Perfect time to invest in Melbourne, survey shows
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22 November 2007
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With the cost of renting commercial office space soaring worldwide, Melbourne has emerged as the right place at the right time for investors, the latest Global Market Rents Survey released by real estate giant CB Richard Ellis (CBRE) has revealed.
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Brisbane is the most expensive city in Australia in which to lease an office, ranking 47th out of 171 cities monitored in the global survey, pipping Sydney by one (48), with Perth (51) following a close third. Costs in Melbourne are significantly less, coming in at 103rd in the review.
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With Victoria’s GSP rate growing at an average of 2.9% over the past eight years, Melbourne is a particularly good proposition right now with commercial office space remaining comparatively low in global terms.
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CBRE’s executive director of research, Kevin Stanley, suggested that now was the time to invest in Melbourne’s commercial property market.
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| “An interesting thing that this report reveals is that Melbourne’s looking to bridge the gap right now. It’s got some strong growth there. So if investors read that properly they might think it’s time to buy into Melbourne again and capture that likely increase in rentals,” Mr Stanley said. |
