What’s Happening Overseas?
This week we are off to Chicago for the annual TCN Worldwide Fall Principal’s Conference. It’s a real privilege to be part of such a dynamic and fun group of fellow Principals. We get to catch up on a personal and professional level and learn what is really happening on the ground in the US commercial real estate market.
Australian CRE markets are so similar in many ways to the US, but in some ways so different. The main difference is sheer size. According to Avison Young, Chicago’s CBD office market size is approximately 14.5 million square metres.
The entire Australian office market is approximately 25-26 million square metres. If you add Chicago’s immense suburban office markets to the total, theoretically the entire Australian office market would come close to fitting into the greater Chicago area. As for the industrial markets of Chicago, Avison Young notes total stock of approximately 109 million square metres.
That’s just Chicago.
Our main learning focus will be demand for space, occupancy levels, subleasing, valuations versus sales prices, and how the market has started repurposing commercial and industrial real estate.
Future CREview issues will include insights gained from the conference.
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