In its quarterly update, the group's chief executive of investment, Andrew Butler, said it was a successful quarter, with the group continuing to deliver on its stated strategy.

''During the quarter, the investment division delivered robust performance despite subdued market conditions,'' he told investors. ''Our decision to take an overweight position in the office sector and a continued focus on subregional shopping centres driven by non-discretionary spending is working in the current economic climate.''

The chief executive of development, Brett Draffen, said that in the development division, Mirvac continued to focus on ''de-risking'' future income through strong pre-sales. He said the group's mixed-use development at Harold Park in Sydney's inner west was on track, with 75 per cent of the first stage pre-sold. The second stage will be opened to buyers in the coming month.

For the commercial sector, Mr Butler said the redevelopment of 190-200 George Street was on track and a development application had been submitted, with expected demolition early next year.

However, he said it would not start without a pre-committed tenant. Market speculation is Ernst & Young will take up the lease for the new-look tower when its lease at 680 George Street expires.

In general, the group said the continuing economic weakness in Europe and a slowing in China raised the prospect of weaker domestic office market activity.

In its presentation, it says that while business confidence has deteriorated, the office market remains partially insulated by a lack of supply. ''Over the September quarter, net absorption was negative for the first time since June 2009 and vacancy rates increased marginally. Rental growth is likely to remain flat over the short term, with the exception of Perth's central business district.''

Mirvac has also said it is keen to have a joint-venture partner for the George Street development in the same way as it has sold a half-share in 8 Chifley Square to Keppel REIT.

The senior managing director of international investments Australia at CBRE, Rick Butler, said the move to joint ventures with overseas investors was smart given the high demand for Australia.

''Australia remains an attractive option for many overseas groups, despite a slight slowdown in the resources sector,'' he said.

''Perhaps the most significant deal by a foreign buyer during the period was MGPA's acquisition of a 29-storey office building at 6-10 O'Connell Street in Sydney for $105.1 million - the private equity firm's first-ever real estate investment in the country.

''The period also saw more interest and activity by pension funds and sovereign wealth funds from offshore.''