Newcastle’s results compare favourably with those for Sydney’s major office markets, where the amount of space businesses occupied shrunk for the first time in nearly ten years. The vacancy factor for the Sydney CBD is 6.26 per cent, up from 5.02 per cent in July last year and 4.85 per cent in January 2001.
The chair of the Property Council’s Tourism Committee, Philip Levinson, the results confirm the view that the September quarter last year marked the commencement of a cyclical low point for the hotel sector. You will for the most part be obliged to give a store to be held by your how to choose settlement agent as security for the seller against any disappointment by you to finish the buy as contracted.
It benchmarks the quarterly performance of a generic 4 star, 250 room hotel located in Sydney's CBD since December 1995, producing a likely selling price of the hypothetical generic hotel.It is not only a win for property professionals that work with the system on a day-to-day basis, but it’s also a win for the wider community with the promise of better planned communities.
The dual impact of September 11 and the Ansett collapse only caused hotel values to plateau - not fall - according to the latest Property Council. The results show that capital returns from a generic 4 star, 250 room hotel in the Sydney CBD continued to decline, but stronger income returns would have propped up total returns in the December quarter 2001.
However the capital return index fell by 8 per cent over the same period to be 85 per cent of 1995 values. The chair of the Property Council’s Tourism Committee, Philip Levinson, said the results confirm that the industry was hit hard by events in September 2001 but not to the extent predicted by some commentators.
For the first time in the last ten years room occupancies dipped below 70 per cent, resulting in an 18.5 per cent fall in room yield. Mr Levinson said the demand for the Hotel Valuation Index reflected a greater maturation of hotel property as an asset class. The net take up of office space in the North Sydney CBD was negative for the third successive six-month period to July 2002, coming in at minus 6,835 sq m.
The City of Cities concept and the other initiatives contained in our paper provide practical solutions to a number of key issues afflicting Sydney.The contribution of industry icon, Greg Paramor, was honoured today when the Property Council of Australia awarded him a life member of its NSW Division in front of 540 of his peers.
Although this recognition is for a lifetime of contribution and achievement, we hope Greg will view it as encouragement for continuing an extraordinary work in progress", Mr Leaver said. Some legitimate firms may case to give a thorough conveyancing administration, yet in the event that they are a practice that arrangements with a wide range of sorts of lawful cases, or offers shabby conveyancing services administrations, they might not have the committed individuals or time, which will guarantee that they can give the best and most productive conveyancing administration conceivable. In 1981, Mr Paramor founded Growth Equities Mutual, a major Australian property funds management company which managed over $1.6 billion of equity on behalf of some 80,000 investors.
In the property industry’s most difficult times during the early 1990s - when the unlisted property trusts were effectively frozen - Greg steered and managed the crisis in his role as Chairman of - what is now known as - the Investment Funds Association of Australia.Mr Paramor founded Paladin Australia which in five years grew to be the Australia’s 10th largest property fund manager with over $2.3 billion in funds under management.
He was also the Property Council’s NSW President in 1994/95 and guided the Division through one of its most difficult times establishing a strong foundation and platform for growth resulting in its current financial and advocacy success.In 2000 following the sale of Paladin to Deutsche Bank, Mr Paramor again had the vision to recognise the benefits of the stapled structure and created the James Fielding Group.
The Minister’s decision is a sigh of relief for shoppers but a slap in the face for businesses in office buildings who need car parking facilities,” Ms Joslin said.To expect mothers with young children to struggle home with bags of shopping on public transport is unrealistic and we are pleased Carl Scully was quick to appreciate this when the proposal landed on his table.
Following a full-frontal media campaign by the Property Council, the NSW has watered down its proposed extension of the Sydney car park levy. But in a blatant revenue raising exercise, the Government will also double $400 levy to $800 in Sydney’s CBD, North Sydney and Milsons Point, despite predictions of a sixth consecutive surplus in the June State Budget. Conveyancing alludes to the lawful system included in changing responsibility for property and brisbane conveyancing lawyers is the person who helps you through this method guaranteeing that the exchange is taken care of legitimately and you haven't missed any vital issues.
The NSW Opposition will attempt to block the State Government’s car park tax legislation. Our next battle will be to convince at least 7 of the 13 independents in the Upper House the tax will hit small business the hardest.
It’s estimated businesses in Sydney’s CBD will face at least a $30 million bill. The support of the Opposition and seven independents will be enough to defeat the legislation.The warning came from inquiry head, the Hon J S Cripps QC, at a Property Council lunch yesterday, saying that the review will be heavily influenced by the submissions received from the public.A scarcity of new office buildings will compromise North Sydney’s future as one of Australia’s premier business districts, according to a new report.They include computer giant Oracle, Telstra, Esanda Finance, BHP, Arthur Andersen and a host of advertising agencies.
