Last month, the Commercial Departments within MMJ Wollongong came together to hold the annual Commercial Market Update Event, where they gave an update to their valued clients on what is currently happening in the commercial marketplace.
MMJ's clients heard from industry experts in Commercial Sales, Commercial Leasing, Commercial Management, Business Sales and Town Planning & Advisory on topics like commercial market activity, strategic planning, housing strategies, the employment zones reform, town planning statistics and recent approvals.
The Department Manager of Commercial Sales, Travis Machan, deep dove into current buyer behaviour trends that the team are witnessing which encompasses a more analytical mindset, taking longer to make decisions and attain finance, overall higher activity from owner occupiers, and a sustained preference for the industrial asset class over office.
Industrial land has continued to outperform office and retail asset classes due to the lack of supply and the growth in e-commerce. A case study that showcases this growth is 171 Berkeley Road, Berkeley. The 4,041m² industrial land site was first sold in 2019 for $1,555,785 ($385/m²), then again in 2021 for $2,447,500 (605/m²), and then once more in 2023 for $3,150,000 ($780/m²).