Pillar Property Commercial in North Sydney | Property

Pillar Property Commercial

Locality: North Sydney

Phone: +61 1300 781 824

Address: Level 32, 101 Miller Street 2060 North Sydney, NSW, Australia

Website: http://www.pillarproperty.com.au/commercial

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22.01.2022 Melbourne’s CBD is still the tightest office market in the country, with net absorption turning negative for the first time in six-and-a-half years. This coupled with up to 15,000 new office workers expected to move to the CBD and Docklands over the next six months will lead to a big market shift, according to Colliers International’s latest office research and forecast report. Occupancy declined by 10,432sq m over the six months to January 2020 and strong rental growth was expected to continue with increased pre-commitment levels, employment and demand.

22.01.2022 The Government has outlined an increase of $700M to the instant asset write off threshold from $30,000 to $150,000, and has also expanded eligibility to businesses with a turnover of less than $500M (up from $50M). Put simply, if you were to buy carpet for your office that costs $40k, previously you would have had to depreciate it now you can simply write it off.

18.01.2022 A mandatory code of conduct will regulate the complex arrangements between commercial landlords and tenants affected by Covid-19, the prime minister said on Friday. The code will be mandatory for tenancies that have a turnover of less than $50 million and meet the 30 per cent loss of revenue threshold. It will prescribe a proportionality principle, which Scott Morrison said is simply that the turnover reduction of the tenant needs to be reflected in the rental waiver of the ...landlord. What is important as part of this code is that both parties negotiate in good faith, Scott Morrison said on Friday.

18.01.2022 Prime minister Scott Morrison has announced free childcare for more than one million Australian families, with a radical $1.6 billion funding boost that is expected to drum up demand and investment across the sector. Following the announcement, listed childcare operators saw shares lift by more than 25 per cent, with the surge prompting one of the country's largest providers, G8 Education, to announce a trading halt. G8, which runs more than 500 childcare centres in Australia and 21 in Singapore under a diverse collection of brands including Headstart, Jellybeans, Bambinos and Sandcastles, said the halt was an attempt to maintain liquidity and protect long-term shareholder value.

17.01.2022 Parramatta Square, a multi-billion-dollar urban renewal project set to transform Parramatta’s city centre into Sydney’s second CBD, is beginning to take shape. Spanning a three-hectare site, the $3.2 billion Parramatta Square precinct will deliver six buildings, as well as a refurbished Town Hall. When realised, the project will feature the largest commercial office building in Australia, as well as 6,000sq m of public domain across the Parramatta Square masterplan.... The masterplan is expected to accommodate a surging locality consisting of 23,500 workers, and will see Parramatta City rival Sydney’s CBD, with a total of $8 billion to be invested city-wide in buildings and infrastructure over the coming years.

15.01.2022 The new proposals will be part of a new mandatory code of conduct for commercial tenancies to be legislated by each state and territory. It will bind both landlords and tenants who have a turnover of $50 million or less and are eligible for the $130 billion JobKeeper program of benefits to certain imperatives. - These will include landlords not being able to terminate leases or draw on their tenants’ security, tenants honouring their leases, and landlords reducing rent pr...oportionate to the trading reduction of the tenant’s business. - This could take the form of a waiver to account for at least 50 per cent of the reduction in business, or deferral of rent that must be covered over the balance of the lease term, but for no less than 12 months. - The arrangements will be overseen by a binding mediation process administered by the state and territories, Mr Morrison said after the meeting of the national cabinet. It’s part of our ‘hibernation strategy’ to preserve as much of the foundations and pillars of our economy through this time to enable the economy to rebuild and grow on the other side.

13.01.2022 ! "The spread between the average Australian CBD prime office yield recently reached 460bps, well above the average spread of 380bps since 2011. We forecast that bond yields will average 1.4 per cent to the end of 2022. Reversion to a 380bps spread over that 1.4 per cent implies the current average prime CBD office yield of 5.7 per cent could compress 50bps to 5.2 per cent". "We expect yield compression in the office and industrial sec...tors will range from 25 to 50bps between now and the end of 2020". Supporting the case for further compression, Australian real estate remains relatively high yielding compared to many overseas markets.

13.01.2022 Treasurer Josh Frydenberg said last week that the threshold required for a deal to be referred to the FIRB had been lowered to zero in an attempt to ward off any acquisitions that may threaten the national interest. It had previously been as much as $1.192 billion in some cases. These measures are necessary to safeguard the national interest as the coronavirus outbreak puts intense pressure on the Australian economy and Australian businesses, Mr Frydenberg told the Australian Financial Review.

11.01.2022 Industrial and logistics properties are sought-after real estate assets, with the pandemic highlighting the importance of effective supply chains. There is a distinct possibility that securely-leased investments will in fact attract firming yields as property investors become more narrow in their mandate to buy passive property. Earlier this month, online retail giant Amazon and Goodman Group announced plans for a multi-million-dollar warehouse in Brisbane.

10.01.2022 Over three decades from 1980, the average space per person in an office in the Sydney CBD decreased slowly, by just a metre from 20.8 square metres to 19.8 square metres. The trend to squeeze more staff into less office space could be reversed as a consequence of COVID-19, as more people work remotely and companies see the benefit in having extra room in the workplace. But as private offices were replaced by open-plan seating, the trend accelerated over the past decade, allow...ing companies to shed another 4.4 square metres per person, to an average of 15.2 square metres, according to BIS Oxford Economics. Some office tenants now operate with as little as eight to 12 square metres per person. Some in the industry say the experience of COVID-19 is providing a watershed moment for many businesses who will now look for more spacious workplaces.

09.01.2022 Australia is one of just 10 countries to retain its AAA credit rating through the coronavirus-induced global recession, after Moody's Investors Service affirmed the pristine rating and maintained its stable outlook for government finances. Moody's said on Tuesday night that Australia's AAA stable credit rating reflected the economy's strengths and good governance, including health management, that will support the country's resilience in response to the coronavirus pandemic.

08.01.2022 Developer launches new 'Pandemic friendly' commercial office building! Will this be a trend going forward? I believe that older, densely configured, high-rise buildings across Sydney are going to have problems moving forward, Onisforou told The Urban Developer.... This crisis is presenting an opportunity not a problem and we can now design buildings with wellness and good health at the core.

07.01.2022 - I am updating you on our plans regarding the current situation with COVID-19. We strive for a healthy working environment and Pilla...r Property is proactively taking the following steps to mitigate risk. - Our team members are being extra vigilant with hygiene and use of hand sanitiser - If a team member is unwell or exhibits symptoms, they will work from home if possible - Our team have been asked not to shake hands for the time being, so please don’t be offended - Safe practices are being adopted with regards to personal space distances - Our maintenance team and tenants have also been sent a communication with the appropriate guidelines Pillar Property has been effectively using technology for several years, including mobile apps, cloud software and all of our leases are signed electronically. We will continue to open properties for inspection and to meet new tenants at properties to hand over keys and show them around the property. With our current practices and adopting some common sense precautions, we will continue to provide our clients with the same high level of service that they have come to expect from us.

03.01.2022 Credit agency S&P Global Ratings says global office real estate and real estate investment trusts (REITs) could experience a lull in development as a surge in remote working forces a gradual reduction in office space.

03.01.2022 This is a time for commercial property investors to think strategically and to tread cautiously with vacancies rising and valuations falling. Revised modelling by Goldman Sachs suggests rising vacancy rates will drive rent reductions for Sydney and Melbourne's CBD office markets of about 30 and 34 per cent between December 2019 and 2022, at least 12 per cent higher than its previous estimates. .