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Vol 12. No.227

Economic Overview

	Current	+/-	Movement
$AUS/$US	102.11	-0.09
Cash Rate	4.50	Steady
90 Day Bill	4.55	Steady
10 Year Bond	4.017	-0.006
ASX 200	4288.0	+59.4

New South Wales

• New research has suggested commercial rents in the Sydney CBD could rise by as much as 10% in the coming years subject to increases in supply.
• Projects that are yet to be fully leased include 8 Chifley Square and 185 Castlereagh Street.
• Future projects that are expected to add to the commercial property market include the redevelopment of the "Money Box" 120 Pitt Street/8 Martin Place and 52 Martin Place.
• The developer of Barangaroo, Lend Lease is actively negotiating with tenants for the commercial component. Reportedly Westpac, Ernst & Young, KPMG and PwC are in talks to take up space.
• Future additions to the marketplace are anticipated to keep incentives steady and favour existing tenants looking to renegotiate lease terms.

• President Investments has sold a retail site at 41 - 45 President Avenue Caringbah to Mid Pacific Development for $9 million.

• A 1,300m² office and warehouse property at 573 Gardeners Road ascot has sold for $4.4 million ($3,385/m²) to a private investor.

National

• Research has indicated that retail rents nationally has increased at a slower rate in the third quarter of the year in comparison to the first half.
• Neighbourhood centres recorded a rise of 0.5% to September, down from the 2% recorded the previous year.
• Specialty stores in regional centres recorded a 1.8% rise up to September and is so far this year down on the 2.5% recorded in 2010.