BRISBANE OFFICE MARKETS BOUNCE BACK

Over 200 property professionals attended the launch of the 2019 Property Council’s Mid-Year Office Mark Report, held at Brisbane Convention and Exhibition Centre last week.

The Property Council of Australia’s latest Office Market Report shows that vacancy across the CBD has dropped from 12.9% to 11.9% over the last six months. Vacancy in the Brisbane Fringe fell from 15.7% to 13.8% over the same period.

The Gold Coast saw a reduction in demand for office space with an increase from 11.6% to 12.9% across the city in the first half of 2019.

“The Brisbane office market is clearly in the midst of a good recovery, with confidence that demand will continue to grow and strong investment underway in new office projects.” Said Qld Property Council Executive Director, Chris Mountford.

“Unfortunately, the Government’s decision to dramatically increase land tax in the recent State Budget sends the wrong message at the wrong time.

“Overseas investors play a critical role in the development of new office projects in Brisbane.

“Targeting these investors with astronomical tax increases will only result in higher rents for Queensland businesses, and a slowing of the Brisbane market’s momentum,” Mr Mountford said.

The guest speakers who dissected and discussed the report included: Matthew Miller, Development Director – Queensland – Lendlease, Shrabastee Mallik, Research Manager – Dexus, Chris McCluskey, General Manger, Development Services – ISPT and Angus Harvey Ross, Principal – Harvey Ross Consulting.

To view Property Council’s media release on the report results for Brisbane please click here.

To view Property Council’s media release on the report results for Gold Coast please click here.

You can view photos of the event on our Facebook page.

You can find more information on the Office Market Report on our website.

Special thanks to our event sponsor, Lendlease.