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REIQ Journal : December January 2009
COMMERCIAL & INDUSTRIAL 47 Queensland’s economic fundamentals remain sound, and the sheer weight of dollars and people still being drawn to the State should provide some protection from a broader slowdown in consumer spending. Real retail sales growth in Queensland is forecast at 4.2 per cent in 2008 – still well above that of New SouthWales and Victoria – but is expected to dip to a low of 3.2 per cent in 2009 and then recover to 4.8 per cent in 2010. Well-designed centres in growth areas with high visibility are still attracting tenants, although vacancies in existing locations are proving harder to lease than over the past few years. There are retailers such as Harvey Norman, Fantastic Furniture andWow Site n Sound still looking at expansion opportunities.Most, however, are being more selective in their expansion strategies. The MarketView report highlights a substantial volume of bulky goods/showroom space has been added to the South East Queensland market in recent years. For the three years to 2007, more than 350,000 square metres of space was completed in major developments while groups such as Bunnings, Super Amart and Ikea have opened stand alone stores. REIQ Journal December 2008/January 2009