Our Year on the Ground:
What We Actually Saw in 2025
FROM ADAM LEISHMAN – THE COMMERCIAL GUYS
As the year comes to a close, there is no shortage of commentary about where the commercial property market is heading. Forecasts, opinions, and predictions are everywhere.
Rather than add to the noise, we thought it was more useful to share what we actually saw this year. This is based on day-to-day activity, deal by deal, and conversation by conversation while working alongside commercial property owners across South East Queensland.
No hype. No crystal ball. Just observations from the ground.
Decisions Slowed,
But They Improved
Transactions did not stop, but they did slow. Tenants took more time. Owners asked more questions. Everyone read the fine print more carefully.
What changed was quality. Lease clauses were scrutinised more closely. Incentives were negotiated with purpose.
Outgoings, make-good, and options became front of mind. In many cases, slower decisions led to better outcomes, with fewer surprises later and more resilient lease structures.
Well-Positioned Assets Still Performed
Despite talk of a soft market, assets that were well configured, well priced, and well presented continued to attract enquiry.
Demand remained strongest for functional industrial assets with sensible layouts, ground-floor space with visibility and access, and retail with genuine foot traffic and service-based tenants.
Where leasing slowed noticeably was in assets that were poorly configured, overpriced relative to comparable stock, or lacking exposure, access, or flexibility.
Oversupply Became Visible in Certain Pockets
This year exposed where supply has quietly built up over time. We saw slower movement in near-identical small industrial units with mezzanine and office overlays, office space without lift access or street presence, and secondary locations competing on rent alone.
These assets were not unleaseable. They required sharper pricing, clearer positioning, and more realistic expectations.
Fewer Transactions, Higher Intent
There were fewer rushed decisions this year. What replaced them was intent. Tenants who committed were better aligned. Owners were clearer on risk and reward. Negotiations were more considered and less reactive.
In many ways, 2025 felt like a reset, moving away from momentum-driven decisions and back toward fundamentals.
A Final Thought From an Owner First
Long before I was a commercial real estate agent, I was a commercial property owner. That lens still shapes how I approach every asset, every lease, and every conversation.
Over the years, I have owned properties across very different strategies. Some were about enhancement and repositioning. Some were about timing and waiting for the right moment to act. Others were simply good assets that did not need fixing, only careful stewardship. Some changed direction along the way as markets, tenants, and circumstances evolved.
That owner mindset shapes how we operate. Our team is educated through real-world ownership experience, legal practice, and compliance knowledge. They are here because they are curious, committed to improvement, and focused on creating great people, great assets, and a better commercial property industry.
If you ever want to talk owner-to-owner about your assets, strategies, or timing, I am always happy to have that conversation.
