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REIQ Journal : December January 2009
46 Commercial & Industrial Brakes applied to bulky goods sector in South East Queensland By Mark Greer, Senior Retail Director, CB Richard Ellis A slowdown in household goods spending combined with weaker economic conditions has put the brakes on bulky goods development in South East Queensland according to new research from CB Richard Ellis. CBRE’s South East Queensland Retail MarketView shows that just 75,000 square metres of new bulky goods space is expected to be completed during 2008. The pipeline for 2009 and 2010 remains substantial, with more than 280,000 square metres, but an increasing number of these projects are being deferred. In the current economic environment, some proposed developments have already been delayed or abandoned and this is a trend that is likely to continue over the short term. Over the longer term, the Brisbane-Gold Coast, Brisbane-Sunshine Coast andWestern corridors will continue to draw much of the region’s population growth and these areas should retain capacity to support the greatest levels of new supply going forward. While tenant demand has been negatively impacted by the prevailing economic conditions, some of the larger national retailers are still looking to expand in recognised growth corridors. This expansion is being underpinned by the positive underlying fundamentals of the Queensland retail market, with retail spending growth expected to continue to outperform the national average, despite having eased from its recent peaks. Business causing you headaches? Real Estate Agencies wanted to buy – profitable or not. Operating a business in the current economic climate can cause serious cash flow worries. If you are looking for some relief, we can help. This is a one off opportunity. Act now! Contact Maurice Godfrey Ph: 0438 949 184 Email: firstname.lastname@example.org