4 ms·

Melbourne Australia is in the third year of population decline now. I know on top of this population shift that a huge number of the major employers have shifte

by JanisL 5y ago

Melbourne Australia is in the third year of population decline now. I know on top of this population shift that a huge number of the major employers have shifted towards much more work from home arrangements due to the pandemic and due to the the 263 days of lockdowns that were imposed I think many of these changes will last for longer than in places that were less disrupted. That said I still think commercial real estate prices here are artificially high/in a bubble because of the high number of vacancies even if there's already been a pullback in prices. Just structurally speaking the demand side for commercial real estate here has substantially fallen, but I'm not sure the same can be said for other parts of the world right now. I'd be curious to know more about what's happening in other locations as I feel like Melbourne is a bit of an outlier in many regards.

alfiedotwtf 5y ago
Ah! Yeah you're right... I guess the lockdown has given me a bit of a bias. Slightly on topic speaking of commercial real estate, I was sad to hear York Butter Factory is in liquidation :(
- JanisL 5y ago
  I can't say I'm entirely surprised, occupancy rates in Melbourne's commercial real estate are exceptionally low at the moment: https://www.theage.com.au/national/victoria/ghost-town-warning-as-offices-built-without-workers-to-fill-them-20211111-p5981g.html https://www.theage.com.au/national/victoria/ghost-town-warni...
neom 5y ago
I've been keeping an eye on London, Paris, Berlin, Toronto, Vancouver and Montreal for about 5 months now, really not seeing much movement at all unfortunately. Toronto and Vancouver are particularly holding on strong, stuff will sit empty for 3 months I'll go back and ask the brokers, owners are still not willing to lower the rent a cent, they really think everyone is coming back Q1/2 next year - it's pretty interesting to me.
- moneywoes 5y ago
  What type of office space are you looking for your company?

by JanisL 5y ago

alfiedotwtf 5y ago

Ah! Yeah you're right... I guess the lockdown has given me a bit of a bias. Slightly on topic speaking of commercial real estate, I was sad to hear York Butter Factory is in liquidation :(

JanisL 5y ago
I can't say I'm entirely surprised, occupancy rates in Melbourne's commercial real estate are exceptionally low at the moment: https://www.theage.com.au/national/victoria/ghost-town-warning-as-offices-built-without-workers-to-fill-them-20211111-p5981g.html https://www.theage.com.au/national/victoria/ghost-town-warni...

neom 5y ago

I've been keeping an eye on London, Paris, Berlin, Toronto, Vancouver and Montreal for about 5 months now, really not seeing much movement at all unfortunately. Toronto and Vancouver are particularly holding on strong, stuff will sit empty for 3 months I'll go back and ask the brokers, owners are still not willing to lower the rent a cent, they really think everyone is coming back Q1/2 next year - it's pretty interesting to me.

moneywoes 5y ago
What type of office space are you looking for your company?