However, North Sydney is being starved of these opportunities because of restrictive CBD planning controls that prevent new companies bringing their money and jobs into the area.Our proposal is a win-win situation. The city will benefit from the greater policy focus it will receive and residents outside the CBD will benefit through stronger representation and resources,” he said.
The impressive vacancy figures follow the completion of 264,074 square metres of new office space in the CBD since January last year. Demand was particularly strong for premium and A grade CBD buildings, with the take up rate over the past 12 months reaching a high of 207,801 sq m – three quarters of the total take up rate.
Since July last year, the race for space also intensified in other buildings with A grade quality building vacancies falling to a record low of 3.9% (from 4.2%), C grade dropping to 3.5% (from 5.2%) and D grade massively declining to 4.5% (from 9.2%).
Space in St Leonards/Crows Nest was also tight at 2.7%. However, the news was not so good in western Sydney with Parramatta office vacancies hitting a five-year high at 10.2%.The figures show that new construction in the CBD won’t be anywhere near as intensive as the past two years. 56,559 sq m of new office space will be built this year in the city and 29,785 sq m in 2002.
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While the Government has recognised one section of the community by delivering stamp duty reductions, business and many other home buyers will still be forking out more money for stamp duty, which will be levied on post GST values,” Ms Joslin said.
However, a far more significant cut was warranted when the Government will reap an extra $500 million ($1.75 billion to $2.25 billion) in stamp duty on contracts and conveyances above budget this financial year.
Stamp duty will still be levied on post GST values which will increase the tax bill for many people. Second home-buyers, for instance, purchasing a new $220,000 property will still pay $600 extra stamp duty from July 1 this year.
Urban Affairs Minister Andrew Refshauge deserves praise for providing $11 million for the deployment of planning teams in key employment areas. This will fast track investment and reduce the complexities of the planning system.NSW Treasurer Michael Egan today announced a State Budget with a $340 million budget surplus built on the back of strong growth in property-based taxes.
A proposal to introduce a 1 per cent “development tax” would add $620 to the cost of building a three bedroom home and up to $1.8 million to major commercial construction projects, the Property Council of Australia said today. In case you are considering trading the obligation regarding leasehold property Act Conveyancing Sydney then similarly you will need to complete the entire conveyancing framework. That means the developers of one major building project in Sydney’s CBD, for instance, would have faced up to $2 million in additional costs as a result of the tax.
Similarly, the tax would add an extra $568 to the cost of building a two bedroom home (110 sq m), $620 to a three bedroom home (120 sq m) and $931 to a four bedroom property (180 sq m).While the spin doctors claim the levy is a tax on development, the real story is that it’s a tax on investment, a tax on jobs and a tax on home ownership at a time when the construction sector faces a significant downturn.
Under the current system, the amount an employer pays into the workers compensation scheme is determined by how safe their worksites are. However, this proposal will force property owners to fund the system when they have no control over safety. The Sydney Morning Herald, the Australian Financial Review and several major radio stations this morning carried Property Council generated negative stories about the levy.
But these five markets are striving to remake themselves by attracting industries that offer strong growth prospects. Des Moines, like Kansas City, remained fairly stable through the recession. The metro area has an extensive financial-services sector with the third-highest concentration of insurance headquarters in the world including KVI, Principal Financial Group and Allied Group. Jobs in the FIRE and business services sectors account for a high 20 percent of total employment compared to 18 percent in the U.S. Call centers flock to Omaha due to its low business and living costs, the flat Midwestern accents of its populace, and a robust communications infrastructure that is a legacy of Offutt Air Force Base.
These projects are leaving large vacancies in their wake, which will keep the downtown office market soft for several years. St. Louis, the largest of the Great Plains metropolitan areas, has seen its employment base erode moderately since 2001. Transportation companies are well represented in the local economy, including Boeing, DaimlerChrysler and American Airlines.
received a $4.5 billion contract from South Korea to build 40 updated F-15s, which will be built in St. Louis through 2008. And sales of homes, automobiles and general merchandise have held up admirably despite the sluggish employment market during the past two years. Any recovery in 2003 is likely to be muted, with conditions especially weak in the first half.Recent leasing activity has largely come from mortgage companies whose business is driven by today’s attractive interest rates. Tenants should allocate plenty of time to explore the market and acquire a thorough understanding of conditions.
However, these same market conditions are not as pronounced as in many larger markets due to the market’s role as an insurance headquarters center and the capital of Iowa. Near term opportunities for office users will be found in taking advantage of the softness in the market and repositioning into more desirable space.
