Commercial property construction slow and steady
Construction in the commercial property sector is set to grow slowly but surely in the coming years, driven by an anticipated increase in private sector investment.
New research carried out by the Australian Industry Group and the Australian Constructors Association indicates that the total value of the country's commercial construction projects is set to rise by 2.4 per cent in the current business year, followed by a 6.2 per cent rise in 2012-13.
Peter Brecht, president of the Australian Constructors Association commented that there are "solid growth prospects for Australia's non-residential construction industry".
He said: "The prospects for the industry are positive, underpinned by robust growth in engineering construction work and encouraging signs of recovery in the commercial construction sector."
The positive figures for commercial construction are in contrast to the numbers for apartment construction, which is expected to fall by 1.2 per cent this year - followed by a 4.8 per cent rise next year.
In Melbourne, DTZ recently highlighted the ongoing construction of a 61,000 sq m A-grade building at 700 Bourke Street, which will be home to the National Australia Bank when it is complete in 2013.