Inside Commercial Property

By Rethink InvestingBusiness

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Inside Commercial Property episodes

October 07#77 - Commercial Property: What's Rising, What's Not, and Why | Scott O'Neill & David Hamilton
Higher interest rates are supposed to push commercial property values down. In most sectors, they haven't. This market update maps where the commercial property market actually stands: which asset classes and states are strengthening, which are softening, and where the opportunity sits for Australian investors at home and in New Zealand.

Scott O'Neill and co-host David Hamilton work through it sector by sector. Industrial is settling into a steadier rhythm, retail has staged a genuine comeback, and office has split into two very different markets. The national numbers tell one story. The individual markets tell several.

Scott shares what he is buying, what he is avoiding, and the due diligence issues derailing deals. David brings the developer's view of why so little is being built, and what that means for anyone who already owns.

In this episode:
How to tell a prime office opportunity from a secondary building that only looks like value
Where Scott is most active across the states, and why
What New Zealand offers an Australian investor in its own right
What happens to existing owners when developers pull back, and why leasing up is taking longer
Why a lower yield isn't always the safer buy, and where Scott draws the line

Book a Consultation: https://www.rethinkinvesting.com.au/lets-talk
Explore commercial property with Rethink Investing:Australia: https://www.rethinkinvesting.com.au/
Follow Scott O'Neill: https://www.instagram.com/scott_oneill_/
Follow Rethink Investing: https://www.instagram.com/rethinkinvesting/

(00:00) Trailer
(01:08) Welcome and the Commercial Property Market Update
(04:39) Industrial Property: Yields, Growth and Rents
(08:42) Retail Property: The Comeback Story
(10:43) Neighbourhood Centres and Why New Supply Has Stalled
(12:48) Office Property: Prime vs Secondary, and Who It Suits
(17:31) Medical and Childcare Property: Yields and Leases
(22:10) State by State: New South Wales
(24:59) Victoria: Lower Prices and Better Yields
(27:37) Queensland: Brisbane, Industrial and the Olympics
(31:51) Western Australia: Perth After a Strong Run
(33:40) Adelaide, Hobart and Darwin: The Smaller Markets
(38:24) New Zealand: The Opportunity for Australian Investors
(39:59) Inflation, Rents and Real Capital Growth
(41:06) New Zealand: Financing and Market Drivers
(44:26) Developer Collapses and Private Credit
(48:05) Will Developer Failures Reach Commercial Owners?
(51:02) What Scott Is Buying and Avoiding
(53:08) Lower Yields and Where the Real Risk Sits
(56:49) Why Deals Are Falling Over at Due Diligence
(58:49) Listener Questions
(1:10:04) Final Thoughts and the Rate Decisions Ahead
1 hr 12 min
September 02#76 - The Value-Add Hiding in the Property You Own | Scott O'Neill & David Hamilton
Most investors think growing a commercial property portfolio means buying the next property. It usually doesn't. The highest-return capital is often already sitting in the asset you own, in the space that isn't earning, and unlocking it is simpler and cheaper than buying again.

Scott O'Neill and co-host David Hamilton break down the value-add strategies that turn an underperforming commercial property into a stronger one, without a new loan or a new purchase. Because commercial property is valued on its income, a small lift in what an asset earns becomes a large lift in what it's worth. A single lease renegotiation, a strip of idle space, a rezoning nobody noticed, and the valuation moves.

Scott works through the four levers where this plays out, from the lease itself to income from idle space and energy. David brings the developer's eye to the value hiding in zoning, approvals and amalgamation, the kind created through paperwork, not construction.

