Matt O'Dea, Partner at Facey with over 10 years of experience in Commercial Real Estate shares his confidence in today's market.
I recently had the pleasure of attending a function hosted by the REA Group that focused on market insights. I walked away feeling pretty confident about the Commercial Real Estate market in the short to medium term because the verdict was clear that Melbourne is leading the country in many of the stats that underpin growth.
To quote keynote speaker, Bernard Salt, "Melbourne has had a stellar year"
Our population growth leads the way, we have experienced 25 years of economic growth and we are better placed than most states as we transition from the mining boom into the services boom.
It's reassuring to hear validation from the experts because I've had this 'Positive Market Feeling' for some time. If there is one thing I love about selling and leasing commercial property, it is engaging with people from all sorts of industries and sowing the seeds for a long term relationship. I hear many opinions on all sorts of issues (some have nothing to do with property), but I have been experiencing generally positive feedback about the commercial environment. I'm seeing businesses growing, winning contracts and employing more people.
There is nothing better than seeing the growth of a local business. A case in point is Hallam business 'Ultimate Australia'. I had the pleasure of leasing them a 212m² unit within the 167 Princes Highway complex. Barely two years later they have been awarded a major contract and have expanded into a $3.3M facility in Technology Circuit. Playing a small part in that business journey is really satisfying for the Facey team.
Melbourne continues to offer fantastic value to national tenants and can be proud that they are competing strongly to win overseas investment (word has it we are front runners in attracting Amazon's expansion into the national market!)
Quality property has never been more sought after, and with Melbourne at the top of many investors' wish list, we look forward to what the future may hold.
Matt O'Dea is a Partner at Facey
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