Image credit: Craig English Photography
Brisbane development is in full swing as the city prepares for its “Green and Gold runway” to the 2032 Olympic and Paralympic Games.
With the population soaring, average house prices at a new record and commercial office vacancies recovering markedly since the peak of the pandemic, southeast Queensland is reshaping itself with new developments across the region.
There is a renewed optimism in the Queensland capital, with national and international recognition.
Recently, restaurant Agnes was recognised as the country’s best restaurant, New Farm’s The Calile Hotel was named at the peak of the Top 50 Hotels in the World, and global citizens were recommended to visit Brisbane on Frommer’s list of the 15 Best Places to Go in 2024.
Growing for the Games
Southeast Queensland is gearing up for the infrastructure to put on the global 2032 Olympic and Paralympic Games.
The event has been estimated to generate about $17.6bn in economic impact from tourism, increased exports through the Games procurement, and accelerated transport and social infrastructure development.
Planning is underway for $7bn in Games developments. About 80 per cent of the sporting venues have been built or will be temporary for the event. The centrepiece property, however, will be the $2.7bn development of The Gabba to host the opening and closing ceremonies and the athletics.
For swimming and waterpolo, a new $2.5bn Brisbane Arena will be constructed in the central business district. This will become a music and events space after 2032.
There is also a planned 14,000-bed Olympic Village in Brisbane’s northern suburbs, as well as a temporary media centre.
The Brisbane 2032 Olympic and Paralympic Games Organising Committee and a parallel committee to enhance the Games’ legacy are also driving other benefits, including sustainability, First Nations recognition and innovation.
Private construction in Brisbane
The Brisbane Economic Development Agency points to about $19bn in private projects currently underway in the city. Cranes dot the skyline like never before.
The Brisbane Airport has committed to its biggest transformation, a $5bn upgrade of its buildings that will start with the Domestic Terminal. This followed its $2bn double runway development. Brisbane Airport Corporation Chief Executive Officer, Gert-Jan de Graaff said they were investing to connect the world. “We’re investing now to get ahead of the population growth curve so we’re ready for 2032 and beyond,” he said.
Infrastructure investment in Brisbane
The city is currently experiencing a significant surge in infrastructure development to enhance connectivity and accessibility.
The $5.4bn Queensland Government’s Cross River Rail is being built as an 10.2km underground rail network to connect the north and south of the Brisbane river, as well as four new stations.
The rail line will also connect to the $1bn council Brisbane Metro service. This will be a hop-on, hop-off service with 18 stations along the way from Eight Mile Plains to Roma Street, Royal Brisbane and Women’s Hospital to University of Queensland.
A roadworks program totalling $32.1bn over the next four years is also set to be delivered across the entire state.
Brisbane commercial office developments
Leasing activities in Brisbane have picked up following the pandemic lull. While construction of office towers is at a low point – with no new supply expected until 2025 – offices are starting to fill up again.
The latest CBRE CBD Office Market Q3 2023 found 11.6 per cent vacancy, down from 15.4 per cent.
An analysis from valuers Herron Todd White found high-quality fitouts are important to ensure a short period of vacancy.
“Whilst the office market is likely to remain turbulent for another 12 or so months, the Brisbane office market appears to be holding up reasonably well in comparison to its southern counterparts. Once there is more certainty and economic stability, we will likely see the Brisbane and south-east Queensland office markets bounce back quickly.”
RAW Commercial Projects work across Brisbane and southeast Queensland to deliver quality office fitouts. Find out more about our speculative fitouts, refurbishment and interior design work.