OH&S Legislation does not apply to residential properties as it does to commercial, so it is important that specialist commercial property management services are employed for commercial, retail and industrial properties. By employing the services of specialist, commercial property management, your risk as a commercial property owner can be significantly reduced. From our years of commercial experience, MMJ Commercial have developed and adopt a raft of risk management protocols, compliant with OH&S Guidelines, to help ensure that workplaces and premises under our control are safe and our clients are sheltered from litigation in this manner. “We know that by applying these protocols”, says Miss Preston “we are able to assist our clients to minimise risk and remain poised to reap reward”. For more information about how MMJ Commercial can help you reduce your exposure to risk, contact Tracy Preston on 4229 5555.
Global Issues, Local Context The global economic crisis has resulted in substantial falls in the value of commercial property assets worldwide hit by a combination of falling office rentals and increasing yields. Markets within Australia have definitely been affected, however, much less so than many markets overseas. The Property Council of Australia report that in a survey of major office markets across the globe, ‘prime office rents have fallen by an average of 4.25% in the last year’.1 Strongest declines, of up to 12%, were experienced in Europe and across the America’s, in which major centres saw double digit falls in rental values. By contrast, Asia Pacific office markets recorded minor growth, “resisting the trend”, say the Property Council, “towards decreasing rental values”. 1 Locally, shelter from the storm has also been evident in the Illawarra market. “We are seeing larger commercial space users, ‘shelter in place’“, says Michael Croghan of Martin Morris and Jones’ Commercial Leasing Division. “Where tenants would normally seek to upgrade space at the end of lease terms or move to larger space, they are exercising more caution and making more efficient use of what they have”, said Mr Croghan. “Despite this vacancy still remains relatively low due to no new developments coming on to the market in the short to medium term”.
1. Property Council of Australia, Property Australia Journal. July 2009. Vol 23 P.6