Revenue at CBRE’s Pacific Advisory Services ticked up 4 per cent in the third quarter, despite the broader slowdown of activity in the commercial property market as rising rates and economic uncertainty weigh on business confidence.
Commercial property markets are feeling the weight of uncertainty, with leasing decisions taking longer to execute.“Leasing revenue rebounded despite economic uncertainty,” Phil Rowland, chief of CBRE’s Australian and New Zealand operations, said. on the transactions front as well, with $8 billion in deals struck by CBRE and its peers in the 2022 third quarter across the office, retail and industrial markets, down from $12.1 billion in the previous corresponding quarter.“Sales performance for the quarter was subdued reflecting lower volumes of transaction activity as interest rate rises, inflation and a deteriorating global economic outlook weighed on investor sentiment,” Mr Rowland said.