1. Skip to navigation
  2. Skip to content
  3. Skip to sidebar




Property News

Queensland's commercial real estate industry rides the resource wave

November 02, 2011

The ongoing resource boom is having a substantial knock-on effect to the commercial property market, with prime office space suddenly in demand in the sunshine state.

According to the executive director of the Queensland division of the Property Council of Australia (PCA) Kathy McDermott, the vacancy rate has undergone a substantial shift from a massive 15-year high of 11.3 per cent down to a respectable 7.4 per cent in just 18 months.

McDermott said: "In the six months to July, we saw the take-up rate in Brisbane's CBD running at more than triple the 20-year average."

The change comes as a result of increased operations from mining and resource companies such as Rio Tinto and BHP Billiton - with more workers required to handle the increased administrative detail.

It is easy to see how large companies such as these would also require additional professionals such as doctors, lawyers, accountants and other service providers - all of which would want to be geographically close to their new clients.

Because commercial property can play such an important role in determining the success of a business, the decrease in vacancy in a city where business is booming is understandable.



Related Articles

Building booms across many sectors

There are numerous indicators of strength in the housing industry, and one strong signal of future ...
read more

Brisbane's fringe the place for office rental in the city

Those on the hunt for commercial real estate may want to look at Brisbane's fringe, according ...
read more

Brisbane industrial property a safe bet for investment

There is growing demand for industrial property in Brisbane, the latest report on the city's ...
read more

Latest Articles

Mapping out a shift in foreign investment targets

With recent changes to the foreign investment framework introduced by the federal government, ...
read more

State of the nation unveiled in latest report

Each quarter, Commsec releases the State of the States report, which judges each state and ...
read more

Steady as she goes, says the RBA

Many economists and financial commentators have spent the past weeks predicting an Easter gift from ...
read more