Raine and Horne Commercial

TAS - Hobart Leslie Simpson of Commercial Hobart says low interest rates and the appeal of Hobart – and Tasmania more broadly, as a COVID- safe environment is driving demand, further supported by Government subsidies/grants, which are underpinning business confidence. Yields in Hobart average 5-6% for retail and industrial property, rising to 6-7% on office assets. Vacancy rates in Hobart are low, currently sitting at around 6-8% for retail, 6-7% for industrial and falling to 5.1% for office space. Leslie says, “The market is currently above pre-COVID levels, and demand is definitely increasing.” By way of example, 10 Church Street, Kingston, an 800sqm office space, was recently leased for $180,000pa plus outgoings by Commercial Hobart, who also have one of Hobart’s premier showroom buildings under offer for lease. The team at Commercial Hobart have also secured multiple industrial land sales at Cambridge, each ranging from $400,000 to $600,000 with demand continuing to surge. 32 - Leslie Simpson leslie.simpson@rhc.com.au