By early December 2009, sales of Commercial property in Melbourne’s CBD had almost reached $1 billion — according to a report prepared by Jones Lang LaSalle.
Apparently, Melbourne office sales (for buildings over $10 million) totalled around $998 million — while in Sydney, it had reached $444 million.
Sales may well have topped the $1 billion mark by the end of December, because this strong activity resulted from private investors — particularly, in the region of $50 million.
And following another recent survey, more than half of Colliers’ client said they were expecting to see further growth in 2010.
In the suburbs, strata Office demand remained strong — with smaller owner-occupiers seeking Offices close to shops and main arterial roads.