Newly completed office buildings on the Melbourne city fringe financed by non-bank lenders including MaxCap and Pallas Capital are struggling to find tenants amid lower demand for commercial property.
Investigations by The Australian Financial Review show a handful of towers on the once-booming edge of the CBD are languishing with high vacancies, pointing to the risks for lenders who chased market share in a credit boom now suffering from a hangover of weak activity.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
