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Andrew Balzanelli has been with the firm for 20 years and will return to the region where he grew up
Speaking on his appointment, Mr Balzanelli said he looked forward to joining the existing senior team in the Canberra office to maximise on the opportunities in the current market conditions.
“The Canberra market traditionally has counter cyclical drivers and is therefore largely insulated by economic cycles. It is expected that Canberra won’t be affected to the same extent as Sydney and Melbourne from the downturn in the financial sector and the expected slowdown in the mining and resources sectors.
“This combined with the Federal Government’s increased expenditure through its recent stimulus package to support the economy in the current economic climate, should provide opportunities in the ACT market going forward.
“Demand is still strong in Canberra and hasn’t showed signs of abating. In the first 9 months of 2008, net absorption was 15,500 sqm.
“In terms of investment sales in 2008, Canberra witnessed a slow down in transactions as part of a national trend, however the sale of Edmund Barton Building in late December 2008 for $186M was a big shot of confidence for the market. This sale, one of the largest in Australia for 2008, has provided much needed guidance on appetite and values and is a direct result of the long term Commonwealth leases underpinning major assets in the ACT.
“In 2009, we are anticipating an increase in Commonwealth Government leasing activity in Q1/Q2 as a result of the range of new government initiatives and an ongoing desire to consolidate their operations under one-roof. Private sector leasing enquiry is expected to ramp up in Q4 2009 as we anticipate a growing confidence in the ACT economy on the back of the Commonwealth Government initiatives,” Mr Balzanelli said.
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