Mirvac office fund declines 14.5pc as headwinds hit wholesale sector

Declining office values that hit listed property have finally caught up with the unlisted sector, as a key report shows the $7.2 billion Mirvac Wholesale Office Fund was the worst performer last year, suffering a 14.5 per cent decline in total return.

The MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index for December shows the unlisted office sector suffered a 10.6 per cent decline in total return for the calendar year – the result of a 13.9 per cent decline in capital value and a 3.7 per cent income return.