Brisbane's inner-city commercial market is rebounding quickly, and growth is expected to accelerate in the months ahead, the Property Council has claimed.
Queensland executive director of the Property Council of Australia, Kathy Mac Dermott, has indicated that commercial vacancy rates in Brisbane's CBD have dropped to 7.4%, off a high of 11.3% only 18 months earlier. Mac Dermott commented that growth in the city's commercial market has been well above trend.
"In the six months to July this year we experienced net absorption in Brisbane's CBD at a rate more than triple the 20 year average," she commented.
The Property Council put the growth down to increased activity from the state's resources sector.
"This is one of the first tangible links between the resource investment boom and the broader Queensland economy. So on the one hand, the news is very positive. We are seeing signs of the mining investment boom flowing through to the broader ecconomy," Mac Dermott commented.
Mac Dermott urged the state and local governments in Queensland to "rebuild investor confidence in Queensland's property sector" in order to fully capitalise on the benefits of the mining boom.
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