“That’s going to stick around, because Covid hasn’t disappeared,” he says and local logistics could be a winner. Rowland sees transportation costs and difficulties with manufacturing offshore continuing. Meanwhile, the headline-grabbing disruptions to global supply chains could play in favour of the local industrial market. “That pace is probably still a little bit unclear,” he says. He wants to see a faster return of students and skilled workers. “The pace at which immigration starts to pick up I think is going to have an impact on the pace of recovery,” he says. Rowland cautions one constraint could be opening borders too slowly. “If you look at the ongoing infrastructure spending and development of the major gateway cities the long-term thematic for Australia and New Zealand, despite borders still being closed, that’ll play well,” Rowland says. “There’s a number of investors that are recycling capital out of office to redeploy, but then there are also a number of investors who are continuing to double down,” he says.Īustralia remains attractive. ”We’re expecting increasing levels of investment activity across all those asset classes.”Įach area will be different. “That plays into really good thematics for office, industrial and retail,” he says.
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He cites strong corporate earnings offshore and locally as drivers of activity, along with the low interest rate environment, which should see “full employment” return by late 2022. Rowland says consumer confidence is strong and cites the pent up demand driving a spring back.Ĭushman & Wakefield chief executive, Asia Pacific, Matthew Bouw. “Most of the policy settings suggest that we’re going to be able to live and operate with Covid,” he says.
Major economies are living with the virus even as new variants emerge. The chief executive of CBRE’s Pacific Advisory Services business, Phil Rowland, says the environment has turned positive in the wake of lockdowns that struck NSW and Victoria. “When that comes back, that’s a very big positive boost, ” Conry says. He is keen for a bounce back in Melbourne, where returning students could provide a boost that spills over to other cities. “There’ll be some investors who will now think even more about coming to Australia next year because of the borders opening up.” But there’s no sign that’s going to the impact on global capital coming into Australia,” he says.
“That is on the minds of investors around the world. The Reserve Bank has indicated that interest rates won’t increase next year but Conry acknowledges the global view that the inflation genie is “out of the bottle”. “The worst outcome for the election would be a hung parliament,” Conry argues. Next year brings a federal election and while the campaign season can produce uncertainty, he says a decisive outcome is critical. “If you want to have strong economies, you’re going to have dynamic CBDs,” he says. The chief executive is predicting a record year, with the investment surge in the first three-quarters of 2021 to roll into next year, with a renewed focus on alternative investments like student accommodation, build-to-rent, life sciences, and more sales as borders reopen.Ĭonry emphasises the rebuilding of cities after lockdowns. The return of the population to CBDs will be another spark, as first international students and then overseas migration return, despite border restrictions imposed this week.
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