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Brisbane Commercial Sales Up 60%, Lowest Industrial Vacancy in Six Years

Real estate investment group, Cromwell Property Group has exchanged contracts to purchase 400 George Street Brisbane for $524.75 million, reports 


The 35-level property has a number of big tenancies including the ACCC, Cooper Grace Ward Lawyers, Microsoft and other government departments including the Fair Work Ombudsman. 


Colliers International reports a huge 60 percent year-on-year increase in office sales in Brisbane, with approximately $2.35 billion worth of transactions occurring last year. 


Other notable commercial sales include a 50 per cent stake in 66 Eagle Street for $400 million to global sovereign fund Abu Dhabi Investment Authority, and the sale of 39 George and 15 Adelaide Street for $225 million.


Commercial property vacancy has fallen to 11.9 per cent. 


With regards to Brisbane’s industrial market, reports vacancy rates have fallen consecutively the past five quarters and are the lowest they’ve been in in six years. 


Mark Clifford, Head of Industrial at Knight Frank told the publication vacant industrial space has dropped by 18 per cent (approx. 89,000 sqm) in just the past year.


“Vacancy is trending downwards, and tenant demand is being boosted by improving economic conditions, population growth, major infrastructure projects and a mining resurgence.”


Prime rents for industrial properties in Brisbane are up more than 5 per cent, and land rates up a whopping 21 per cent with yields tightening according to the


Brisbane industrial vacancy rates are sitting at 3.2 per cent.  


M3Property Research director, Casey Robinson told the publication the market is thriving and will continue to perform over the next 12 months.


“Brisbane’s industrial sector is experiencing boom like conditions,” 


Colliers International research has found that less than 3.5 years of supply for industrial land ready to develop is left in Brisbane.


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