COLLIERS International has recruited commercial property valuer Peter Tunks to rejoin the company’s Sydney CBD office.
Tunks has returned to Colliers after four years working for Stockland.
Colliers’s managing director of consultancy and valuation Will Doherty said Tunks will focus on major CBD commercial assets.
“We are pleased to have someone of Peter’s calibre return to Colliers International after gaining experience within a listed property group,” he added. “Globally uncertainty still exists, but capital flows are showing signs of coming off the bottom – especially in Australia. Peter’s appointment to our respected Sydney CBD team, lead by Dwight Hillier, provides strength to the division’s capabilities,”
Tunks said the reservations of a ‘W” style recovery in the economy on the back of the economic downturn is now seen as being more and more unlikely, with the overall consensus being for a flatter and less volatile “U” shape styled recovery.
“As a result we have witnessed increasing levels of confidence in the wider economy, including within our major office markets.
“CBD office vacancy rate forecasts around the country are being downgraded. This, combined with forecast real rental growth in both Sydney and Melbourne and a stabilisation in cap rates after two years of yield decompression, has resulted in increasing levels of investor and financial confidence and consequently sales activity in these markets,” Tunks concluded.
Australian Property Journal
