CBD renewal gathers momentum

The Queensland Government has confirmed that State Government ministers and other public servants will be headquartered at 1 William Street. This decision highlights the need for renewal to occur in secondary office stock.

The Government’s announcement follows an investigation into alternate options for housing the public service in the CBD. In announcing the decision, Treasurer Curtis Pitt referenced the high vacancy rate in the Brisbane CBD.

The Property Council’s February Office Market Report shows that the vacancy rate has reached to a new record high of 15.6 per cent. While there continues to be demand for higher grade office accommodation in our CBD, the secondary office sector vacancy remains very high.

While some of the buildings that are to be vacated by the public service will be demolished to make way for the Queen’s Wharf development, further office accommodation will add to the vacancy rate of secondary stock within the CBD.

In recognition of the growing vacancy rate, the Property Council in 2014 held an event to explore Melbourne’s experience in repurposing secondary commercial stock and activating its CBD, with Professor Adams, Director City Design – City of Melbourne as our guest speaker.

This led to the Property Council, in conjunction with JLL producing a strategy that outlined opportunities that exist from the Melbourne experience, followed by a research paper which examined the Brisbane commercial stock profile.

This week, the Property Council and JLL will host a ‘Postcode 4000’ workshop with members of industry, Brisbane City Council and Professor Adams to further discuss the opportunities for Brisbane.

To register for the upcoming Mid-Year Office Market Report Breakfast click here.