Build it and they will come!
17 July 2017 | General
Matt O’Dea, Partner at Facey with over 10 years experience in commercial real estate encourages you to start building, now.
I’d encourage any developer sitting on quality blocks of land to speculatively commence building in today’s market, and to do so without delay.
Demand for quality new buildings is high, especially if the developer is willing to sell as well as lease. Such is the demand that we are commonly seeing these premises transacting before the building is even completed. Owner occupiers don’t seem to have the time nor patience to wait 12 months for a new building to be designed and built to order, so it often comes down to the available stock of the day.
“Developers can remain firm on their pricing”
Appetite remains strong for industrial buildings between 500-2000m2 and the limited availability in the market is proving advantageous to developers. They can remain reasonably firm on their pricing because the reality is that buyers and tenants don’t have the options that seemed to be around as little as 12 months ago.
Dandenong is currently Victoria’s second most searched area online for commercial and industrial property second only to Melbourne’s CBD. If that doesn’t give local developers confidence I’m not sure what will. It’s all part of a much bigger story for our area where we continue to see new businesses coming in and existing businesses upgrading.
Dandenong is solidifying its position as the capital of Melbourne’s South East.
Matt O’Dea Is A Partner At Facey
0448 566 556