In this episode:
How a small lift in income turns into a large lift in valuation, and why the lease is the most powerful lever most owners overlook
Where value hides in idle space, from rooftops to unused land, and who actually does the work
The development value that comes from permissions, not building, and roughly what it costs versus what it adds
How to audit your own property for the levers hiding in it
When a value-add stops being a bonus and becomes a costly distraction

Book a Consultation: https://www.rethinkinvesting.com.au/lets-talk

Explore commercial property with Rethink Investing:Australia: https://www.rethinkinvesting.com.au/

Follow Scott O'Neill: https://www.instagram.com/scott_oneill_/Follow Rethink Investing: https://www.instagram.com/rethinkinvesting/

(00:00) Trailer
(01:03) Why Value-Adds, Why Now
(03:20) What a Value-Add Is, and the Four Levers
(06:45) Where Value-Adds Fit, and Why They're a Bonus
(08:33) The Rental Cap Trap That Blew Up a Deal
(11:13) Timing: Buying Short Leases for the Upside
(13:11) Solar: The 20% Cash-on-Cash Play
(16:34) How Solar Works, and How It Lifts Valuation
(20:40) Billboards: Income From Idle Space
(23:03) The Lease Itself: Adding Rentable Area
(24:42) When and How Hard to Push the Rent
(29:14) Why Market Reviews Make or Break a Lease
(34:19) The Development Lever: Dave Co-Teaches
(37:09) Rezoning and Amalgamation: The Real Upside
(43:57) Closing Comments
46 min
August 14 #75 - Why Commercial Investors Can Ignore The Budget | Scott O'Neill & David Hamilton
Scott O'Neill has spent fifteen years building commercial property portfolios through every kind of market. The recent federal budget has rattled Australian property investors, and the headlines have amplified it. Scott's response to the noise: for commercial property, almost none of it changes what actually matters. Here's what does.

In this episode, Scott is joined by new co-host David Hamilton, a developer and host of Everything Property podcast, to work through why a disciplined commercial investor can read the same headlines as everyone else and reach a completely different conclusion.

Commercial sits largely outside the proposed changes, but the more useful point is why that is, and why it was always going to be. A portfolio built on strong yields, cash-flow-positive assets, and quality tenants doesn't depend on the settings that were just shaken. Scott and Dave move quickly past the policy details and into the ground truth: where yields are right now, which asset classes are holding, and what separates an investor who repositions with a plan from one who reacts to a headline.

In this episode:
- Why commercial property sits largely outside the proposed budget changes and why that's structural, not luck
- Where commercial property yields are strongest right now: retail, large format, shopping centres, warehouses
- The difference between an investor who repositions with a plan and one who reacts to a headline
- What a developer's eye picks up that a commercial investor can miss- How to read a genuine asset from one that only looks good on paper

Book a Consultation: https://www.rethinkinvesting.com.au/lets-talkExplore commercial property with Rethink Investing:- Australia: https://www.rethinkinvesting.com.au/

Follow Scott O'Neill: https://www.instagram.com/scott_oneill_/Follow Rethink Investing: https://www.instagram.com/rethinkinvesting/

(00:00) Trailer
(00:59) Welcome and Introducing New Co-Host
(02:58) A Developer's Perspective on Commercial Property
(04:14) Does the Budget Actually Change Commercial Property?
(10:12) Negative Gearing vs Capital Gains, Explained
(16:01) Should First-Time Investors Buy Now or Wait?
(19:39) Why Fundamentals Beat the Tax Breaks
(23:06) What Commercial Investors Are Really Doing Now
(26:05) The Investors Who Panic vs The Ones Who Buy
(34:32) Where Commercial Yields Are Strongest Right Now
(38:07) Warehouses and Industrial: The Yield Play
(42:08) The Strategy That Hasn't Changed Since 2010
(45:25) Why Everyone Is Suddenly Talking Commercial
(49:02) Inside The Development Industry
(54:16) The Long View: Fundamentals Outlast
58 min
July 03 #74 - Hotels & Motels: The Opportunity Most Investors Never See | Selin Ince
Most sophisticated investors rule hotels and motels out before they understand them, and in doing so they overlook one of the most compelling yields in commercial property today. Hotels and motels are a new asset class in the Australian and New Zealand markets, and one that most investors have never been taught to understand. In this episode of Inside Commercial Property, Scott O'Neill is joined by Selin Ince, Rethink Group's hotels and motels acquisition specialist, to unpack the asset class: the investment structure of hotels and motels, why the misconceptions persist, and why the barrier to entry is far more achievable for the experienced private investor than most assume.

