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Brisbane CBD : Further softening in vacancy - Q3 2014

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Brisbane CBD : Further softening in vacancy - Q3 2014

The national economy decelerated over Q2 2014, with growth of 0.5% compared to 1.1% in Q1. The Queensland economy recorded 0.4% growth in State Final Demand (SFD) over Q2 2014, following two consecutive quarters of contraction. Consequently, annual growth to date was recorded at negative 0.4% for the 12-months to Q2 2014.

Brisbane CBD is currently in the midst of a sustained period of limited new supply, with only 16,491 sq m added over the past 12-months, and less than 5,000 sq m expected over the remainder of 2014. Supply is expected to peak in 2016, with more than 130,000 sq m currently on track for completion. Beyond this, only two projects are confirmed in the current supply pipeline, both of which are yet to secure anchor tenants. Furthermore, in light of weak demand, mooted projects are being redesigned, allowing developers to explore alternate uses.

Source : DTZ

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