On 2 February we kicked off with a bang, hosting the January 2023 Office Market Report Breakfast at the Hilton Hotel in Brisbane.
It was positive news for Brisbane, Sunny Coast and Gold Coast, with all markets showing strong demand and lower than anticipated vacancy levels.
Keynote Speaker Jennelle Wilson, Partner, Research QLD with Knight Frank gave the crowd the inside knowledge into what to expect for our office market sector over the coming calendar year.
Jennelle outlined the economic environment that was contributing to the demand that has seen Brisbane CBD skyrocketing. For a second reporting period in a row Brisbane has reported four times the historical average level.
However, she cautioned that despite these strong growth signs there is little stock set to come online to meet this demand with most of the new office space under construction in Brisbane”s CBD already subject to pre-commitments.
Joining Jennelle on stage was Matthew Creagh, Director of Asset Management with Marquette Properties and Tristan Gasiewski, Senior Director, Valuation & Advisory Services, CBRE.
The panel leveraged their insight into the South East Queensland office market to highlight the key demand drivers that included tenants ongoing pursuit of amenity, service and technology in workplaces. Overall, this “flight to quality” trend had filtered down into A and B grade office stock and translated to a resurgence in demand outside of the premium component of the office market.
It was the panel”s opinion that the ongoing trend towards companies “upgrading” their offices and the low levels of supply would translate to an increase in effective rents over the next few years.
The Gold Coast and Sunshine Coast office vacancy levels were even more tight than Brisbane”s with vacancy at 6 and 4 per cent respectively, with businesses flocking to take advantage of the enviable coastal locations.
Thank you to Cromwell Property Group for your sponsorship and support of the Office Market Report Breakfast.