Commercial properties could see favourable market conditions
A joint survey involving a well-known financial institution and a leading real estate authority has shown that commercial property owners may be in for some prosperous times.
The Property Council of Australia and ANZ Bank have performed research into the state of the national economy and examined the implications for the rest of the year.
ANZ chief economist Warren Hogan and head of property research Paul Braddick have compiled what they believe to be good news for both business owners and commercial landlords.
The Property Industry Confidence Survey has shown that - while certain segments have fluctuated by region and state - the market may be on the verge of a "multi-year cyclical upswing" that could see an increase in rental rates.
According to the expert analysts, owners of commercial offices and industrial properties in particular could be delivered with higher tenancy rates.
This is because positive economic growth has coupled with a decrease in market availability due to a slowdown in development completions in 2012.
For business owners, this could provide the impetus to seek out their own place to purchase in order to avoid increasing rents - while investors may be driven to find viable addresses to capitalise on increased demand.