Australia's biggest landlords and developers played down concerns about inflated commercial property valuations at a conference on Tuesday, while acknowledging economic uncertainty was making investors and renters more cautious, Reuters reported. Commercial real estate prices are a major concern for investors globally as public markets price the impact of a slowing economy and the growth of remote work, while owners, especially unlisted players, resist major changes. At the Macquarie Australia Conference on Friday, the country's largest office landlord, Dexus, said market pricing implying a 20% to 25% downgrade in asset values was excessive. Premium buildings coupled with signs workers were returning to offices should help protect the portfolio, said chief investment officer Ross Du Vernet. Public investors have shunned Australian real estate investment trusts, and the benchmark S&P/ASX 200 A-REIT index remains 21% off a late 2021 peak despite a rally last month.
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