Brisbane Commercial Property – Feb 2012 Review
My commercial agency team had a cracking start to the month with winning The Real Estate Institute of Queensland’s 2011 commercial agency of the year award (Raine & Horne Commercial Brisbane Southside), putting it in the running for the 2012 Real Estate Institute of Australia’s national awards for excellence to be held in Darwin during March.
The agency was recognised for its business development plan, professional development, marketing strategies, significant commercial property sales, property management listings and customer service record. This is the most prestigious commercial property award in Queensland & credit must go to my Directors Joseph Grasso & Nick Comino. Their professionalism and leadership is second to none. What makes this award even sweeter is it was in recognition for our hard work during the Brisbane floods which devastated many our client’s commercial properties in areas such as Rocklea, Yeronga, Darra, Seventeen Mile Rocks & Sumner.
January’s positive start has flowed into February and many transactions have been written. If this trend continues into March and April I can confidentially say the brisbane commercial property market is buoyant once more. The big question is will the trend continue?
Despite weak business conditions in the manufacturing sector, namely due to the strong Australian dollar, the Brisbane industrial property market is being supported by increased demand for warehousing and logistics. Aside from the limited availability of large prime facilities in most markets, industrial property is benefiting from the rise in demand for goods ordered over the internet, while the mining sector is contributing to demand for industrial space in WA and Queensland – a trend that is set to continue in the next few years. Just this month I leased a 1,021sqm building (Yeronga) for an internet based business, plus we’re currently negotiating a few leases for mining serviced based businesses.
Hopefully the federal ALP leadership spill is finally over. We desperately need to restore confidence, and this can only be achieved with an effective and proactive government. We are simply not seeing this from our elected leaders and it’s has had a negative effective. Perhaps an early federal election will sooth business anxiety?
RP Data can record in Brisbane over the last three months to the end of February 2012, 13 sales were recorded for a total of $231.8 million; with $220.5 million for commercial and $11.3 million for commercial strata. The 12 months leading up to February 2012 recorded 67 sales for a total of over $1.0714 billion, significantly higher than the $792.1 million recorded for the same time period the year before.
This looks great for continued growth and positive results for Brisbane Commercial Property!