Engagement Isn’t the Goal. Connection Is
The office market has proven surprisingly resilient during the pandemic, according to new data from the Property Council of Australia.
The national office vacancy rate increased from 11.9% to 12.1% during the six months to January. However, that was due to an increase in supply, not a drop in demand, which actually rose 1.0% across the country’s CBDs and 0.7% in non-CBD markets.
Property Council chief executive Ken Morrison said the death of the office has been greatly exaggerated.
“The supply of office space across Australia has been above the historical average in three out of the last four reporting periods, which means since the onset of the pandemic, office developments have continued to come online, and demand for it has largely kept up,” he said.
“The comparison to the 1990s recession is stark. During that crisis, vacancy rates blew out by a massive 15.6% over three years, whereas during the two years of the COVID-19 pandemic, they’ve shifted only 3.3%.”
COMMERCIAL PROPERTY FINANCE – CLIENT SCENARIO
A client approached us to purchase the commercial property that they were currently renting. They were long term tenants of the building and were ready to make the move into ownership.
Unfortunately they did not yet have an up to date set of financials that we could utilise for their loan application.
Using their deposit, BAS statements and their history of tenancy, we were able to have their loan assessed using a streamlined ‘lite-doc’ option.
We got their loan approved and they were able to purchase their building.
TOTAL LOAN AMOUNT: $525,000
TURN AROUND TIME: 6 weeks
What are your commercial property needs? There is no ‘one size fits all’ approach to commercial property finance, have someone in your corner who understands your business, and has your interests at heart. Finestream develops a clear understanding of your position and where you want to get to, and we arrange your finance accordingly. Contact the team today to discover the Finestream difference.
