Hot Brisbane property
Thursday, December 6, 2007/
The Brisbane CBD office market is an entrepreneurs dream – if you are a developer and not looking to lease. Major office blocks are changing hands at record prices and rents are the highest in Australia. But office vacancies have sunk to less than half a percent a year, The Australian Financial Review reports this morning.
Rents are over $1000 per square metre and yields in the 5% range. One agent described the rent growth as extraordinary at 58%, while for the 12 months to September it was 76%.
The rent increases have come on the back of a 32% increase in rental growth in 2006 and 20% in 2004 and 2005.
Agents say 2007 has been one of the biggest on record. There are a lot of new buildings on the drawing board, so Brisbane could be looking at an oversupply.
But so far there is little under construction; just a lot of people with development applications. Meanwhile there are still a lot of large buildings about to be sold, and given the cashed-up punters who have benefited from the recourses boom, there should be no shortage of buyers.
Be honest about your situation: How vulnerability helps businesses thrive Sue Parker DARE Group founder
Own it: The 10 things you need to do to manage your personal brand Lisa Stephenson Who Am I Projects founder
Six invaluable lessons: What 20 years in aged care taught me about being an entrepreneur Natasha Chadwick NewDirection Care founder
An entrepreneurial superpower: Eight tips to help develop resilience Adala Bolto ZADI Training co-founder
Going through a lull? Five areas you should invest in when sales drop Tamara Alaveras and Sonia Majkic 3 Phase Marketing co-founders
Stop telling us how busy you are, it's boring and charmless Ian Whitworth Scene Change co-founder
Blandification™ and the state of modern branding Jeffrey Oley The Offices co-founder
Why you should find the right role for the right person — not the other way around Bruce Stronge Outfit founder