.1% at July 2009 as a result of over 141,000 sq m added to the market in the previous two years. The vacancy level is expected to soften gradually to 5.9% in July 2011 as absorption of over 20,000 sq m per annum stabilizes the impact of the sizeable additions during 2008 and 2009. Verify that the authorized conveyancer named by you makes legitimate inquiry of the property and guarantee that all the assessment and other lawful provisions are satisfied by the vender.
Net face rents in the Near City have seen a considerable upswing in growth over the last two years after a period of negative growth during 2003. The peak in rental growth was observed in December 2005 at 8.64% while the growth rate is currently at 8.03% and rental levels achieving on average $310/sq m. After a historical growth average of 3.61% over the last five years, Landmark White anticipates an average growth rate of 3.53% to 2011 with the trend of growth to remain more stable through the forecast period.
Incentive levels are currently between 5% and 10% for the Near City however there are instances of no incentives provided especially for new and well located office space. The problem and worse make it easier for social landlords to evict anti-social tenants, hence shifting the problem onto the private rented sector.
It is imperative also that Government recognizes that higher standards require funding. Simply regulating, without making grants available for improvements, or encouraging investment, will only lead to less housing stock. Some of the more significant sales recently has been the purchase of 121 Wharf Street, Spring Hill by GE Real Estate and the Seymour Group and Westpac joint venture acquisition of an approximately 2 hectare site at New stead. Before selecting a master verifies that he/she is enrolled under the Law society or the committees of authorized conveyancers act.
“Yields in the Near City market are in a range of between 7.00% and 8.50% as ongoing demand from institutional investors and now a lesser extent developers continue to compress this range.” It can be anticipated that average yields will move towards 7.50% whilst there are strong fundamentals in the office market and overall economy.
“Affordability levels hit long term lows after the peak of the market due to increased interest rates in 2003 and more recently in November 2006.”
Further ‘devil in the detail’ will be the enforcement regime the Government is proposing. If it is too strong it will risk further alienating responsible landlords, but if it is too weak it will put a lot of good landlords to extra work for no gain. “East Asian societies share a consistent view of how their social and economic wellbeing should be run. The essence of this is that governments should do little to temper the hazards of life, particularly the consequences of technological and economic change. Governments spend little on social welfare and individual freedom is reduced. This reinforces strong social institutions like the family, which remains essential to survival.
All members with leasehold property interests in the ACT are urged , as a matter of urgency, to contact Assembly members expressing alarm at the impact of these proposals and their detrimental effect on investment in the Territory. Vacancy rates across Australian CBD office markets fell to 10.4 per cent from 12.4 per cent in the twelve months to January 1998, Mr John McCarthy, National President of the Property Council of Australia, said there is now clear evidence that the office market recovery was moving up a gear. Melbourne CBD was the office hot spot for 1997, said Mr McCarthy.
The Melbourne CBD total vacancy factor fell from 19.2 per cent to 14.0 per cent in the past year. Sydney CBD continues to lead the markets with the total vacancy factor now 5.4 per cent, down from 7.5 per cent at January 1997. However, the most interesting trend to emerge from the Property Council’s audit of Australian office markets was the fall in the prime office vacancy levels, said Mr McCarthy.
Premium vacancies across Australia are now at 5.2 per cent – down from 7.7 per cent twelve months ago. “In most markets, vacant space in better quality stock is becoming very tight,” said Mr McCarthy. “These results back anecdotal evidence that it is extremely difficult to lease significant areas of continuous space in Premium stock. Conveyancing specialists are the person with depth knowledge about conveyancing process. “There is a large variation in vacancy factors between the various quality grades of stock and this points to an increasingly segmented office market,” he said. Sydney CBD is the tightest market. The Premium total vacancy factor dropped from 2.4 per cent to 1.9 per cent in the past year. But the most striking improvement came from Adelaide Core where Premium office buildings recorded a 7.1 percentage point fall in vacancies during the past year.
In other office markets, a similar pattern is emerging in Premium office space: Brisbane – 6.3 per cent (down from 10.2 per cent 12 months ago); Adelaide 4.3 per cent (11.4 per cent); Melbourne 6.8 per cent ( 8.5 per cent); Perth 4.1 per cent (7.2 per cent). “The flight to quality reflects the increasing demand from businesses for better quality office accommodation,” said Mr McCarthy. “As we move into the next millennium, businesses are demanding buildings that offer superior technology, efficient floor-plates and high quality building services.