Australia’s commercial market 2016

Australia’s commercial market 2016 will continue to provide an opportunity for many investors and property buyers. It has been noticed that overseas market is taking an interest investing in Australia. Singapore’s Ascendas investing in purchasing an office in Australia, paying more than $316 million. At 100 Arthur Street, the property was owned by the famous Salteri family for over 50 years, the tower which was built in 2007.

Ascendas, the trusted company in Singapore, constructed an Australian commercial property portfolio last year.

It is also known for a purchase of $1 billion of GIC Real Estate/Australia logistics portfolio in the month of September.

Investors spent around $35 billion in the commercial office space in 2015. Seeing the figures and consistency there is a prediction that the trend will continue in 2016 as well.

According to the Global Standards, Asia and Canada were declared the biggest buyers across the world, attracted by the Australia’s high yield commercial property.

The median value across NSW increased by 16.8 percent in 2015, with 50 per cent increase in some parts of Sydney. Rents have risen off the new supply. Also, the number of office building have converted into the apartment building or hotels.

The sales figures of 100 Arthur Street revealing a rate per square meter whereas the lettable area is 27,196 square meter. It can be easily affordable under $11500.

Currently, the tower is fully leased to privately owned companies, a mix Commonwealth government and NYSE listed.

Ascendas own nearly 30 properties. Last December it also paid around $76.6 million for another site in Sydney itself.