CBRE announces new Pacific Capital Markets Office leader to position for the next growth cycle

CBRE has promoted James Parry to lead its Pacific Capital Markets Office team amid rising demand for office investment opportunities in Australia and New Zealand.

Mr Parry takes the reins from Flint Davidson, who was overseeing the Office team in addition to his broader leadership role as CBRE’s Pacific Head of Capital Markets.

Mr Davidson noted, “I’m delighted to announce James’ appointment, which further strengthens our ability to support our clients in the office sector’s next growth cycle. James joined CBRE eight years ago and has an enormous impact on the direction of the business, underpinned by his genuine client focus and growth mindset.”

Mr Parry has over 24 years of property experience and an extensive track record in institutional office investment sales, including Sydney CBD transactions such as 45 Clarence St, Sydney ($530 million), Liberty Place ($410 million) and 388 George St ($460 million).

He will be supported in his new Pacific role by CBRE’s strong team of GEO-based Capital Markets Office leaders: Peter Chapple (Queensland), Kiran Pillai (Victoria), Nic Purdue (Australian Capital Territory), Ian Thomas (South Australia), Aaron Desange (Western Australia) and Brent McGregor (New Zealand), and will continue to lead CBRE’s NSW Capital Markets Office team.

The appointment follows a shift in investor sentiment toward the office sector, with CBRE’s 2024 transaction data highlighting that $29.2 billion in Australian office, retail, industrial, hotel and living sector assets changing hands last year – up 21% on 2023 levels.

Office staged the biggest comeback, with circa $8.4 billion in office assets changed hands – up 56% y-o-y – although that rise came off a low base, after a challenging period for office markets globally.

Mr Parry noted, “While the office sector has shown signs of recovery, we anticipate that office investment volumes will remain constrained in the short term. In this environment, having a team of highly experienced experts in every state will be a key differentiator in creating successful outcomes for our clients.”