Since CI Australia established its Queensland office in 2017, the firm has gone from strength to strength, achieving great results for clients and cementing its presence and capability in the 'Sunshine State'.
CI’s Queensland team is led by Managing Director Ken Lucht (Investment Sales) and Associate Director Sean Doolan (Office Leasing and Tenant Representation), who have over 40 years’ combined experience in local and interstate commercial property transactions and strategies. Our Queensland client base includes a diverse pool of tenants and institutional and private owners.
Currently, our team is working on notable projects including assisting the Queensland Government with its 'Queensland Housing Strategy', a $1.6 billion initiative to deliver more social and affordable housing over the next 10 years. We are also currently acting as the Tenant Representative partner for major health and beauty retailer Priceline, and work closely with CI's National Corporate Real Estate team, providing advice and support for Queensland-based client relocations and portfolio strategies.
While the opening of our Brisbane office in 2017 marked the ‘physical’ arrival of CI into Queensland, it built on our existing strong track record of over 30 years' of success in the Queensland market, thanks to our agile business model and nationally operating specialists. Significant transactions CI employees have been involved in include the sale of 41 George Street, Brisbane for $159M in 2016 and the sale of 201 Charlotte Street for $81M in 2015. The office opening and physical presence has now cemented our ability to continue delivering exceptional results and set the firm up for further growth.
CI’s Ken Lucht said, "While our brand may be new to Queensland, our knowledge of the market and experience in achieving results for clients is not. We are proud to be delivering on CI's growth mission, and it is our local expertise combined with our national mindset that allows us to collaborate with clients across a range of short and long-term property transactions and strategies."
Meanwhile, the Queensland commercial property market is performing well and has a positive outlook, according to CI's latest Office Market Snapshot. It is anticipated that vacancy levels and incentives, particularly in the CBD, will continue to fall through 2019 and into 2020. It is possible there will be a tightening of the current 13% vacancy too, thanks to limited stock currently under construction and planned for the next three years - approximately 155,000sqm over just four developments.
CI’s Sean Doolan said that the market conditions presented an ideal time for tenants with upcoming lease expiries to be seeking a competitive deal on their office space. “If possible, tenants looking to move should consider a longer lease commitment to take advantage of the current incentive levels. With the market set to tighten over the coming years it is possible rents will increase too, so it’s important that tenants are seeking advice now from a commercial real estate specialist on their next move.”
Furthermore, investment levels remain strong with demand from both domestic and offshore buyers, seeking well-located assets with strong tenancy profiles. The strong Queensland Economy is also contributing to the performance of the market, driven by factors including higher commodity prices, a lower Australian Dollar, rising net migration and increasing exports.
To learn more about our Queensland team and capability, or to speak to Mr Lucht or Mr Doolan, contact us today on +61 7 3532 5333 or at firstname.lastname@example.org.