Raine and Horne Commercial

NSW - WaggaWagga Craig Tait of Commercial Wagga Wagga says the commercial market across the region has been “extremely strong during the post-COVID recovery.” He adds, “Yields have reduced, and sales stock levels are very low. Commercial leases are still strong, backed by good demand for retail and industrial property. We anticipate this trend to continue as the local economy is in a real growth phase.” Yields across Wagga Wagga range from 6-7% for retail property, through to 7-8% on industrial assets and 7-8% for office space. In the retail market, Craig says, “Lessors have offered incentives for new leases during the pandemic period. We have seen movement away from the large shopping malls back to the main street, and retail growth has been impressive, with some big city tenants relocating their businesses.” In terms of the industrial market, Craig explains, “Small business has expanded in many areas, taking up space that has previously been difficult to lease. We have several large national groups taking up space as they are anticipating further growth in the region.” The positive outlook continues for the Wagga office market. “NDIS beneficiaries have been active in our market, with several new businesses opening up,” notes Craig. “We have also seen expansion in the financial sector, allowing smaller operators to grow their businesses and take up additional space.” 20 - Craig Tait craig.tait@wagga.rh.com.au