The Australian property market is so hot, you’re likely to be burned if you wait until you need it to look for new commercial property. It could cost you in failing to get what you need, or paying too much for it. The tips for success in a sophisticated and competitive market start with beginning early.
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The Australian property market is heating up. One of the things we’ve been seeing are major corporates scrambling for premium office accommodation.
One of the issues that this has caused is that there is not enough quality supply. That combined with the proliferation of tenancy representatives has created a really sophisticated and competitive market. For instance, finding that they have to compromise one goal for the other. For example: site, location or image... and that they are paying too much for rent or mismanaging the timing of their move so they end up paying double the rent for an extended period, or even worse having no where to go or face and exorbitant rent on a no holding basis.
There are three key tips that I would like to share around that process:
- The first is start early. Understand your needs, understand what you want. That actually takes quite a lot of time, so the earlier you start the process the earlier you can go out to market.
- The second key tip is around running competitive process. The sooner you start that process the better the outcomes are.
- The third thing is to make the effort and invest the time to understand the ever changing market for incentives and rentals.
So, in summary, leaving it too late is fraught with risk. By making some key decisions early in the process and starting the process early, the benefits will flow straight to the bottom line.
