Future Directions Breakfast
The first Future Directions event of 2016 saw three industry leaders gaze into the crystal ball to provide a development market outlook for the year ahead across the office, retail and residential sectors.
Matthew Miller, Development Manager – Grocon, outlined how the desire for amenity is driving office market shifts in the current tenant-favourable market. Matthew used Grocon’s nearly-completed 480 Queen Street project to display the level of amenity currently required to attract new tenants. 480 Queen Street, located at the ‘apex’ of the Golden Triangle, will offer tenants a vast array of modern amenity – from a fully digital amphitheatre forum in a 10sqm public park, to Brisbane’s own version of famous Woolloomooloo fine dining establishment Otto.
Leah Mienert, General Manager – Indooroopilly Shopping Centre, defined the shifting trends currently affecting traditional retail offers. Indooroopilly’s attraction of big international retailers, such as H&M and Uniqlo, has provided a diverse offer, but created logistical challenges in catering for their massive turnover of stock. Despite the demise of some traditional retailers, such as Dick Smith, Leah predicted that sales growth will continue if the retail offer remains excellent.
Myles Campbell, National Product Manager – Mirvac, countered predictions of a glut in inner Brisbane unit developments, suggesting that the current supply was meeting the demand caused by recent years of undersupply. Recent years saw the inner city decline as a share of overall growth as there was limited stock being brought into the residential market. Myles predicted gradual consistent growth in the Brisbane housing market, which is not far from a return to normal market conditions.
The industry experts fielded questions from the audience, providing further analysis of each market, and outlining the challenges and opportunities that will be facing the industry in 2016.
The Property Council would like to thank event sponsors Savills Project Management, hosts CBRE and the Queensland Future Directions committee. Without their support, events like this would not be possible.
Photos from the event can be found here.
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