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However, there are now clear signs that business sentiment is turning positive and decisions are starting to be made. No doubt this is flowing from the resource commitments and the expectation that the economy is going to improve over the coming year or so. The most active development areas remain Canning Vale, Malaga, Wangara, and the "new" Forrestfield/Perth Airport precinct. The main process of property transaction should get performed under the full assistance of the experienced person from the real estate field.

It would appear that developers are following the lead of those on the eastern seaboard and eroding development profits to secure major projects. Industrialists wanting to expand or incorporate new technologies into their business either had to accept secondary space or relocate south to Canning Vale or Bibra Lake. The opening of new business parks at Forrestfield & Perth Airport has provided land for development in this key transport hub. Transport companies and manufacturers have reciprocated with a solid take-up of sites for new design & construct projects.



As a result of the limited supply of quality office floorspace in the city centre, the growing demand from major occupiers for large new units has been increasingly redirected to decentralised office locations, particularly La Défense and its surrounding areas. Prime rents in the city centre have risen to around FF 3,200 per sq m per annum, whilst prime accommodation in the suburbs commands rents of around FF 2,100 per sq m per annum.

Investment activity in the Parisian office market has reached its highest level to date with some FF 40 billion expected to be invested during 1998 as a whole. Foreign investors have been particularly prevalent in the market, especially the North American and German funds. The increase in competition in the investment market together with the anticipation of continued rental growth has led to a decline in prime office yields. Prime offices in the city centre command a yield of around 5.8%-6% compared with 7%-8% in the suburbs.