Positive start to 2010 for Commercial Property on the Coast

Posted on 12 February 2010

2010 has really opened with good inquiry and a positive energy in many of the commercial sub-markets on the Central Coast, and indeed around the country.

We are seeing business confidence improve with one of the most accurate indicators being new leases and leasing activity – and certainly there is renewed life across the Retail, Commercial office space and Industrial sub-sectors in all price and size ranges.

Whilst the leasing markets appear to be quiet buoyant across the board, we need to remember that the effects of the global credit squeeze are also forcing would be purchasers into the leasing market in some cases.

There are still sales occurring in different parts of the owner-occupier markets, yet finance is now typically more difficult to organise and can be drawn out as the sales process unfolds. Small to medium industrial units and offices are still moving all over the Central Coast, but not in the volumes we have recorded for years gone by.

We are finding that quality investment stock is still in very high demand, both from local and Sydney investors. Newer buildings with depreciation, strong tenants, and long leases are selling with yields between 8.5% and 9.0%. There are other properties still selling for upto 10% yields with net rents, and enquiry levels in the range up to $1.5M are the highest both from Sydney and local buyers.

Land is perhaps the most difficult commercial property commodity to shift and this is as a result of the difficulties associated with development feasibilities and finance in the current climate.

Still, the outlook for the rest of 2010 and into 2011 is very positive at this stage. The net absorption of stock is constant and this will in time lead to more development in the future.

2010 is definitely looking like it will be an interesting year with plenty of opportunities out there on the Central Coast for good buying and leasing deals.

TY BLANCH, Principal, LJH Commercial
Ph: 02 4353 7700 Mob 0421645961
email: tblanch@jlhc.com.au

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