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Centaline expects commercial units to grow

The realtor estimates office transactions will first rebound this year, followed by the shop segment

Real estate agency Centaline (Macau) Property Agency Ltd expects the city’s commercial property market to see more active
transactions this year given the more relaxed market sentiment.
‘We expect commercial units will see a rebound in 2017,’ the realtor notes in its latest review and outlook for the local property market. ‘ Many companies carried out a quite conservative annual budget plan last year due to a low market sentiment […] but since the arrival of 2017, the stabilisation of gaming revenue and the market atmosphere getting less tense, many merchants will start [re-]planning their development directions for this year.’
Among the segments, the agency believes office units will first see recovery followed by street shops.
For 2016, Centaline estimates total transactions of office units have reached a record-breaking low of 176 cases, although a price increase of up to 6 per cent quarter-to-quarter was seen for those located in NAPE and Nam Van from the fourth quarter of last year.
In addition, the agency noted that rents for office units have started to grow since last quarter, jumping by between 5 per cent and 15 per cent quarter-to-quarter despite a lower annual average compared to 2015.

Shops
Meanwhile, total number of street shop transactions remained at a rather low level for 2016, the agency said, estimating the total number has reduced by 16 per cent year-on-year to some 550 cases.
In addition, total transacted capital values for these shops only amounted to some HK$5 billion, which is halved from over HK$10 billion in the past years, Centaline said.
But the agency notes that sales and purchases for shops located in local neighbourhood areas remained stable last year, of which capital values even increased around 6 per cent to 10 per cent year-on-year, while only a single-digit number of transactions was recorded for shops located in tourism areas during the second half of 2016.
Nevertheless, rents for street shops are also apparent for a rebound, the agency said.
According to the company, shop rents for those in tourist districts recorded a quarter-to-quarter increase of between 20 and 30 per cent during the fourth quarter.
On the other hand, in terms of industrial property units, the company expects total transaction may have only reached some 69 cases for the whole year of 2016, which is a decrease of 7 per cent.
The agency forecast the industry segment not likely to see a turnaround in transactions in short term due to the lack of stimulus, saying it is better leasing than selling such units for the time being.

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