“Rising office rents, record low vacancy rates and a shortage of quality buying opportunities are resulting in pent up buyer demand for well-located office investment properties in the Melbourne CBD and city fringe markets,” Mr Mufale said.
Mr Mufale added; “As the only East Melbourne office building to transact in 2019, the property was keenly sought after by both domestic and international investors looking to secure real estate in one of the city’s most tightly held commercial pockets.”
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.