18 | New South Wales There’s a lot happening in the Penrith market right now. As Colin Henry of Commercial Penrith explains, current average yields for industrial assets are 5%, rising to 4.5-5% for retail properties, and 5% for office space. Retail yields are expected to fall due to rising inflation. On the office front, Colin is forecasting yields to fall, adding, “Unless there is a good quality lease term in place a property is unlikely to appeal to investors.” In terms of industrial property, yields are expected to stay the same. Colin notes, “We are experiencing the highest level of demand in industrial property at the moment – and we are still seeing limited stock levels.” The team at Commercial Penrith have managed a number of significant deals recently including the leasing of 1,406 square metres at Werrington Corporate Centre, being one of the largest commercial office leases ever committed in the Penrith LGA. Colin Henry colin.henry@rhc.com.au Penrith
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