What's happening in the Broome Commercial Market?

What's happening in the Broome Commercial Market?

What's happening in the Broome Commercial Market?

Attending an Industry conference offers a great opportunity for Agents to improve their service to better provide for clients. Improving best practices, seeking the latest advice and making connections with experts in the field are all reasons why the team at First National Broome make it a priority to send staff year after year.  
 
The internet has made online training so much easier for businesses in remote locations but there’s still nothing quite like being taken away from your work environment for an intensive few days of fresh new ideas, better ways of providing for your clients and networking with people in the same industry.
 
Commercial Manager, Michelle Tilley and Director, Brenda Griffiths recently attended the First National Property Management and Commercial Conference held in Sydney. The fact that it was in Sydney was a bonus as it was a new experience for Michelle who enjoyed having to explore further afield than the streets of Broome and become accustomed with the buses and ferries.
 
Michelle was surprised to observe the disparity between the commercial markets depending on their location where one market could be completely different to another. After networking with other First National Agents Michelle discovered that Sydney still has a red-hot office market, Melbourne’s tenant demand is still surging yet regional areas like Kalgoorlie and Ipswich in Queensland are still struggling from the effects of the reduction in resource project construction. There was good news for Port Hedland though who reported it was seeing an upsurge again with the resources industry.
 
Broome
Real estate markets are cyclical and Broome is starting to slowly develop with its increased Mineral and Energy exploration as well as increased Agriculture and Pastoral developments. Whilst the marketplace in Broome has been quiet over the last 6 – 12 months the Commercial team at First National Broome have been achieving some new leases in both retail and office space (some that had been vacant for two years). Their Industrial enquiry is also picking up with the hope that the Port area activity should see some leasing in the New Year.
 
Michelle said, “the most important factor in this market at this point in time is keeping existing tenants. Whether this comes as incentives of rent free periods on lease renewals, dropping the annual rent or upgrading facilities or improving the building, these are all serious considerations to take into account.” Tenants are now quite educated when it comes to the rental market as there is so much information available online and lots of properties available in the marketplace.  
 
If you would like to discuss your commercial requirements further please don’t hesitate to contact Michelle Tilley by clicking here.

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