Strong signals for Queensland economy

 

On the jobs front, the state is heading towards lower than expected unemployment rates, and possibly improved wages in the next year, reports the Courier Mail.

 

Nationally, ABS data shows job vacancies are up 11 per cent on a year ago and have reached a six year high. These statistics are even better in Queensland alone, where they are 17.8 per cent greater on average than in May 2016; evidence of a labour market that is improving.

  

In another win for the state, unemployment could potentially be lower than expected, with economist Gene Tunny predicted it could be below the 6 per cent that is forecast.

  

Further to the positive economy signals of the labour market, theurbandeveloper.com reports a new development application has been submitted by Walker Corporation for a large commercial tower at 801 Ann Street, Fortitude Valley. The concept includes a 22-storey office tower, plant level and three-storey podium. It is anticipated that the development would house approximately 5,000 workers.

 

In addition to this encouraging application, the latest Crushman & Wakefield quarterly report indicates the Brisbane CBD office market is well on the road to recovery. Average prime gross rents have increased by 1.9% since the previous year to $446 per square metre. It is anticipated that modest growth in rental prices will continue. Although tenants seem to maintain the advantage in lease negotiations, they are becoming more proactive in the sourcing of space and initiating options well prior to the lease expiry. Rental incentives and attractive rents are still top-of-mind for relocation strategies.

  

The state labour market and Brisbane CBD office market are just two indicators of a positive and growing economy, plus, with the addition of substantial development and investment commenced or in the pipeline, the future is looking bright and sunny in Brisbane. 

 

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