Major developments driving the CBD
The Brisbane CBD commercial real estate (CRE) market has experienced a phase of relative weakness since the GFC. However, an improving economic outlook and a wave of major development and infrastructure projects across Brisbane’s CBD and inner suburbs promises to drive the city’s economic growth over the coming decade creating employment, tourism and CRE opportunities.
Key takeaways from the report:
•Seven major projects totalling $12.4bn, with five of the projects already approved and under construction.
•The Greater Brisbane economy is forecast to increase by 16% in real terms over the next five years. At the industry sector level, five of the top six industry sectors are forecast to show stronger growth, especially for IMT and Professional Services.
•Over the next decade in excess of 65,000 jobs are forecast to be created in Brisbane CBD and Fringe markets.
•International tourist visitor nights are forecast to increase by over 70% in the next decade, leading to over 102 million visitor nights in 2025-26.