Tomaree Commercial Property Market Update 1st Half of 2022
The median sale price for commercial properties in Tomaree was $4,075 per sqm for H2 2021. This represents half-yearly (H1 2021 – H2 2021) price growth of 26.3%. That said, annual growth over the 12 month period price (H2 2020 - H2 2021) softened by -4.6%. Market activity increased significantly from H2 2020 - H2 2021, by 266.7% to 11 sales.
In contrast to the commercial market, the median price per sqm for industrial properties in Tomaree reflected a lower price point of $2,560 per sqm in H2 2021. This represents half-yearly (H1 2021 – H2 2021) median price growth of 7.9%, and annual price growth (H2 2020 – H2 2021) of 49.4%. Sales of industrial properties in Tomaree remain limited (with just 9 sales occurring in H2 2021), however this is not unusual for the area.
The median net lease rate for commercial properties in Tomaree in H2 2021 was at $367 per sqm. This represented a softening of -8.3% in the six months since H1 2021, however represents 63.9% increase in the 12 months since H2 2020. Leasing activity slowed in H2 2021 with only 8 leases, lower than 12 leases in H2 2020
Tomaree’s median net lease rate for industrial properties was recorded at $221 per sqm for H2 2021. This rate signified a price increase of 43.5% in the six months since H1 2021 and an increase of 130.2% in the 12 months since H2 2020. Leasing activity for industrial properties remains highly limited, with just 4 leases for H2 2021.
Tomaree is set to benefit from an estimated $652.1M of future development, scheduled to commence between 2021-2023. There are 57 major projects due to commence, which represents 90.9% of the original development pipeline. Approximately $64.9M (or 9.1%) of projects are either deferred or abandoned.
