• Data centres: CDC's Beard 2, 23 Tantalum Street, approved for 84MW and $203.5 million of works
• Mixed use: The Green at Dickson stage one approved, $94 million with 246 apartments and 10 commercial units
• Hotels: Fifty Group buys the Garden City Hotel, Narrabundah, for $13.7 million plus the Statesman Hotel, Curtin
• Office: government tenants under pressure to lease 5.5-star NABERS space, starting with Industry House, 10 Binara Street
• Interest rates: cash rate 4.60 per cent, September CPI 4.3 per cent, a rise to 4.85 per cent widely expected on 3 November

The ACT Territory Planning Authority approved CDC Data Centres' Beard 2 on 29 September, only 40 days after the application went in. The three-storey building at 23 Tantalum Street, Beard, will have 12 data halls across about 29,924 sqm and 84MW of capacity, with works valued at $203.5 million. It shares a 47,644 sqm site with Beard 1 next door.

The speed of that decision stood out. A week later, CDC's much larger proposal for a 576MW Hume Campus 3 did not get the same welcome, as the Territory weighed up power supply. The message for Canberra landowners is that data centres are welcome where they fit the grid, but scale has limits.

The Territory Planning Authority approved the $94 million first stage of The Green at Dickson, the Dickson Tradies club's plan to transform its 1.8-hectare Poppyfield Street site. Stage one has two buildings of six and 13 storeys with 246 apartments, 10 ground-floor commercial units and three levels of basement parking.

Clubs across Canberra and NSW are looking hard at the land they sit on. Redeveloping part of a site can fund new facilities while adding housing and local shops. Dickson is now a working example of how that is done.

Sydney-based Fifty Group bought two suburban Canberra hotels with 137 rooms between them. The Garden City Hotel at 55 Jerrabomberra Avenue, Narrabundah, sold for $13.7 million with 73 rooms, a restaurant, function space and pool on about 6,644 sqm. The Statesman Hotel at 14 Theodore Street, Curtin, with 64 suites, was bought for an undisclosed price. Both are set to be upgraded.

Suburban hotels close to government offices, the airport and sporting venues have steady weekday and event trade, which is drawing interstate operators willing to invest in refurbishment.

The federal government's energy policy for its own leases is starting to reshape the Canberra office market. Agencies are expected to occupy buildings with higher NABERS ratings. Real estate sources have told the Canberra Times the Department of Industry, Science and Resources is among those most likely to move from Industry House at 10 Binara Street. The 25,000 sqm tower, built in 2006 with a five-star rating, last sold for $151.7 million in 2013.

Canberra's office market depends more on government than any other city. When agencies move to newer or upgraded buildings, older towers are left to find new tenants or invest in upgrades. Owners of five-star buildings now face the question of whether to chase 5.5 stars or plan for life without their federal tenant.

September's CPI of 4.3 per cent has economists expecting a rise in the cash rate to 4.85 per cent on 3 November. Canberra's investment market leans on long government leases, which give income security but can make buildings harder to sell when a lease is nearing its end. Higher rates make that re-leasing risk more expensive to carry.

• City and Civic: government tenants weighing moves to higher-rated buildings.
• Beard, Hume and Fyshwick: the industrial and data centre belt, with power capacity the deciding factor.
• Dickson and the inner north: club land and transport corridors feeding mixed-use growth along the light rail.
• Inner south (Narrabundah, Kingston): hotels and hospitality drawing interstate buyers.

• Know your rating. Office owners should check where their buildings sit against the 5.5-star NABERS expectation and show tenants a clear upgrade plan.
• Use the land you have. Clubs and long-term owners can unlock value by redeveloping part of a site, as Dickson shows.
• Power is worth highlighting. Industrial land with access to electrical capacity is now some of the most sought-after in the Territory.
• Show the upgrade story. For hotels and older offices, buyers will pay for a clear picture of what a refurbishment delivers.

The RBA decision on 3 November comes first. Then watch for any confirmed move by the Department of Industry, Science and Resources, the next steps for CDC's Hume Campus 3 and whether more clubs bring redevelopment plans forward after Dickson's approval.