AFR
Major CBD office towers are selling at 20 per cent discounts to their peak value, the best evidence yet that the correction in Australia’s office market is nearing the bottom.
“We’re close to the bottom and these transactions will be the benchmark to set pricing for the next 12 months. We’re pretty close to where we need to be,” Jefferies analyst Sholto Maconochie said.
“We’re probably within 5 to 10 per cent of the trough for premium and secondary buildings. There’s not much left [to go)],” Mr Maconochie said.
“The valuers are letting the air out of the tyres. We’re pretty close to letting enough air out and getting back to race ready.”
Office valuations to rise in FY25 IMO.
(20min delay)