David Harrison, the fast and hard-talking chief executive of Charter Hall, pulled no punches when he toldthat the North Sydney office market faces a “bloodbath”.
Adding further to the gloomy mood about commercial property was the potential $20 billion fall in real estate values implied by the share prices of listed real estate investment trusts, according to Credit Suisse’s co-head of investment banking, Angelo Scasserra. He says this bifurcation between modern buildings with the latest facilities and services and older buildings will prevail in office buildings, logistics and shopping centres.
“You have got to remember Docklands created 1,000,000 square metres over 15 years, which created a supply shock to Melbourne,” he said.
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