This increase can be contributed to incentive levels that have been steadily falling to average below 10% and will continue to support the steady rise in effective rental rates. Net effective rents in the Near City for prime space are now moving to the $280 to $300/sq m level as strong demand for space in addition to positive growth in the CBD stimulates the market.Much of the uplift in average rentals has been driven by the higher rents achieved within new developments, particularly those in South Brisbane.

There has been a measurable swing for tenants to accept higher rentals for the benefit of a new building within these Near City locations and to some extent a two-tiered market has emerged.An indication of the enthusiasm for acquiring into the Brisbane CBD office market can be illustrated by the on-sale of 333 Ann Street, an office development site by Devine for reportedly $12 million.

Looking ahead the investment market should remain firm given the limited amount of investment grade stock available to the market and increasing returns for existing owners.

The investment market over the last 12 months in the Near City area has seen over $590 million of property exchanged in 17 transactions. Funds have continued to dominate the majority of acquisitions, accounting for almost 75% of transactions by value over $5 million. At the end of 2004, prime rents in Paris averaged € 625 per square meter per annum. Commercial property valuation

Other transactions of note include the sale of Centenary Square in Fortitude Valley for $66 million and 555 Coronation Drive, Toowoon to AMP Capital Investors for $28.5 million in June 2006.Coming off Sydney CBD’s construction cycle, there is a distinct shortage of premium sites now available in the CBD with few developments currently underway.

The remainder of 2006 is due to see approximately 24,560 sq m of supply enter the market, 85% of which being refurbished supply. The Property Council of Australia (PCA) expects another 102,233 sq m of office space to enter the market in 2007 including Site C at World Square providing 24,000 sq m, Site 6B at King Street Wharf being 14,600 sq m.

A recovery in net absorption has been evident in the last two years and with limited speculative supply expected to enter the market over the next eighteen months there is scope for a continuation of this current positive net absorption. As the leasing market is showing good improvement, high tenant demand has lead to the reduction in incentives, as these continue to erode the results for absorption will remain favorable.

One of the concerns for absorption in 2006 was the vacation of Westpac in various locations throughout the CBD to relocate to their new premises, however this effect will unlikely be felt given Westpac’s underestimation of space requirements due to growing staff numbers coupled with some lease overlap, stock refurbishments and the high level demand which has been in the general market.

The way to solve it is not to grant the aggrieved tenant an indefinite right to tenancy for ever and ever. Which is to educate people right up front, about notice periods and about rights and obligations, and about commitments, costs and so on. This is also the approach taken by the New South Wales Government.The second alleged problem that this might seek to address is that of the small unsuccessful business that has not performed well, and which is not offered a new lease at the end of the current one.

The ARA alleges that many such small businesses are family businesses, and that the people lose their life savings when a new lease is not offered. Again, there are no figures or case studies offered to support these allegations. But if, when it’s all said and done the business does not succeed, it makes no sense to grant a new lease to it. That is not fair to the business , to other tenants or to the investors.I think we just need to remind people that business is not risk free.

Manager of a property valuation additionally has a privilege to debilitation cases for engaging a wellbeing assessment in the event that he/she has a craving for doing likewise when they have motivations to accept that the valuation of the property is not right or is exaggerated for which not the holder however the inhabitant or the overall population of the range is mindful and hence the addition ought not go to the pocket of the manager yet the one in charge of the estimation of the property getting expanded.

There is no God given right that all people who go into business will be unqualified successes and will all make their fortune. There are risks associated with business….all sorts of risks, and sometimes businesses fail. It is saying to the owner, you may not use this property as you see fit, the rights to the use of this property are passing to your tenants. You can buy the property, you can sell it, but you may not use it in the way you see fit. The state is giving the use of it to someone else.

A lease is a temporary assignment of property rights for a fee for an agreed time from the lessor to the lessee. It should undoubtedly be regulated to ensure that the business practices are fair and ethical, but it should not remove the right of the owner or lessor to use the property as they see fit. Most leases are in fact renewed on agreed terms, and as we have explained there are other ways of ensuring redress for grievances. Abolishing property rights is not one of them.

On that same theme, the owner must have the right not to renew a lease, or to redevelop the property and relocate the tenant so as to manage the property profitably in the interests of their mum and dad investor owners. Retail habits evolve and change, the needs of customers change, the customers themselves change. The centres must be able to respond to the changing needs of the customers.