The hesitation almost always comes from one assumption: that the whole category means running a hospitality business. It doesn't. A leased hotel is a commercial lease with a strong tenant covenant, structurally no different from the leased industrial or retail these investors already own. The motel is a separate proposition, a smaller-ticket operating business with real value-add upside for the hands-on buyer. Selin sets out both with precision: the structure, the numbers, the finance, and the entry points that put this within reach of private capital, not institutions alone.

In this episode:
- Leased hotels versus motels: one is a passive lease, the other an operating business
- What ownership of a leased hotel really involves, and what it doesn't
- How leased hotel and motel yields compare with industrial and retail
- Where the private-buyer entry points sit, from motels through to passive boutique hotels
- How the finance stacks up, and the first move for an investor ready to take the asset class seriously

Book a Consultation: https://www.rethinkinvesting.com.au/lets-talk

Explore commercial property with Rethink Investing:
- Australia: https://www.rethinkinvesting.com.au/

Follow Scott O'Neill: https://www.instagram.com/scott_oneill_/
Follow Rethink Investing: https://www.instagram.com/rethinkinvesting/

(00:00) Trailer
(01:23) Why Commercial Property Leads Are Rising Now
(02:57) Introducing Hotels and Motels as an Asset Class
(04:16) What Makes a Hotels and Motels Specialist
(04:54) Why Off-Market Access Matters in Hotels
(06:26) Common Misconceptions About Hotel Investing
(07:13) Hotel and Motel Price Points Explained
(08:04) Leased Hotels vs Motels: The Key Difference
(10:47) Hotel and Motel Yields Compared to Industrial
(12:47) What You're Actually Buying With a Leased Hotel
(26:16) Where the Genuine Opportunity Now Sits
(31:36) Finance and Lending for Hotels and Motels
(38:20) Passive Hotel Entry Points for Investors
(41:31) The Sensible First Step Into the Asset Class
45 min
June 04 #73 - New Zealand Commercial Property: Why The Yields Stack Up | Matt Harris and Michael Vincent
New Zealand commercial property is drawing serious attention from Australian investors, and the yields are a big part of why. In this episode of Inside Commercial Property, Scott O’Neill is joined by Matt Harris and Michael Vincent of Lighthouse Financial to unpack what’s making the New Zealand market so compelling right now.Lighthouse is one of New Zealand’s leading financial services firms, guiding more than 4,000 Kiwis toward financial freedom since 2014 with holistic advice spanning accounting, lending, and investment. The conversation covers the forces shaping New Zealand property in 2026. New Zealand has moved through the interest rate cycle ahead of Australia, with the official cash rate easing significantly from its peak, and that shift is changing how investors think. For an everyday Australian investor, the combination of a favourable exchange rate, no stamp duty, and a maturing commercial market makes a genuine case for diversification.Matt and Michael also explain the practical side of buying across the Tasman: how the structures, lending, and tax considerations work for a foreign investor, and why the experience is more familiar than most Australians expect.In this episode, we cover:- Why New Zealand’s position in the interest rate cycle is reshaping investor behaviour.- How the shift toward income-driven assets is opening the door to commercial property.- What the exchange rate, stamp duty, and lending environment mean for an Australian buyer.- How New Zealand’s commercial market is maturing, and where the opportunities sit.- The structures, tax, and first steps for an Australian investing in New Zealand.Explore New Zealand commercial property with Rethink Investing:- New Zealand: https://www.rethinkinvesting.co.nz/ - Australia: https://www.rethinkinvesting.com.au/ Book a Consultation: https://www.rethinkinvesting.com.au/lets-talk Explore Lighthouse Financial: https://lighthousefinancial.co.nz/
56 min
May 01 #72 - Navigating The Next Phase of Property Investing
With sentiment turning cautious, interest rates remaining elevated, and major policy changes looming ahead of the Federal Budget, many investors are sitting on the sidelines. But as this podcast episode explores, market hesitation often creates the best opportunities for those willing to act with conviction.On Inside Commercial Property, host Phil Tarrant is joined by Scott O’Neill to unpack the current state of the property market, and why we may be entering one of the most important investment periods of the decade.In this episode, we cover:Why negative sentiment isn’t always a bad thing for investors.The impact of the upcoming Federal Budget and potential tax changes.Why affordability policy could reshape how and where people invest.The growing importance of cash flow versus capital growth.How commercial property differs structurally, and why it’s gaining attention.The risks of poor advice in an unregulated buyer’s agent market.How business principles (cash flow, margins, risk management) apply directly to investing.With potential changes to capital gains tax, negative gearing, and broader housing policy, the rules of the game may be shifting. But one thing remains constant: The investors who succeed are those who focus on fundamentals, not headlines.
1 hr 1 min
April 02 #71 - Chaos Creates Deals
