REAL ESTATES FORUM

Australian commercial Real Estate market has new construction well
underway, but supply will be no match for demand through the middle of
the decade.

A shortage of sites will delay further development, leading to
conditions eminiscent of the late 1980s.

Sydneys office market has been in a cyclical upswing since 1993.
Events such as the economic slowdown over 1997, the Asian crisis of
1998, the tech wreck and the downturn in 2001 caused only temporary
setbacks.

Now, the economy is being held back by unusual circumstances. A weak
external sector, the aftermath of the Iraq war and December 11 and the
effects of the Australian drought have combined to slow growth.

However, employment growth has already commenced and demand for office
space is expected to recover towards the end of this year.

Over the next 12 months, vacancy rates across most submarkets will
start to fall, accompanied by a gradual reduction in rent incentives.
But this is only the calm before the storm that will affect the Sydney
market over the remainder of this decade.

This is a good time to diversify into the Commercial Real Estate
market in Australia. Premium waterfront office property (A Grade )
similar to that at King Street Wharf ( www.kingstreetwharf.net ). Or
the new waterfront Luna Park development, built by Multiplex
constructions.

Does anyone know of other premium waterfront opportunities in Sydney
or Australia. If you do I would love to hear from you.

Regards
George Michael
georgemichael@hot.net.au