CBD office markets has bottomed out and there are expectation of a revival

The CBD office tower market may have bottomed out after a prices took a hit and there are expectations that there will be more owners and buyers looking for a deal.

Marquette Properties are in due diligence to buy 63 George St in the Brisbane CBD.

Potential buyers and sellers of big office towers in the Brisbane CBD have been sitting back concerned over prices and the economy.

But we hear that’s changing and the multi-billion dollar market in the CBD may have finally hit the bottom and on the way up, sparking hopes of a wave of deals on the horizon with leasing fundamentals still strong.

Charter Hall has taken its 37-level Santos Place at 32 Turbot St. which is actually pretty much owned by the Singaporean government sovereign wealth fund GIC, off the market.

But there are expectations that it will go back on sale again in about six months when conditions improve.

But we have heard that Toby Lewis’ Marquette Properties is in due diligence – with an unnamed joint venture partner – to buy a 10-storey office building at 63 George St from the Queensland Investment Corporation for just over $50m.

The office tower at 60 Albert St, in the Brisbane CBD is being sold to AsheMorgan.

Also, Victorian property investor AsheMorgan is believed to have signed a contact to buy Dexus’ 21-level A-grade office tower AM60 at 60 Albert St for over $200m. CBRE was involved in both deals.

We are also understand that ISPT is in negotiations with a foreign buyer for a 50 per cent stake in there 44-storey Central Plaza 1.

There has been speculation over the future of the tower for a while but it seems that the merger of ISPT and IFM Investors may have has loosened the shackles.

And with the market turning the big Fund managers may be looking to divest more towers, which is all good news for the market.

“There also seems to be a lot more buyers in the market now,” according to one in the know.

Indian ties

A who’s who of the Australia-India business community gathered in Brisbane this week for the launch of a new organisation aiming to generate more opportunities between the two nations.

Australia India Business was launched in South Brisbane to bridge the “massive disconnect between the potential of Australia-India trade and the actual commercial outcomes being achieved” according to organisers.

Co-founders Jim Varghese and Con Livissianis spoke about the opportunities for businesses to collaborate on increased opportunities between the nations.

Australia India Business co-founder Jim Varghese.

And what’s a gathering of Australia-India representatives without a cricket name?

Former Australian cricket coach John Buchanan, who oversaw the national team’s drought-breaking series win in India in 2004, was spied among the attendees.

He was joined by the likes of Indian High Commissioner Gopal Baglay and politicians including Andrew Powell, Senator Paul Scarr, Shayne Neumann and Dr Christian Rowan.

Other there included TAFE Queensland chair Viv Grayson, Jobs Queensland chair Professor Michael Drew and Dr Preeti Suraj from Federation of Indian Communities of Qld.

Struggle Street

There are plenty of people doing it tough and insolvency experts Revive Financial has launched a first-of-its-kind digital solution providing a short-term, affordable lifeline to those overwhelmed by rising debts.

Revive CEO Craig Francis says “these are unprecedented times” which led to the creation of the Revive Temporary Hardship Plan.

According to the latest data from Revive Financial, the average unsecured debt jumped from $7234 to $8473 when comparing FY25 to FY24, that’s a 17 per cent increase and 5.8 million Australians have struggled to make repayments in the past year.

Originally published as CBD office markets has bottomed out and there are expectation of a revival