In the final analysis the shops and the centres are only profitable if the shops are selling goods to customers.Security of tenure is not on the radar of any other Government in the country, save in South Australia where a limited and limiting form of tenure exists. Do we really want to emulate the economic performance of South Australia? Security of tenure has been rejected by every review conducted since the fair trading report in 1997.

As we know, capital is highly mobile and investment funds won’t wait for the adverse returns to come in, they’ll move as soon as the writing is on the wall. Very simply, if security of tenure is legislated in Victoria, retail property in this State will become a less attractive option because it will compromise the performance of shopping centres in terms of income and asset values.

Most home back offices and banks oblige a valuation of property endorsed by a confirmed valuer, notwithstanding the responsibility for property. It has been rejected for very good reason, because it is a very bad idea.The balance we need is a situation where both landlord and retailer can be profitable, delivering returns to investors and keeping over 100,000 Victorians in jobs.

Contrast that with the United States, where if a centre is not profitable the owner simply shuts it down, boards it up and moves on….and to hell with the tenants As a consequence it will reduce returns for mums and dads and lead directly to less investment in shopping centres in Victoria, to the very great cost of small business and jobs.

In Australia we have a system which encourages reinvestment in shopping centres. It protects the owners and the tenants alike because it aims at keeping those centres alive and profitable as going concerns.So lets have a dialogue, not a monologue. Lets have reform, not just change, and lets understand that all five parties need to win out of this…the retailers, the managers, the investors, the workers and of course the shoppers of Victoria. For more info:-

Working with local and regional partners, Skills Insight forecasts regional demographic and labor market changes, analyses the strengths and weaknesses of the work for cither changing skills needs and the infrastructure requirements to provide a basis for sustainable economic development.

This was an enormously valuable introduction to our partner organizations in the region. The ‘Village’ concept is one we’ve adopted in our own Surrey office where a number of local partner organizations work alongside my own. Effective collaboration is vital to achieving the improvements in learning and skills which we are all striving to achieve. Working in partnership is critical to SEEDA’s success in delivering the priorities of the Regional Economic Strategy. By encouraging the following partners to co-locate within its headquarters at Guildford, the SEEDA Learning and Skills Division has formed the South East Village. The Village is home to many of the organizations working together to boost learning and skills across the South East.

Throughout the South East, Uri’s objective is to boost individual’s employability and organization’s competitiveness and effectiveness by excluded learners; and increasing the accessibility of learning in everyday life through a range of over 460 courses. 70% of these courses are provided online through learn direct influence regional government policy, wherever it is made or implemented, to benefit the people that Voluntary and Community Organizations (VCOs) serve.

For more information, visit (Higher Education South East) was created as a company in 1999 to promote its members, all Higher Education institutions in the South East Region. By working together with these institutions it has three main roles, as a management consultancy, as a research institution and as a think tank.

LSDA works with Government, a range of National Agencies and with practicing teaching staff and education manager it aims to support the development of the Further Education Sector within the South East ensuring individual college members are able to play a full part in developing the national education, learning and skills agenda. The South East England Sector Skills Unit is made up of the regional representative of the National Training Organization.

Vacancies in the Adelaide "fringe" increased slightly to 5.58% from 5.26% six months ago.

To that end we offer our support and would be pleased to facilitate and participate in such a meeting at your earliest convenience. Valuation of the property and rates are the basic points which come when you decide to sell your property and need to do the property valuation process. National Council and representatives of five National Training Organizations (NTOs) covering key sectors for the South East government-recognized voice of employers addressing the whole spectrum of learning, skills, training and development issues that affect their various industrial sectors.

Responsible for the IT industry and IT-related skills in other technology, ranging from basic IT user skills, through to leading edge internet services is the NTO for the Broadcast, Film, Video and creative and economic achievements are maintained and improved.

The break up of ETSA and the political and commercial deals that enabled its subsequent privatisation has produced a very different electricity market for the property industry. As you are aware the turmoil caused to the insurance industry in the wake of 9/11 and the HIH collapse has now manifest itself in the problems facing the Builders Indemnity Insurance market.

In South Australia, the Property Council is aware of several significant developments that are on hold pending obtaining the required insurance.

