Half a Century in Bricks and Mortar: Industry Veteran Greg Paramor on Revealing Real Estate Opportunities in a Shifting Landscape

Greg Paramor, a veteran of Australia’s real estate industry and a leader at Leftfield Capital Partners, shared his expert analysis on the evolving property market. With over 50 years of experience, including roles at Charter Hall as a board member and chair of its investment committee, Paramor brings a unique perspective—balancing institutional insights with the agility of private capital.

Paramor opened his keynote address at Emergence 2025 by addressing the cyclical nature of real estate, emphasising its correlation with interest rates. “Real estate is heavily tied to the bond rate—when interest rates are high, we see valuations decline. Conversely, the past 10 to 15 years of historically low rates drove a steady increase in property values, with yields reaching unprecedented lows.”

Now, with rates stabilising and even showing signs of easing, Paramor believes the commercial real estate market is at an inflection point. Investor sentiment, which had turned cautious, is shifting toward renewed confidence.

He also underscored Australia’s position as a global safe-haven for capital, particularly for sovereign wealth funds. “Australia remains the top destination for global institutional investors in the Asia-Pacific, ahead of Japan,” he noted.

One of the dominant themes in Paramor’s outlook is the chronic undersupply of real estate across multiple sectors. “We’ve simply stopped building,” he remarked, pointing to disruptions caused by the pandemic, rising construction costs, and delays in planning approvals. This structural undersupply is creating opportunities for investors focused on high-demand, well-located assets.

Paramor highlighted a notable rebound in office space demand post-pandemic. “With the exception of Victoria, most states have seen office attendance return to 80-90% of pre-pandemic levels, with more companies now requiring employees back in the office full-time.” However, he noted that businesses are prioritising high-quality office spaces with strong ESG credentials and modern amenities to attract tenants.

In the retail sector, Paramor distinguished between struggling super-regional shopping centres and the resilience of convenience-based retail, a segment in which Leftfield Capital has been active. “Local supermarkets and neighbourhood retail centres have remained steady performers, with yields holding in the 6-7% range,” he explained.

The industrial and logistics sector continues to benefit from long-term tailwinds, particularly e-commerce-driven demand and supply chain resilience strategies. Well-located logistics assets remain highly sought after.

On the residential front, Paramor addressed the Federal Government’s ambitious goal of building 1.2 million new homes over five years, expressing skepticism about its feasibility. “We don’t have the labour, the skills, or the infrastructure to deliver that volume of housing,” he said. He emphasised that unlocking supply hinges on local government planning approvals, which remain a critical bottleneck.