Calls for better infrastructure development to aid commercial property sector
Industry leaders have welcomed the findings of a recent report into the future needs of New South Wales that highlights the important role of infrastructure investment on commercial property interests.
The Tamberlin Inquiry Report has received support from the Property Council of Australia (PCA) for its insights into the management of state government assets in relation to ongoing transportation and energy issues.
Speaking on the topic, executive director of the PCA Glenn Byres said that sensible economic principles should guide further development.
Byres asserted: "NSW needs to turbo-charge funding of our infrastructure to improve the economic productivity of our state, cities and regions.
"Our freight network, public transport and road systems and other vital infrastructure are in desperate need of a new wave of investment."
By developing these publicly-owned assets it is understood that commercial real estate and office properties would stand to benefit from increased utilisation - potentially leading to lower vacancy rates and higher rents.
The knock-on effects to the state economy could further assist the recovery of local markets - freeing up the flow of funds across business sectors.
However, the funds needed to start these developments could be significant, with Byre warning that "giving life to these projects will require an enormous capital injection".