Workbook Exercise 1 : Property And The Economy

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Workbook Exercise 1 – Property and the Economy
Industrial Property Sector
Description of Use
Industrial real estate is one of the main asset classes of commercial property, built and used solely for business purposes.
Industrial property is used for industrial purposes; encompassing all shapes and sizes and covering a large range of business types (Gilmour, E 2014). Historically, industrial land has been associated with manufacturing processes and warehousing (Australian Property Institute, 2007). This is now more widely regarded to include;
• Manufacturing
• Fabrication and assembly
• Distribution and transportation service industries (Hefferan, M 2013)
• Processing and research
• Product display
• Bulky goods retailing
• Administrative office
• Electronic data processing and electronic storage (Australian Property Institute, 2007).
As the definition of industrial property has expanded, and Australia has become more of an importer than a manufacturer of goods, different industrial uses have been established in locations that satisfy respective requirements.
Location choice can be subject to;
• Access to road infrastructure
• Availability of economically priced large parcels of land
• Necessity to be close to sea ports, air ports or rail access
• Access to a skilled workforce and source of materials – street accessibility
There are a range of Industrial property location assets, including;
 Huge mines
 Processing and manufacturing plants
 Sugar mills

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