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How to find best property valuer in Melbourne

As in North America, however, the majority of rental markets have remained quite stable over the past year. The Sydney industrial market finally appears to be in upswing mode after slowing considerably over the last few years.

Africa remains a continent divided. Sub-Saharan Africa is still struggling with political instability and medical concerns, while parts of property valuation Melbourne are developing their suburban office infrastructure. Generally, the main investment-class African cities are oversupplied with space and have a general trend toward soft but stable rents. Expect 2005 to exhibit much of the same ‘soft but stable’ conditions as in 2004.



The office market recovery is in the first inning of a nine-inning game. Clearly, the key leasing market indicators such as absorption, vacancy, and rent are improving, but the pace of the recovery will be slow and geographically uneven. The vacancy rate, 17.2% at the end of the third quarter, is not far below the peak of the last cycle in the early 1990s when a flood of investment capital triggered massive overbuilding.


In the current cycle, lenders and developers were more prudent in adding new supply, but corporate occupiers were more sophisticated in managing their real estate requirements, triggering an unprecedented wave of negative net absorption equal to a 4.5% decline in occupied space. The vacancy rate, which fell by less than one percentage point during 2004, is unlikely to drop any faster than two percentage points annually during the next few years, which means that the rule-of-thumb equilibrium vacancy level of 10% remains three to four years in the future.

The market will continue to favor tenants in 2005, but stories are spreading of rising rental rates and tightening supplies in the most desirable sub-markets and properties: view space in San Francisco, Seattle’s downtown Bellevue submarket, Manhattan and parts of Northern Virginia. Many other markets will continue to struggle with widespread oversupplies of space including Chicago, Atlanta, Dallas, and Houston. The recovery is uneven, but eventually, even the lagging markets will begin to feel the improvement or buy a business property valuation.

Investors are taking heart from the improving leasing market and long-term interest rates that remain surprisingly low. This potent combination drove sales prices higher and capitalization rates lower during 2004 despite the near-certainty of rising interest rates in the short-term future. Owners realize that there will not be a better time to sell in the next two or three years and perhaps longer depending on how high-interest rates rise, and they are marketing properties at an unprecedented pace.