2016 Office Market Report breakfast
The Property Council’s 2016 Office Market Report breakfast brought over 300 guests to the Sofitel on Thursday morning to see Peter Hyland, Regional Director – Urbis, provide a comprehensive rundown of the latest results.
In Brisbane, vacancy rates remained steady over the last six months as the market prepares for a long expected influx of supply in 2016. In the Gold and Sunshine Coasts the results were more promising, with vacancy rates declining over the last twelve months.
The influx of new CBD office space is expected to exceed 190,000 sqm in 2016, with 180 Brisbane, 480 Queen Street and 1 William Street all coming onto the market. Peter’s analysis of the data pointed to “interesting and challenging times” for the industry in 2016 with the first major additions to the market since 2013. The rise of Brisbane Airport as a significant office precinct was acknowledged as a significant trend in recent office market reports.
The construction of city-changing projects such as Howard Smith Wharves and the Queen’s Wharf precinct were highlighted as key drivers for change in the CBD environment.
Peter was joined by panel members Leigh Warner – National Director- Research & Strategy LaSalle Investment Management, and Christine O’Hara – General Manager Brisbane CBD Portfolio – Investa Office, for a wide ranging dissection of the results moderated by John Walklate – State Director, CBRE Office Services.
The panel discussed the changing trends in office demand and what that will mean for the South East Queensland markets. The lack of choice in premium space and competitive leasing options in Brisbane’s fringe were acknowledged as key factors,in the relocation of tenants to the CBD.
The refurbishment and re-use of B and C grade stock to attract tenants was acknowledged as a continued trend in the CBD. Investors also see this level of stock as a future value proposition during this time of the cycle.
The Property Council would like to thank all the speakers for their invaluable insights and Yardi for their generous support of the event.
For a copy of the 2016 Office Market Report click here.
The Property Council’s media releases in relation to the Office Market Report can be found here.
Photos from the event can be found on our Facebook page.
Event sponsor: