The facts must confirm that sooner or later inside the conveyancing process each house purchaser has appealed to God for a less demanding path, with a framework to help guide them through the tangled web of property conveyancing melbourne reviews. City centre vacancy rates are lower at 7.7% and will not improve for some time given that much of the city stock under construction is either reserved or in an advanced stage of negotiation.
Vacancy levels in the south suburbs are now at 11.8% and this represents a remarkable turnaround over the past number of years. In terms of take up, 131,000 sq.m. of accommodation has been transacted in the first six months of the year and if take up continues at this rate, 2006 will be the busiest year ever. As usual the city centre is attracting most attention with more than 71% of take up being concentrated there.
This is above previous years when city centre take up has usually accounted for around 55% of total activity, and the reasons for this year’s huge jump remain unclear. However we would expect the professional services sector to have a large impact by the end of the year given the number of big professional practices seeking substantial amounts of accommodation.
Notable deals completed in the second quarter of 2006 include the Department of Welfare’s acquisition of a lease in Parnell Street (4,521 sq.m.) and Digiweb’s purchase of 3,574 sq.m. in Blanchardstown. All in all the signs for continued strength in the market are present, and we anticipate that 2006 will be a record year both in terms of take up and rental growth.
Total returns on all commercial property investments were 8.4% for the second quarter and 29.5% for the year to June. This performance is driven by strong economic growth which, at 5.5% per annum, continues to generate demand for business space. The Dublin office market, particularly in the city centre, continues to attract investors’ attention with supply running short and signs of real rental growth beginning to feed through. In terms of retail, increased supply of retail-warehousing space may see investors shy away from this area and focus on high street opportunities.