Australia: Sentiment around commercial property moderated a little in Q4 - NAB
|Overall sentiment around commercial property (measured by the NAB Commercial Property Index) moderated a little in Q4 (down 1 to +17) but is still well above the long-term average (+2) for Australian economy, explains Alan Oster, Group Chief Economist at NAB.
Key Quotes
“NAB Group Chief Economist said “Positive sentiment likely reflected a steady economy, healthy employment growth and strong business conditions.”
“CBD Hotels out-performed all other sectors.”
“Industrial sentiment also lifted, amid continued reports of strong warehousing and logistics activity linked to growth in online retail (including Amazon) and e-commerce.”
“Office has eased but is still out-performing.”
“But Retail sentiment fell quite sharply and turned negative for the first time since mid-2014.”
“Not surprisingly, NAB’s Business Survey also showed Retail was the only industry sector reporting negative business conditions” said Mr Oster.
“Overall confidence levels fell to their lowest levels in 2 years and fell in all sectors - except CBD Hotels.”
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