CBD Office: With the increase in net incentives, year on year Prime Grade net effective rent growth was negative for the first time since Q3 2014.
Industrial: The start of 2020 (January and February) were very strong, continuing the trend seen at the end of 2019, with solid enquiry across the occupancy spectrum.
National Investment: While the first quarter is typically soft for investment volumes, Q1 2020 was 52% lower than Q1 2019 and was the lowest quarterly volume since 2012. Factors associated with the COVID-19 pandemic which limited travel and delayed decision making contributing to the decline.
Learn more by clicking our most recent Melbourne MarketBeat reports below.
* Data reported in the Q1 2020 Marketbeats was collected prior to disruptions caused by the COVID-19 pandemic.
Looking forward, the extent and impact of the pandemic on Australia’s economy remains unknown, however, while tenant demand and rental growth is now likely to be weak or negative in 2020, generally low vacancies and limited supply in Australia’s east coast CBD office markets suggest growth has the potential to return quickly as the economy recovers.