Rejecting calls by the North Adelaide Society for a return to parish pump politics which focus exclusively on the elite enclave of North Adelaide, Executive Director Bryan Moulds said "Candidates in the Adelaide City Council election must be prepared to take broader interests and issues into account when discharging their responsibilities in managing the CBD".

In an increasingly competitive environment, the City of Adelaide needs governors who understand that attracting investment, residents, shoppers and visitors requires leadership, vision and commitment." Mr Moulds said. One of the most important first steps is for the City Council to move from a fixation on dabbling in individual developments through old style political interference in development assessment to offering proactive policy leadership and clarity," Mr Moulds said.

In terms of Victoria Square, the ongoing squabbles and parish pump politicking masks the reality that the Square can only be vibrant when there is additional investment and activity, especially new private sector investment in the areas that surround it," Mr. Moulds said.

The question of whether or not a road goes under, over, through or around Victoria Square will be irrelevant unless the Council actively attracts economic activity to the City.

The U.S. industrial market is transitioning from the recovery phase of the real estate cycle to the expansion phase, featuring stable vacancies, strong absorption and construction, and rental rates increasing near the rate of inflation. Economic growth is slowing on the heels of rising interest rates, high oil prices and the decelerating housing market at the same time that industrial construction is on the verge of setting a new record, suggesting that vacancy is nearing its cyclical low point. Property valuation structure is continually withdrawing for everybody and to make everything the more innovative all around get an asked for and experienced property valuer qualifications to manage your entire soundness of concerning property.

Expect the industrial market to remain broadly in balance over the next year, with quarterly fluctuations in vacancy, absorption and deliveries of new space. The market is moving from the recovery phase of the real estate cycle into the expansion phase, featuring strong absorption, strong construction, stable vacancy and rental rates that are rising close to the rate of inflation.

Vacancy has plunged by two percentage points or more over the last four quarters in a diverse group of large and medium-sized markets, including San Jose, Fresno, Des Moines, Wichita, Albuquerque, Reno, Nashville and Palm Beach County, Fla. Even R&D-flex markets are improving rapidly, led by a recovery of the technology sector and a tightening of office markets, for which flex space substitutes as a low-cost alternative.Second quarter absorption of 46.3 million square feet easily bested space completions totaling 28.0 million square feet.

Not often mentioned in the same breath as the other markets, Fresno is gaining a higher profile among distributors, with demand especially strong in the Visalia area.

• Space under construction rose for a 10th consecutive quarter to 114.9 million square feet and is about to pass the alltime peak of 121.8 million square feet recorded in the fourth quarter of 2000. Like Fresno, Des Moines doesn’t usually keep company with these higher profile markets, but steady demand and little new construction are fueling recovery from a downturn exacerbated by large corporate consolidations last year.

• What’s more, demand for nearly all types of investment real estate accelerated as the year progressed.

• Thanks to sturdy consumer spending, shopping centers, which had been at the bottom of investors’ buy lists, have now moved to the top, particularly neighborhood centers anchored by grocery stores. The market for most investment property cooled in the first half of 2006 on the heels of rising interest rates, but the slowing has been more anecdotal than quantitative; it is not yet evident in metrics such as sales volume and average capitalization rates.

This is especially true for industrial property sales, for which transaction volume soared by 29 percent in the first half of 2006 compared to the first half of 2005. The most advanced capabilities are present in the experienced property valuer which makes them as the first choice to hire by people for performing their property valuation process.

For the most part, we’ve focused on creating the integrated services structure we believe is necessary to continue to provide exceptional service to our clients, not to mention to meet the competition head on. In doing so, we have successfully expanded our menu of services to include timely and appropriate consulting services, such as site selection. In all probability, the national economy will not experience a double-dip recession, but the chances for one have increased in the past couple of months.

The most likely scenario continues to be sluggish, below-par GDP growth through at least mid-2003 and possibly through all of next year.Indeed, larger metro areas of the Northeast will likely face a slow turnaround as their heavily weighted financial and business service industries are restrained by current stock market conditions and fallout from accounting scandals.

