Hi,
I work as a commercial broker (in Shanghai) so I spend everyday, all day helping people solve their commercial property problems
Firstly, you need to understand that yields in Australia are very tight at the moment. Large en bloc purchases are selling for as little as 6.25% and smaller strata titled developments are not much better.
To me, a commercial investment is really only appealing if you can add value in some way. From my point of view, you need to weigh up the hassle and extra costs of a direct investment versus just buying units in a trust. If having control is going to let you add value then it may be worth it. If it is just a passive investment, why not buy units in a trust?
As an example, I was looking at a small shopping center in Western Sydney early last year that had extra land that was not being utilised and could have been used to build a fast food shop. As a passive investment it was only yielding 7.5% but with a little development the yield could have been pushed up to maybe 11-12%.
Look at the 'property clocks' that Jones Lang LaSalle, CBRE, Colliers etc. produce. They will tell you where in the market cycle the different sectors of the market are. Also, there is lots of research available for free on the web at each of these companies' websites that will give you a very good understanding of the business drivers
Like in residential investing, you want to find a site that will give you options. In particular, most opportunities come from changing the use of the property.
Lastly, commercial property is very much about relationships and problem solving but it is not rocket science. With tenacity and dedication you will do well.
Cheers,
Ben