_Your partner in property - Matt Barker
What does your role entail?
I am an Associate Director in the Queensland Investment Sales team. I specialise in the buying and selling of office assets, with a primary focus on the sale of inner-city and suburban assets.
Local market knowledge of the office sector is vital to my role, as well as detailed due diligence, market intelligence, research expertise and reach to active capital.
How has COVID-19 impacted working life?
The COVID-19 pandemic has disrupted nearly every aspect of our lives, including tasks as fundamental as going to work. Our life as we know it has significantly changed for the foreseeable future.
The adjustment of not going to work each day for months and not seeing family, friends and colleagues was difficult. Although lockdown seemed like life was put on hold, I thoroughly enjoyed the quality time at home with my wife and two-year-old daughter.
Very similar to Knight Frank, many companies may reconsider their corporate real estate footprint, whether that involves downsizing or redistributing space to satellite offices. A completely remote workforce is unlikely, given the benefits of human interaction, collaboration, and innovation that working in the office provides.
What is the market sentiment as we emerge from lockdown?
It is difficult to overstate the challenges that have been felt as a result of the current health pandemic. The whole world has essentially been paused with workplaces temporarily closed, along with border closures in order to stem the spread of the virus.
It is without a doubt a challenging time for everyone, however, there are green shoots of economic recovery already emerging and unsurprisingly safe haven real estate has never been more highly sought after.
What is happening with your existing clients? What business are you doing today?
We are finding client mandates have a renewed appetite for quality property across the different investment sectors. Long WALE assets and secure tenant covenants will enable investors to see through the current period of uncertainty.
Clients have been hesitant to formally market their assets for sale, due to the travel restrictions withholding investors from inspecting the properties. The majority of vendors will likely wait until there is a clearer picture on the impacts of COVID-19 and how the occupier markets will rebound over the next couple of years.
What do you think the reminder of the year will be like?
Although the health and economic situation remains uncertain, , Queensland seems to be managing to contain the virus and, as such, is seeing restrictions ease more rapidly than elsewhere around the world. As a result, our Investment Sales team has made better than expected progress with deal flow, and we therefore expect transactions to increase during Q3 and Q4 of 2020. The recovery will heavily rely upon the risk of a second lockdown or the timing of a vaccine for confidence to rebuild in the market.
Where might there be opportunities?
There may be opportunities for well-capitalised high-net-worth privates and funds to purchase distressed assets due to the impacts of COVID-19.
Given your lockdown experience, what insight have you taken from it?
We are all connected. Social interaction in my opinion is essential to our physical and emotional well-being. Our lives have value because of the value we have in the lives of others.
What are your final thoughts?
We have seen a strong return in our levels of enquiry and interest with Investment volumes looking to improve over the next six months.
It’s expected, property values will largely remain unchanged for well-located, quality assets and will attract interest from both interstate and offshore groups as Queensland will continue to be seen as a safe haven for investment
For further information, please contact:
Matt Barker
Associate Director,
Investment Sales, Queensland
+61 416 479 959
Matthew.Barker@au.knightfrank.com