2020 commercial review: markets adjusting to new reality
Commercial property markets remain in flux across the country, as COVID-related events in 2020 emptied offices, shuttered stores and put a major handbrake on transaction activity.
What a difference a year makes.
In 2019 a record $42.6 billion of commercial property deals was transacted on Australian shores, a 22 per cent increase in the value of transactions from 2018.
The unforeseen, unprecedented and unwelcome pandemic that descended on the world in 2020 changed everything, including Australian commercial real estate.
This year, the value of commercial property deals declined 61 per cent as compared to 2019, with ow…