Charter Hall’s David Harrison says history provides a good guide to how the pressures in the office property market will be resolved.
In more than three decades in the property industry, Charter Hall chief executive David Harrison has learnt to grow wary of those who say “this time is different”.Office property values are under pressure, but some parts of the market are feeling it more than otheres.Take the current tough market, characterised by surging interest rates and pressure on valuations. These headwinds were evident in Charter Hall’sHarrison says that as usual, the market is splitting in two.
is an example, but Harrison says there are others on Brisbane’s riverfront and towards the top end of Melbourne’s CBD, overlooking the MCG and Royal Botanic Gardens. And the final option is that older office buildings are demolished for either residential or new offices. Harrison says this is also likely to be seen with suburban offices, given the demand for housing.
He says they remain cashed up, interested in Australia as a market, and keen to take advantage of the valuation differences emerging between hot sectors such as logistics and struggling sectors such as office. When interest rates settle, Harrison sees capital coming off the sidelines.
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