August Update

OMR Figures Show Brisbane is an Economic Powerhouse

Any way you look at it, Brisbane's vacancy rate proves the city's economy is booming. With companies left wanting for employees to staff their growing businesses and commercial tenants moving to the outer fringe to find accommodation satisfaction in the quality grade of choice, the time has never been better for owners of commercial property in Brisbane.

Figures released yesterday by the Property Council in it's bi-annual Office Market Report provided a strong indication that while the Brisbane market is experiencing stunning economic growth, the rest of the country is not lagging too far behind, with all other cities showing positive absorption of vacant stock.

At the July edition launch on Wednesday night, 120 curious property industry representatives came to hear a discussion moderated by Grant Whittaker, Managing Director of Knight Frank, which featured Peter Hyland, UrbisJHD, and Angus Harvey Ross, Corporate Property Queensland, who aptly identified the causes and implications of the most recent Office Market Report figures.

Peter Hyland identified Brisbane's shrinking opportunities to secure premium or A-grade space in the CBD and even out to the near-city fringe, comparing it to the national capital city results and nominating several possible causes for this floor space shortage. Angus Harvey Ross provided the tenant's perspective, indicating that although prices are often exorbitant for tenancies in the CBD and near-city, if businesses want to stay IN business, they have no choice but to hang on to existing accommodation.