The ‘Spring Selling Season’ doesn’t typically apply to the commercial and industrial property market. However this year, the team have been very fortunate to have a large number of vendors who have trusted them with the sale of the property. McKean McGregor Property and Living asked Commercial Sales Agents Jeremy Brown, Brock Pinner and Alex O’Shea to share thoughts and insights into the current market.

How has the activity been in the commercial and industrial market over spring?

The Bendigo market has remained steadfast throughout spring, with excellent outcomes across various asset types. A strong number of saleable properties have transacted during this period, underscoring the market’s resilience. Several recent sales have achieved outstanding results for vendors, reflecting a healthy level of demand.

Why are people selling?

A variety of reasons are driving sales activity. A number of businesses are closely reviewing their operations and making strategic decisions about their short and long-term property needs, while some long-term investors are reassessing their property holdings due to increasing land tax and interest rate costs. This mix of operational reviews and external factors has led to a steady flow of properties entering the market over the last 3-4 months, with a good pipeline shaping up for the start of 2025.

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What types of properties are selling?

The market has seen diverse activity in recent months, with demand higher in some assets and supply remaining tight.    Industrial warehouses and land remain tightly held, with a strong number of transactions occurring in this space. Offices and retail properties have experienced mixed results; some sales have progressed smoothly, while others have required more time to finalize. Englobo land has been relatively quiet this year. However, early signs of recovery in the residential land and development market suggest this segment may pick up in 2025.

Who is buying?

A range of buyers have been active in the market. A greater proportion of sales have been directed toward owner-occupiers, as businesses seek larger or additional spaces to accommodate growth. Out-of-town investors have been somewhat active, identifying strong value opportunities within the Bendigo region Understanding the needs and working closely with buyers has been key to facilitating successful transactions.

How are the properties being sold?

Every property is unique, requiring tailored sales strategies. Over the spring period, a variety of methods have been used to suit different property types and vendor needs, we have used: • Auction and portfolio auction
• Expression of interest campaigns
• Private sales
• Off-market sales
• Off-the-plan sales
We have seen this flexible and tailored approach using any of these methods help achieve the best outcomes for both vendors and buyers.

What about the commercial leasing market?

Where has activity been strongest, and what are businesses looking for in 2025? The commercial leasing market has experienced a robust year, with activity spanning all asset classes. Among these, industrial properties have been standout performers, reflecting strong demand and limited supply. A-grade spaces have become increasingly sought after across the board—whether in office, retail, or industrial markets. Businesses are showing a clear preference for quality spaces, recognizing their long-term value and functionality, even at a higher price point.

Looking Ahead

In 2025 we see the demand for premium-quality properties is expected to persist. Local buyers are expected to prioritise quality locations and construction but may need to compromise based on the stock available. We see out-of-town buyer numbers increasing and green shoots of interest from investors continuing in the new year. We keenly await the market reaction if predictions of rate relief and government stimulus eventuate, With a strong pipeline of sale properties set for early next year, the Bendigo market is poised for another strong period. In leasing, we see the demand for premium properties remains high, with tenants seeking spaces that align with modern workplace needs and future-focused trends.

If you have any questions or would simply like to discuss the market our Commercial and Industrial property team would be happy to help.