With rising interest rates, geopolitical tension in the Middle East, and potential changes to capital gains tax, investors are facing a perfect storm of uncertainty. But while some are sitting on the sidelines, others are moving decisively – creating a clear two-speed market.In this Inside Commercial Property podcast episode, Phil Tarrant is joined by Scott O’Neill to discuss one of the most complex market environments in recent memory.The pair explore how global events are flowing through to Australian and New Zealand property markets, what higher rates mean for asset selection, and why income-focused investing is becoming more critical than ever.They also break down real, on-the-ground deals – highlighting where value is being found, how investors are negotiating in today’s market, and why fundamentals matter more than ever.If you’re trying to make sense of where the market is heading and where the opportunities lie, this is an episode you can’t afford to miss.
1 hr 13 min
March 05 #70 - Why Mindset Matters More Than The Property You Buy
In this episode of Inside Commercial Property, host Phil Tarrant is joined by Scott O’Neill, CEO of Rethink Group, and Margie Baldock, senior buyer’s advocate at Rethink Investing, for a candid conversation on what really drives successful commercial property investing, beyond just yields and headlines.The discussion opens with the latest interest rate movement and its unexpected impact on investor behaviour. Scott explains why rising rates may actually strengthen the commercial case, as capital shifts away from low-yielding residential portfolios and towards higher-income, long-term assets.The episode also touches on the capital gains tax debate and why structural differences between residential and commercial ownership vehicles may further increase commercial property’s appeal. Margie’s perspective reframes the buyer’s agent role entirely: not just sourcing assets, but helping high-performing investors define “how much is enough”, align investments with life goals, and protect long-term strategy from emotional decisions. Also discussed in this episode:Why commercial property can still be accessed later in life, even when residential lending becomes restrictive.The structural advantages of lease-backed lending and self-managed super fund (SMSF) purchasing strategies.How to reframe vacancy as an opportunity rather than a failure, and how short leases can be leveraged into equity gains.Why most high-net-worth investors don’t actually know their required passive income number and how reverse engineering that number simplifies portfolio planning.The behavioural differences between overconfident and underconfident investors, and why sometimes “doing less” leads to stronger compounding outcomes.This episode is essential listening for investors who want a deeper understanding of how experienced commercial buyers think – from negotiating risk and pricing problems, to resisting short-term temptations, to structuring portfolios that genuinely support lifestyle freedom over decades.
59 min
January 22 #69 - 2026 Market Moves
In this episode of Inside Commercial Property, host Phil Tarrant is joined by Scott O’Neill, CEO of Rethink Group, to kick off 2026 with a comprehensive outlook on where commercial property markets are heading and how sophisticated investors should be positioning capital in the year ahead.Building on the momentum of a strong 2025, the conversation unpacks the major structural forces shaping commercial property today – from constrained development pipelines and rising construction costs to increased private and offshore capital flowing into Australian and New Zealand markets. Drawing on hundreds of active buyers and transactions across the Rethink platform, Scott provides a real-time, ground-level view of how investors are deploying capital and where competition is intensifying.The episode delivers a detailed asset-by-asset outlook for 2026, including industrial, retail, and office markets. Scott explains why secondary industrial assets are expected to deliver some of the strongest risk-adjusted returns, supported by owner-occupier demand, replacement cost pressures and yield expansion. Retail is also assessed, with neighbourhood shopping centres and large-format retail emerging as standout performers due to severe supply constraints, resilient tenant demand and improving investor sentiment.Listeners will gain practical insight into:- How to think like a family office when allocating capital.- Why blended portfolios across asset classes outperform concentrated strategies.- Setting minimum yield thresholds to protect downside risk.- Balancing income security with long-term capital growth.- Which asset types and deal structures to avoid in the current cycle.Scott also shares a disciplined perspective on interest rates, reinforcing why short-term movements should not drive long-term investment decisions, and how investors can build portfolios that remain resilient across changing economic conditions.This episode is essential listening for investors seeking clarity on where value exists in commercial property today, how professional capital is being positioned, and what a disciplined, long-term investment strategy looks like as markets move through the next phase of the cycle.Learn more: https://www.rethinkinvesting.com.au/ https://www.rethinkinvesting.co.nz/ https://www.rethinkresidential.com.au/Book a consultation: https://www.rethinkinvesting.com.au/l...

