How property valuation is useful for improving properties price?

The steps that are needed to conduct in the process of property valuation are the compulsory one to make it more attractive and usable according to the clients or the one who is going to buy that property.

Knight Frank’s Perth leasing team measures availability of space on a monthly basis for both the CBD and West Perth. The methodology is different to the PCA’s vacancy statistics as it includes all space on the market available for lease. Double counting is avoided (when a new lease is signed) by positively accounting for the tenant in the new premises rather than their current address.

We believe our methodology is more reflective of the entire range of opportunities for tenants in the various quality stratums of the market. Thus we believe that it is a more representative view on the state of the leasing market.

There is now 250,000sq.m of space available in addition to new developments chasing pre-commitments. The availability rate stood at 18.5% in February, a massive 7.1 percentage point’s increase over the past year.

The most significant increase has been in the A grade buildings, where the availability rate has surged to 21.6%. This is over 7.5 percentage points higher than 12 months ago. Much of the increase has been due to the impending movement of tenants into the premium grade towers and new buildings. Here is over 36,000sq.m of space available in 1 Adelaide Terrace and the AMP tower following relocations by Woodside, Free hills, & CSC alone. Much of this lies with Woodside’s space in Central Park which is being vacated shortly when they move to Woodside Plaza. With the majority of larger tenants located in the Premium & A grade buildings, these buildings have been most exposed to the current round of lease expires. Exposure will continue into 2004/05.