It’s a new year, and most of us are already churning away at our businesses and workplaces. With a new year comes new changes to the economy and the property market, and experts are constantly keeping their fingers on the pulse of the latest trends in commercial property prices and sales.
Here are the main updates of what’s happening in the world of commercial property right now:
Rising commercial property values
Commercial values in the Sydney CBD rose 2.4 per cent in the year leading up to June 30, 2010, and they’re expected to keep rising throughout 2011. While prices did not rise as much as expected, it was still a huge contrast to the 12.5 per cent fall in commercial property value during the previous financial year. However, while commercial sales are strong at the moment, this is expected to change later in 2011 with future rises in interest rates. These are important considerations for those looking to buy commercial property over the next few months, and those involved in property management. Sydney will also be a hotspot for growth in retail property throughout 2011, as Westfield’s ongoing development continues to drive increased interest in the sector.
Job vacancies and unemployment rate
Job vacancies are up, unemployment is down, with surveys showing that the number of various jobs advertised rose by 3.2% in 2010. The number of job vacancies across the country also rose last year, further showing that the Australian economy is continually getting stronger. More job vacancies are also good news for businesses, meaning employers are hiring new workers to help their business grow.
QLD flood disasters bringing out the best in business
In light of the recent flood tragedy in Queensland, businesses near affected areas are digging deep by pitching in to help out other businesses through the ‘Save a Business’ campaign. Although Brisbane offices were largely unaffected by the floods (compared with residential properties), things like basement car parks and building services underground have been affected, meaning that many businesses are experiencing disruption to their operations. Brisbane based small business Creative Intersection has launched the website saveabusiness.com.au which allows businesses to register the facilities and services that they are willing to provide to other flood-affected businesses, offering things like desk space in serviced offices, phone lines, internet access and computers.
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