Queensland’s Gold Coast has welcomed over 716,000 athletes, volunteers and visitors for the 2018 Commonwealth Games. Since the Queensland holiday destination was announced as the host city in late 2011, a number of infrastructure and economic drivers have fuelled growth in the area driving the need for more, and higher quality commercial real estate space. Prime vacancy is at a 10 year low (8.9%) and quality space is expected to remain tight, generating long-awaited rental growth. Equally the industrial market is extremely constrained with single digit vacancy across many precincts on the Gold Coast.
The Gold Coast region has experienced ongoing population growth and is forecast to increase from approximately 580,000 to over 710,000 by 2026. Population growth is forecast to transition from Ormeau, Robina and Hope Island to Commera/Upper Coomera, Southport and Worongary.
The growing population will generate greater demand for goods and services, driving employment growth throughout the region. The “Embracing 2018” and “Trade 2018” initiatives will further fuel the economy post Commonwealth Games, with an increase of $550 million in tourism over the next 9 years forecast in addition to the $323 million uplift expected during 2018. Export growth will be focused on education, professional services and health once the Commonwealth Games Village transitions to the new health and innovation precinct. This activity is projected to produce 4,400 professional services jobs and 11,300 health care jobs.