Office: Pending pre-commitment, the potential exists for a supply wave in 2024-25 of up to 470,000 sqm of space.
Industrial: Social distancing measures associated with the COVID-19 pandemic initially resulted in a sharp drop in tenant enquiry, but a number of factors suggest tenant demand for Sydney industrial property can return relatively quickly.
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.
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* 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.