1 hr 15 min
January 01 #68 - How The Best Investors Won 2025
In this episode of Inside Commercial Property, host Phil Tarrant sits down with Scott O’Neill, CEO of Rethink Group, to review the performance of the Australian commercial property market in 2025 and unpack what investors should be preparing for as the market moves into 2026.This in-depth discussion revisits early-year predictions and holds them to account, analysing how interest rate cuts, supply shortages, lending conditions and investor sentiment shaped outcomes across key asset classes, including retail property, industrial property, and office assets. Drawing on insights from hundreds of transactions completed throughout the year, Scott provides a ground-level view of how capital has actually been deployed in the commercial market.Key commercial property trends from 2025The episode explores why large format retail and neighbourhood shopping centres emerged as some of the strongest-performing commercial asset classes, supported by yield appeal, limited new supply, and resilient tenant demand. Scott also explains how secondary industrial assets continued to outperform prime industrial stock, driven by higher yields, owner-occupier demand, and replacement cost pressures.Office markets are also assessed, with commentary on stabilising conditions in select suburban and freehold office assets, contrasted against ongoing challenges in secondary CBD office stock. The conversation extends to regional and residential property markets, highlighting which capital cities delivered the strongest growth and how government incentives influenced late-year momentum.Investor strategy, portfolio construction, and risk managementBeyond market performance, this episode dives into commercial property investment strategy, focusing on how experienced investors are:Consolidating portfolios rather than accumulating smaller assets.Prioritising cash flow resilience over speculative growth.Diversifying across asset classes and geographies, including New Zealand commercial property.Actively refinancing to improve servicing and capital efficiency.Scott also shares practical lessons from 2025 around asset management, due diligence, development feasibility, tenant risk, and knowing when to exit underperforming properties – reinforcing why commercial portfolios must be managed like businesses, not passive investments.This episode is essential listening for anyone looking to understand where commercial property sits in the current cycle, how professional investors are positioning capital, and what disciplined commercial property investing looks like in a maturing market.What to expect in episode 69In Episode 69, listeners will gain clarity on which asset classes are expected to deliver the strongest risk-adjusted returns, how interest rate cuts and lending competition are reshaping opportunities, and the strategic considerations disciplined investors should be making as they optimise portfolios and protect downside risk heading into 2026.
56 min

About Inside Commercial Property

From the publisher's feed

Welcome to the Inside Commercial Property podcast, where we bring you monthly episodes on the most significant changes in the world of commercial property investing. Delve into the inner workings of property, markets and strategies, all geared towards helping you become a better investor. Join Scott O’ Neill and David Hamilton, as they sit down to share the latest property changes. If you want to stay ahead in the game, this podcast is for you.