Enquiries surge January 2020
February 7, 2020
SOLUTIONSInsights, properties & results / Your solutions
In a positive sign for the commercial and industrial property market in Melbourne’s South East, new enquiry from both buyers and prospective tenants in January 2020 is up more than 20% compared with the same period last year.
Nichols Crowder tracks the number of direct enquiries each week via its customer service database. Although the sales team sensed an uplift in enquiry, we were a little surprised to find such a significant swing year on year. This resulted in both sales and leases finishing up strongly for January, which is traditionally one of the quietest months of the year.
Most of these transactions were in negotiation prior to the Christmas holiday season. Normally, around half of incomplete transactions do not eventuate in the new year, particularly at the smaller end of the market. However, 2020 is proving to be different with the majority of transactions being finalised, as well as excellent fresh enquiry triggering new negotiations.
We are finding particular strength in new enquiry from established business owners and investors, who have a certain air of clarity in what they are looking for. In contrast, tenant enquiry for smaller-sized properties has been more fickle, with many negotiations taking considerably longer to finalise.