这一趋势出现在主要交易中，其中包括Dexus及其批发基金以14.8亿澳元的价格从QIC Global Real Estate购买具有里程碑意义的80 Collins St开发项目。

Charter Hall的PFA基金已经与马来西亚公共服务养老基金Kumpulan Wang Persaraan Diperbadankan以近2亿澳元的价格收购墨尔本办公楼。 Investa监督授权，在737 Bourke St的收入中推动该综合体的强劲增长。在2010年以1.13亿澳元收购后。

一名据信得到中国大陆资本支持的本土企业收购了420 St Kilda Rd，经理Vantage提升其业绩后收购价格超过9500万澳元。

所有交易均收于5％大关或低于5％的收益率。

但在一份具有里程碑意义的论文中，第一太平戴维斯表示办公室收益率与借款之间的长期联系已经“破裂”，因为买方资料已经发生变化，而依赖银行借款则更少。

在过去三年中，我们背诵了来自国内外投资者的酵母，使产量降至历史最低水平

第一太平戴维斯表示，利率上升也不太可能导致优质写字楼收益率相应上升。这意味着只要投资需求保持稳定，收益率也将被锁定。

墨尔本在过去三年中处于领先地位，自2015年以来，主要收益率下降了174个基点，其次是北京（下降132个基点）和柏林（下降120个基点）。

第一太平戴维斯首席执行官保罗克雷格表示，虽然澳大利亚城市仍未受到其他海外生物多样性公约市场3％的打击，但“未来五年假设这里的收益率将会出现类似的趋势”是明智之举。

鉴于新的基准设定在全球范围内，香港，法兰克福，东京和柏林的优质CBD写字楼市场收益率现在低于3％。第一太平戴维斯预测巴黎（3％）和阿姆斯特丹（3.5％）优质CBD办公楼市场到2019年底市场收益率可能会下降至3％以下。

“在过去三年中，我们已经改变了来自外国和国内投资者的不断增长的投资者，将收益率降至创纪录的低水平，”维多利亚州Savills主管资本交易的James Girvan表示。

“投资者被维多利亚州的首都所吸引，不仅仅是因为强劲的需求驱动因素和国家领先的经济指标。”

Melbournedemand soars among international investors

The trend isseen in major deals, including Dexus and its wholesale fund buying the landmark80 Collins St development from QIC Global Real Estate for about $1.48 billion.

此文章出于 

<ADRIAN BALLANTYNE, Apr 09 2019>

Charter Hall’sPFA Fund has also tied up a deal to buy a Melbourne office complex fromMalaysian public services pension fund Kumpulan Wang Persaraan Diperbadan­kanfor close to $200 million. The mandate was overseen by Investa which drovestrong growth in the complex at 737 Bourke St’s income after it was picked upin 2010 for $113 million.

A localplayer, believed to be backed by mainland Chinese capital, has also swooped on420 St Kilda Rd, for a price thought to be over $95m after manager Vantageboosted its performance.

All the dealshave been struck at tight yields either at or just below the 5% mark.

But in alandmark paper Savills says the long-time link between office yields andborrowing had “broken down” as buyers profiles had changed with fewer relyingon bank borrowing.

Throughout thepast three years, we have seen growing investor demand from foreign anddomestic investors drive yields down to record low levels

Savills says arise in interest rates is also unlikely to result in a corresponding rise inprime office yield. This means that as long as investment demand remains stableyields will also be locked in.

Melbourne ledthe charge over the past three years, with prime yields falling 174 basis pointsince 2015, followed by Beijing (down 132 basis points) and Berlin (dropping by120 basis points).

Savills chiefexecutive Paul Craig says while Australian cities were still off the 3 per centmark hit by other overseas CBD markets “it would be prudent to assume yieldshere will fall in a similar trend in the next five years”.

Prime CBDoffice market yields now sit below 3% in Hong Kong, Frankfurt, Tokyo andBerlin, in a reflection of the new benchmarks being set globally. Savillsforecasts that the Paris (3%) and Amsterdam (3.5%) prime CBD office marketscould see market yields harden to under 3% by the end of 2019.

“Throughoutthe past three years, we have seen growing investor demand from foreign anddomestic investors drive yields down to record low levels,” says James Girvan,Savills director capital transactions in Victoria.

“Investors aredrawn to the Victorian capital, not only because of strong demand drivers andnation-leading economic indicators.”

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