State Street will occupy 700,000 square feet and sublease an additional 300,000 square feet at 1 Lincoln Center but will be leaving behind in its wake a similar square footage. Demand will improve first in CBD towers above the 20th floor and in quality Class A buildings in Waltham, Burlington and Lexington. Although most of the space was pre-leased, it still leaves 1.4 million square feet on the market that was left vacant upon relocation, which will continue to upset the supply/demand balance throughout 2003.60 Columbus Circle, a 1.4 million square foot tower, will serve as the new headquarters for AOL Time Warner as they pre-leased 77 percent of office space in the mixed-use development.

CIBC World Markets plans to make 300 Madison Avenue their U.S. headquarters after pre-leasing 69 percent of the 1.2 million square foot build-to-suit being developed by Brookfield Properties.However, the positive market fundamentals experienced at the beginning of the year disappeared as Midtown South vacancy softened throughout the rest of the year ending with a rate of 13.2 percent.

Although Midtown South is the only market in Manhattan without major plans for new construction, Cantor Fitzgerald is in early negotiating stages with Vornado Realty Trust to convert a former department store into their new world headquarters. The record is arranged by property valuers brisbane who are master in this procedure and have a reasonable understanding of business patterns identified with land. If this concept becomes an actuality, it could attract other similar conversions to the area.

Although government-based incentive programs were available for tenants looking to stay or move Downtown, they did little to check vacancy increases in the market. On Long Island, limited speculative development, a diverse service industry base and an educated workforce are contributing to the area’s insulation from national trends. Rising availabilities and declining rental rates will place tenants in a strong bargaining position in the coming year.

Tenants should be renewing and negotiating new leases to lock in current rental rates.The greatest improved state in the 2005 calendar year was Western Australia supported by the resources boom. Occupancy resulted in a huge increase of 3.01 percentage points to 61.94% while average daily room rates have seen robust growth over the last five years at 3.01% per annum to their current average of $106.29.

The domestic hotel market is likely to continue to benefit from the competition of budget air lines however the drive market (defined as 2-4 hours from a major capital city) is being adversely impacted by higher petrol prices and these cheap domestic airline prices which encourage interstate travel.

Once these projects were sold off, values saw some softening as the market only saw re-sales in a variety of strata properties both old and new.The average cost of a Strata office property within the CBD has varied from year to year, again a symptom of varying quality stock. In 2007 we saw the average price rise above $900,000 as owner occupiers hurried into owned premises given average rental growth across the CBD of 7.46% on the previous year.

While transactions have been few in the first part of 2008 they have been well located resulting in the average price remaining high at $881,500. The property Valuation process needs supervision from the legal experts of the real estate field handling property matters. Price movements have been varied in the period between 2004 and 2006, after the previous peak in 2003 of $826,100, when the start of new products entered the market.

Capital values across each precinct have shown little consistency, as price movement typically had been driven by new stock. The Core precinct was the best performer over this 12 month period with an average value of $5,923/sq m, representing an increase of 13.10% from 2006. Continued sales activity within quality buildings such as the City Mutual Building on Hunter Street and Select House on Pitt Street has helped push up values.However values have fallen slightly by 84 basis points over the fist half of 2008, as sales within this building start to decline.

The Western Corridor saw average values rise by 4.93% over 2007 to $4,715/sq m compared to 2006. Sales volume for this precinct reached $42.15 million from 32 transactions, with 18.75% of transactions occurring in the Chartered House Accountants on York Street.This precinct is hampered with lower quality and located stock and as a result values have shown minimal movement over the first six months of 2008, with growth of only 94 basis points to $4,760/sq m. Over 2007, average values across the Midtown precinct fell for the third consecutive year by 3.75 percentage points to $5,233/sq m due to lack of quality stock on the market.

Conversely the first half of 2008 has seen a vast improvement with values increasing 12.48% to currently average $5,886/sq m, due to greater activity in the Sovereign Centre on Bathurst Street. Midtown is likely to benefit the greatest of all precincts in 2008 with the entry of the quality 77 King Street to the market.The Southern precinct witnessed the largest decline in values in 2007 of 4.96% to $4,159/sq m.
Higher levels of international visitor’s post 2006 should continue to improve levels of occupancy across all standards and types of accommodation across the country. Hence, however big or small the entire process might be, there is a need to take the services of a good property valuer specialist. The domestic tourism market will be also be effected by the 0.25% interest rate increase announced last month, as this type of discretionary spending can be the first to be foregone when family budgets are tightened.

