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As with residential real estate, the commercial property sector has faced several challenges and headwinds during the year, with these 10 stories piquing REB readers’ interests most during 2022.
This article illuminated a struggle faced by many agents in testing market conditions about the establishment of who the “effective cause of sale” is. In this Gold Coast case, a refusal to pay commission for a Southport commercial property sale culminated in a date with Southport Magistrates Court.
A four-year court case ensued, eventually resulting in the agent receiving a financial settlement. However, his motivations for pursuing the case were based on principles rather than monetary gain.
Born at the dawn of the new financial year, this independent firm began life back in July with multi-billion dollars’ worth of assets under its management, under the watchful eye of nearly 100 commercial real estate specialists across two locations throughout Melbourne.
The managing director of the new venture, Stephen Gorman, professed “we are also united on an aggressive plan for further growth and we’re well-positioned for acquisitions of aligned agency practices and the purchase of commercial rent rolls”.
As part of their expansion plans, LAWD landed a former CBRE veteran of 14 years — including a stint as its global chief financial officer for the global workplace solutions division — in July to become its new chief executive officer.
In light of rising interest rates, many Australian investors search for new and diverse assets to add to their portfolio which will generate genuine returns. With more workers returning to the office, especially as 2022 reached its close, one expert advised investors to assess car parks as a viable option for growth.
Since the Reserve Bank of Australia’s (RBA) first cash rate decision in February, interest rates have been the hottest story in real estate. Once they rose in May, discourse began to shift towards what asset classes are likely to generate greater returns, especially as dwelling values inevitably began to shift downward.
One expert warned in June that “after two years of lockdowns, border closures, and COVID-related disruption, the commercial property market is due for an inevitable period of drastic change”.
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