Sydney's office market place continuing to execute well - Genuine Estate - Commercial House

Australia's workplace industry continues to strengthen, with a number of high-profile international companies eyeing off locations of commercial and industrial genuine estate. Sydney commercial genuine estate is at the forefront of this growing focus, and with speculation mounting that Westfield may look to sell part or all of its two workplace towers on Pitt Street Mall, foreign investors are as keen as ever.Immediately after becoming largely undamaged by the International Monetary Crisis, international investors continue to have a expanding interest in Australian genuine estate investment trusts due to the stable economic climate, and high workplace occupancies and capital values.Last December, South Korean National Bank's purchase of the Aurora Place Office Tower for $658 million was one particular of the most substantial recent offers for commercial property in Sydney. Speaking at the Citi 2010 Australian Investment Conference in October, Charles Moore, fund manager fo r the Commonwealth Property Office Fund, Tino Tanfara, chief executive of ING Office Fund, and Paul Say, chief investment officer at Dexus Property Group, said there was evidence the Australian workplace industry is nevertheless performing effectively.

Currently the typical workplace vacancy in Sydney is about 7 per cent and new buildings along Castlereagh Street in the CBD are largely pre-committed. Landlords have also predicted effective rental growth next year as the have to have for rental incentives (such as absolutely free workplace fit-outs, car or truck parking and rent-absolutely free period) decreases, and demand for workplace space increases.

Building new workplace space is also increasingly becoming put to use to fund additional developments in Sydney's suburbs. A new technique to redevelop Redfern incorporates plans to construct commercial workplace space, a gym, an underground car or truck park and housing for university students. Mick Mundine, CEO of the Aboriginal Housing Company, says that funds generated from this commercial workplace space will be put to use to sustain reasonably priced housing in The Block.

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