Sales volume and capital growth in CBD Strata office has come back as private investors are more cautious; The Midtown precinct results in the greatest value growth given new supply entering this market. SKILLSET is managed and supported by a number of Broadcast Corporations and seeks to improve the competitiveness of the industry the NTO for Engineering Manufacture. Its aim is to raise the level of skills in the British Engineering Industry to World-Class standards.

Sales volumes reached their peak in 2007 where over $221 million changed hands, this represented a huge 90.24% increase on the previous year; the majority of this investment was by the owner occupier market. The strata office market historically has been evenly divided between investors and owner occupiers until 2003 where investment grew to $198.3 million, driven by investors, after this time owner occupiers have come back as the major purchasers. It covers 35 jobs in different craft and operative occupational areas within the industry and presents the views of both employers and employees in the 14 land-based industries (ranging from agricultural crops to product horticulture). Their responsibilities include the development of national standards that ultimately shape the education requirements for those industries.

The current average capital value for Strata office across the CBD is $5,609/sq m, this is the highest rate recorded over the last ten years, average capital values have typically fluctuated depending on the volume and quality of stock sold. In 2004-2005, where a number of quality developments entered the market, values peaked at around $5,500/sq m.
However, 2008 (as at June) has seen this result reversed, with values growing by 22.05% from 2007. Average values are currently achieving $5,076/sq m; this result can be attributed to a high turnover in the Mosaic building and are unlikely to be sustained. New South Wales continues to perform well with Serviced Apartments the key performer over last 12 months.

Occupancy across Victoria showed little movement; however Rev PAR showed noticeable improvement during the year, with Serviced Apartments showing the greatest growth.Recently released data on tourism accommodation across Australia by the Australian Bureau of Statistics show occupancy reaching 65.27% over the year to March 2008, Revenue per available room (Rev PAR) recorded solid growth over the year of 7.10% to $87.08, although the rate of growth has slowed from last year after a high of 9.02%.

The ACT resulted in the highest rate achieved with $95.04, while Tasmania recorded the lowest with $69.34.

Across NSW tourism accommodation saw occupancy improve over the 12 months to March 2008, increasing by 2.48 percentage points to 63.75%. This result is currently trending above the historical five year average of 62.21% per annum.

Occupancy also benefited by a decrease in room nights available across the state of 236,269 nights from the previous year to 25.27 million nights. Given the limited new supply in the market room nights available has seen growth average only 1.83% per annum over the last five years. Room nights occupied recorded growth of 3.09% reaching 16.11 million nights, during the year. If you Hire property solicitors or legal lawyers then in both cases you will face smooth process for valuation. This is mainly due to a noticeable lift in the number of room nights occupied across Serviced Apartments in NSW, which rose 8.53% to 2.85 million nights. Motels and Guest Houses resulted in growth of 3.74%, while Hotels showed minimal movement with only 0.18% over this period.

Rev PAR showed the greatest improvement in the last 12 months, increasing by 12.25% to $91.23. Serviced Apartments achieved the largest increase of 11.52% to $106.76, while Hotels maintained the highest rate of $129.50, representing an increase of 4.69%. ADR across NSW inclined by 7.88% to $143.11 during the year to March 2008, with Serviced Apartments the best performer at 8.70% to $155.26. Tourism accommodation throughout Victoria witnessed a pickup in demand with 156,232 extra nights occupied from last year, reaching 8.87 million nights in March 2008.

The number of room nights available across the state increased by 1.22%, with Motel and Guest Houses displaying the greatest decline of 9.13%, followed by Hotels with 0.15% over the year.

Over the last five years RevPar has grown by 6.68% per annum on average to reach $90.69.

In the last 12 months, Serviced Apartments have been the standout performer in Queensland with growth of 7.13% in room nights available while room nights occupied increased 6.49%.

In the last 12 months, RevPAR has jumped 4.60% to $85.96 with Motels and Serviced Apartments recording increases of 6.48% and 4.56% respectively.

Growth in Hotels ADR has softened in last 12 months to 3.73% from 8.60% in the previous year.

However, Motels and Serviced Apartments continued to record good growth with increases of 6.99% to $98.13 and 5.19% to $128.28 respectively.

The above data highlights that the Australian hotel market has maintained its growth momentum in RevPAR into the first quarter of 2008 despite the difficult economic environment.