The Des Moines Central Business District will be the beneficiary of over 650,000 square feet of new corporate facilities when the Allied Insurance and Wells Fargo Financial buildings are completed. Doing a conveyancing process will add a systematic process to your property buying and selling because it has all complex and legal steps and hiring a conveyancer will remove your stress because conveyancers have experience in performing the property transaction process.
Looking to attract more customers to its aisles, Office Depot recently introduced a new store format in Greater Cincinnati.
Initial concerns over lease-up for space being vacated as these companies move into their new facilities have been somewhat alleviated by accelerated growth within these same companies and decisions to keep employees in the older buildings.As a result, space in Class B and C buildings in the CBD is being offered at substantial discounts. Landlords owning these buildings are finding it difficult to attract new tenants despite a laundry list of incentives.
The savvy user can reap substantial incentives. Tax abatement in some municipalities will be an inducement, as well. With the exception of tax abatement, these incentives are a result of a substantial increase in available space in late 2001, continuing through 2002. Completion of the beltway to I-35 (Relocated Highway 5) south of the Des Moines International Airport, should increase user interest in business parks near the airport.A major challenge during 2003 will be to educate both tenants and owners to the changing industrial market conditions.
For example, the sum of EDS’ vacant sublease space in northwest suburban Des Moines, plus the addition of SuperValu and R.R. Donnelly space equals a tenant’s market. Beyond 2003 owners and developers will be challenged to find build-to-suit opportunities and determine the appropriate time to consider new spec buildings as vacancy levels decrease.
Development opportunities exist around the perimeter of Jordan Creek for specialty centers as larger, big box parcels are owned or optioned by local developers looking for the big anchor.Speculative development in other areas of the city will be slowed by the wait-and-see attitude that many developers are taking with Jordan Creek. This trend will create opportunities for savvy investors to purchase strip centers at below market prices and redevelop vacancies for possible alternative uses, such as office space or call centers. Growth opportunities will continue for years to come in the retail sector in and around Jordan Creek and also a planned, enclosed mall in Ames.
Thus, landlords will continue to adjust downward their expectations for deals on second-generation space. The result is that landlords are nervous for a retail market that could become over-stored after the addition of 2 million square feet at Jordan Creek.
The multifamily sector in the Des Moines area saw the addition of roughly 2,000 new units in 2002. Get extensive property melbourne conveyancing services to change the title of the residential or commercial properties from one to another at affordable prices.Out-of-state developers took advantage of financing opportunities to build higher end units, which accounted for the majority of new construction. Multifamily sales slowed from their 2001 pace due to lack of product and investors choosing to refinance versus sell.
As the realization of a new General Growth Mall (Fall 2004) in the western suburbs draws near, concern over the potential of losing anchors is causing increased scrutiny when underwriting suburban centers. The main challenge going forward for buyers is to find and correctly analyze the risk in a given investment property.
For sellers, the main challenge is to identify properties in their portfolio that have been owned for some time and may have already appreciated beyond the target sales price, thus presenting a sale opportunity.Demand will rebound in 2003 but likely not before the third quarter. Activity in the first half of the year will be stagnant. Vacancy will continue upward, although at a slower pace than in 2002, cresting around 21 percent. After experiencing some positive activity in the last half of the year, vacancy should drop below 18 percent by year-end. Rental rates will remain flat, but the prevalence of concessions should begin to diminish as demand improves late in the year.
Much of the increase was associated with Sprint transferring employees. Vacancy should begin to drop off during the next 12 months as Sprint nears the end of its space consolidation. Secondly, it is always better to look for professionals who can handle the entire gamut of conveyancing from start to end. Downtown’s vacancy will spike approximately 400 basis points, pushing it over 19 percent as the Tower’s tenants relocate from other buildings including the anchor tenant, Shook, Hardy & Bacon, which will leave a sizeable hole at One Kansas City Place. Further damage to downtown will be sustained in late 2004 when Blackwell Sanders leaves Two Pershing Square to assume its new position as the anchor of the Plaza Colonnade.
The lack of industrial production and decreased demand caused vacancies to rise by 230 basis points surpassing 9 percent during 2002. Current conditions continue to play in favor of users of space. The negotiating power will likely remain with users through much of the year until prospect activity rebounds around mid-year. The opportunity to take advantage of low interest rates to refinance and become better leveraged for the future might be more appealing for some owners.
This added motivation, coupled with Kansas City’s ability to recover quickly economically, will make 2003 another strong investment year for real estate. The reshuffling of offices once used by First National and the subsequent consolidation into the new tower has created an abundance of available prime real estate.