WA Outlook 2017

 

At the Annual Outlook lunch, John McGlue provided his candid insights into the WA election. A Labor win is likely, according to the social commentator. If correct, the industry should brace for some new taxes, including up to % of Metrohubs funded by value capture.

Our panel also provided their vision for 2017. Lloyd Jenkins from CBRE said he is approaching 2017 with renewed optimism and is expecting a far more positive commercial market than 2016 with two of the biggest global investors devising a strategy for Perth.

AMP’s Scott Nugent said that shopping centres are adapting to new market demands, revamping the shopper experience, and looking to cash in on growing tourism by offering a combination of entertainment, dining and retail all in the one centre to attract more tourists into centres. There is also a number of international retail up starts coming our way in the near future.

Sarah Coxon, Coxon Group stole the show when talking about industrial land undergoing a makeover through redevelopment projects and the introduction of A-grade office space and improved amenities.

Retirement living is the industry to watch in 2017, Stephanie Buckland from Amana Living detailed emerging trends in the industry. The Silver Tsunami is heading our way and villages are busy readying for the impact through redevelopment, expansion, and a complete overhaul of services to cater to the new emerging market. The biggest challenge remains for policy to play catch up with these growing demands.

Evan Hall from Tourism WA discussed the opportunities that will arise due to the influx of hotels in the CBD. He also said Perth should continue to push for large scale events to put Perth on the global map.

Overall, it was agreed that the retail and retirement living sector are set to be the best performing sectors of 2017.