The Listed Property Trust sector also witnessed a contraction in investment expenditure with $596.65 million, down $167.80 million from 2006/07.

Despite the fall in investment activity, Foreign Investors saw the greatest improvement with the level of funds invested reaching $403.00 million, an increase of $329.00 million from last year.

Private Investors were also more active with investment increasing from $258.43 million to $539.70 million, while Developers recorded an increase of 27.82% to $71.90 million.

Unlisted Property Trusts and Syndicates were the least active over the year, accounting for only 1.27% and 0.41% of total turnover respectively.

Owner Occupiers outlaid $43.85 million over the last 12 months, down 30.96% from 2006/07, as four interest rate rises during this period dampened investment.

During 2007/08 Sydney CBD represented almost half of total turnover, slightly less than the 53.03% recorded for the previous year.

Over the 2007/08 financial year total office turnover (over $5.00 million) across the Sydney Metropolitan Area has fallen 20.90% to $2.86 billion, with 56 transactions recorded.

Wholesale Funds led investment throughout the year, accounting for 36.30% of total turnover, however spending declined by 39.44% from the previous year.

Over the last 12 months almost $1.9 billion has transacted in major office sales (over $5.00 million) representing 50 sales.

Parramatta CBD was the only major office market who witnessed an increase in turnover of 45.80%, while North Shore and Macquarie Park both saw a decline, representing 20.52% and 3.82% of total turnover respectively.

While St Kilda road turned over $339.15 million in nine transactions, Southbank showed a similar result with volume of $391.55 million however in only four transactions.

The Southbank market was home to the largest sale for the year being the second stage of Freshwater Place at a value of $230.00 million to GPT Wholesale Office Fund.

The CBD also continues to yield strong results with 13 sales recorded under $35.00 million.

At the upper end, 11 Exhibition Street has been the largest transaction selling for $194.10 million late in 2007 to the Charter Hall Core plus Office Fund.

Unlike the other asset classes, sales over this period have represented a high 80.22% increase on the 2006/07 results, this mostly attributed to the high level of volume in the St Kilda Road and Southbank markets.

The property valuations perth has the legal authority to handle the property valuation case.
Serviced Apartments recorded the highest increase in demand of 4.20%, however growth has slowed significantly for this sector and is trending well below the five year historical average of 10.54% per annum, while Hotels resulted in a decline of 2.90% to 3.57 million nights occupied over this period.Despite an increase in demand, occupancy rose by only 37 basis points to 64.65%, during the last 12 months due to the increase in room nights available.

Serviced Apartments recorded the highest occupancy of 73.84%, followed by Hotels with 71.60% and Motel and Guest Houses at 60.73% over the year. Since March 2004 RevPar has maintained a strong upward trend, with growth of 7.23% in the year to March 2008 compared to March 2007.During the year Motel and Guest Houses saw the largest increase of 16.44%, as a result of the significant fall in room nights available, with Serviced Apartments second at 5.79% to $112.59.

Across the Victorian tourism market ADR increased by 6.62% to $140.27 over the past year, with Hotels resulting in the greatest increase of 7.24%, followed by Motel and Guest Houses at 5.70% and Serviced Apartments with 5.68%.In Queensland, occupancy rates for tourism accommodation softened by 1.39% from 67.70% to 66.31% in the year to March 2008, with Hotels, It is the first reduction in occupancy rates since March 2001 and can be attributed to room nights available increasing by 3.96% to 21.75 million nights while room nights occupied only recorded a rise of 1.82%, well below the five year average of 4.08% per annum. You should hire property solicitors/lawyers when you think of buying a new property or selling. ADR across Queensland has continued to grow steadily in the last six years, averaging 4.79% per annum with the ADR rising 6.80% to $129.62 in the year to March 2008.

Similarly, total investment across Sydney Metropolitan suburban office markets decreased by 7.03% to $522.51 million, with buildings located within the Fringe region being the most sought after with $342.78 million invested. While the Central region fell significantly by 80.96% to $60.75 million over this 12 month period, with the North Western and Southern region recording turnover of $98.20 million and $8.80 million respectively.

Total CBD sales attributed to 39.15% of all sales while the Suburban markets saw more property change hands representing 22.29% of total turnover, however in 20 transactions.
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