Brisbane Airport soars in Property Council Office Market Report
Brisbane Airport Corporation’s (BAC) office vacancy rates are the lowest in Australia, according to the Property Council of Australia (PCA) January 2014 Office Market Report released today.
This is the first time that Brisbane Airport property has been included in the PCA Office Market Report, demonstrating the precinct’s growth into a vibrant business destination.
Brisbane Airport total office vacancy sits at just five per cent, compared to 14.2 per cent in the Brisbane CBD and 10.6 per cent for Australian non-CBD as at January 2014.
General Manager Commercial Businesses John Tormey said the results are a reflection of the precinct’s growth and unique offering in a challenging market.
“The airport address provides unparalleled connectivity to the terminals and major transport networks with the CBD just 8km away,” Mr Tormey said.
“As one of south-east Queensland’s largest single-owner sites ready for immediate non-residential development, it presents a unique opportunity for property developers, investors and businesses alike,” he said.
The airport is already home to more than 420 businesses and 20,000 workers, with this figure expected to grow to around 50,000 by 2029.
“With Brisbane Airport’s retail and lifestyle precinct Skygate continuing to flourish, more people are choosing to work at the airport,” Mr Tormey said.
“Queensland’s first 24-hour Woolworths, DFO and the new Golf Central BNE at Skygate are proving to be great drawcards for staff,” he said.
A total of 77,452m2 of office space across 26 buildings make the precinct similar in size to the Toowong office precinct.
The $1 billion property portfolio includes a diverse range of commercial, retail, industrial and specialised buildings, including the award-winning iseek data centre.
“The site attracts such a wide range of industries because it offers flexible building design and customised premises to suit individual business requirements,” Mr Tormey said.
Brisbane Airport’s latest commercial development at the International Terminal Precinct, Five Lobelia Circle, is currently leasing its top two floors each with lettable areas of 1,320m2.