Brisbane’s to benefit from $20b investment

Brisbane’s to benefit from $20b investment

24 November 2017

Brisbane is set for a period of sustained economic growth and development thanks to an improving economic outlook and a wave of major development projects now underway across the CBD and inner suburbs.

According to real estate giant Cushman & Wakefield, seven projects totalling $12.4 billion, of which five are already approved and under construction, will drive the city’s economic growth over the coming decade.

Projects currently under construction include the Edward St renewal, Howard Smith Wharves redevelopment, the Brisbane Quarter mixed use precinct, Queen’s Wharf casino resort precinct, and the Cross-River Rail linking Dutton Park to Bowen Hills.

The Brisbane Metro transport system and Brisbane Live entertainment precinct are also on the drawing board.

The projects are part of over $20 billion in projects being developed across the city as a whole.

National head of research Dominic Brown, who co-authored the agency’s Cities in Action, Brisbane’s Next Day 2021 report, said the new developments promise to “revision the city”.

“Looking to the longer term, these major developments have the potential to alter the way people use and navigate the CBD as they walk between newly defined and created precincts,” Mr Brown told The Courier Mail.

“With just two retail vacancies across the mall, and only one at grade, and retail arguably at capacity, there is opportunity to expand beyond this core to accommodate future demand and growth.

Four of the top five industry sectors are forecast to show stronger growth, especially for IMT and professional services. Jobs are also expected to increase in the CBD and fringe markets, with an estimated 65,000 jobs over the next decade, notes The Urban Developer.

Brisbane is also expected to benefit from a 70 per cent increase in international tourist visitor nights in the next decade, leading to over 105 million visitor nights in 2026-27.

These factors are expected to grow the Greater Brisbane economy by 16 per cent in real terms over the next five years.