22 | New South Wales Mathew Ivanoff of Commercial Wollongong says yields on commercial property in the region are up a touch since the middle of 2022 and now range from 6.0% for office space to 6.5% for industrial assets and 8% for retail property. “Yields are up because higher interest rates have impacted businesses in our trade area.” According to Mathew, the industrial market remains the pick because small to medium sized businesses in the Wollongong region are ramping up. “Now that COVID-19 is behind us, demand for industrial property has gone to the next level as companies expand and need more space. “The challenge is that industrial property is tightly held, so expanding businesses are leasing rather than buying. So our industrial leasing market is quite strong.” In contrast, demand for retail is a litt le flatter, except for restaurant space, while office market demand is driven mainly by government and semi-government agencies such as providers involved in the National Disability Insurance Scheme (NDIS). Mathew Ivanoff mathew@rhw.com.au Wollongong
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