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 07, 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.

Latest Articles

Fringe in focus for Sydney’s office tenants

Sydney’s city fringe and suburban hubs will attract two thirds of new office tenants over ...
read more

Burpengary Plaza set for $35m facelift

The Burpengary Plaza, in Brisbane’s northern suburbs, is set to undergo a $35 million ...
read more

National Portfolio Magazine

We are very pleased to present the June 2016 edition of the LJ Hooker Commercial National ...
read more

Yields tighten for forgotten accommodation

Yields for budget lodgings in the city’s fringe are diving as the development ...
read more

Bidders smash reserves for mixed-use Shire assets

Interest for mixed-use assets in the Sutherland Shire has spiked with pools of bidders outstripping ...
read more

Federal Budget 2016/17

Effect on Property Markets The positive news for Australian property markets is that the budget ...
read more