CUSHMAN & Wakefield has established a new WA industrial division, as the group responds to the state’s continued industrial property market growth in 2023.
The team is made up of experienced professionals who have held significant market share across brokerage and capital markets sectors in Western Australia.
WA has seen record levels of investment over the last three years by institutional capital, resulting in major changes to the state’s underlying ownership structures, according to Tony Iuliano, international director and head of industrial & logistics at Cushman & Wakefield, ANZ.
“Despite global economic headwinds, WA is ideally placed to counter attack any challenges thanks to its strong local economy, which is outperforming most global economies, predominantly due to its booming resources market and support industries servicing this sector,” said Iuliano.
”This trend requires a more adaptive and nationally integrated brokerage model on the ground to service the sustained demand whilst also assisting in executing the respective investment strategies, both from our local based investors and managers, as well as inbound capital from the APAC region” he said.
The new industrial division is headed by Nick Goodridge, who has been appointed as national director & head of industrial and logistics, WA.
“Rental growth will be the story again in 2023, particularly for prime grade assets, with logistics occupiers set to dominate the demand pool, and landlords with existing and speculative opportunities set to significantly benefit,” said Goodridge.
“The parity between low vacancy and limited land supply will continue to constrain future supply, which will hamper occupier activity, but also trigger pre-lease strategies from tenants.”
Goodridge will work alongside Alec DiLollo and Emma Quill as executives of brokerage, WA and Melissa Haines as the team coordinator.
“As we move into 2023, the WA industrial market will continue to offer significant opportunities for investors and occupiers alike. Our ability to provide our clients and key stakeholders with coal face intelligence around trends and developments in this sector market will be uncompromised following Nick and his teams appointment ,” said Mark Clapham, joint managing director at Cushman & Wakefield.
