2 Croydon Road Croydon
03 9725 0000
111 -113 Main St Lilydale
46-52 Brice Avenue Mooroolbark
Methven Mt Evelyn
1 Wray Crescent Mt Evelyn
1/20 Murchison Street Marysville
03 5963 4491Contact us
This month we have Russell Bartlett come in to give us a run-down on the Commercial & Industrial sales and leasing market. Russell is the manager of our Commercial & Industrial department and has 26 years of experience under his belt.
Though often thought of as a residential area, we do still hvae a substantial commercial & industrial arena in the otuer east. The market is a bit patchy at the moment – perhaps a reflection of the economy. Retail leasing is still reasonably strong, but commercial leasing – that is, office space – is a little bit soft at the moment, with a bit more office space available than there is demand for it out there. The industrial market is down, with leasing a bit slow at the moment. As with the commercial market, confidence is a major factor. The market is very price point driven – older and cheaper factories are easier to lease because they are more affordable, but larger and more expensive properties tend to languish on the market if owners don’t have an open mind for negotiation.
The commercial & industrial sales market is going quite well. There are still investors, particularly for retail, which is seen as a more secure vehicle. Stock is tight, but prices are holding.
Two months ago when Tracey Russell, the manage of our residential rental department, featured on our report, demand was very strong. However, over the last few weeks, demand has slowed down with the vacancy rate climbing and our letting rates dropping back. Tenants will have noticed that there is a lot more choice for them on the current market.
Our sales market is still running very well, having gone from strength to strength all year, and we expect this to continue through the end of this year.