Australia’s commercial construction is abuzz. With multiple sectors picking up momentum in the last few years (taking over from the resources sector), we’ve seen some excellent growth. The Australian Industry Group anticipates a 1.8 per cent increase in commercial construction this financial year, rising to 9.4 per cent in FY 2018-19.
That’s a huge uptick, and it will have operators across numerous sectors salivating at the prospect of new office fitouts, new expansions, and new commercial adventures. But you have to walk before you can run, and find out where exactly the growth is first.
Where is Australia’s office construction activity?
Cordell and CoreLogic recently took stock of Australia’s office construction, identifying a very healthy 190 office projects underway across the nation (as of April 2018). Keep in mind that this data is specifically large office building construction – there are hundreds more mixed-use or single-office developments on the go too. By number of projects, Australia’s office construction hotspots are:
- Melbourne CBD
- Sydney CBD
- Brisbane CBD
- Adelaide CBD
- City of Yarra
All told, this office construction activity is valued at more than $7 billion, with Melbourne the clear leader. Even suburbs like Cremorne and Collingwood, which neighbour the CBD without being a part of it, are primed for commercial activity as development continues.
Another point of note is ongoing regional construction. CoreLogic points out that the majority of this is local government work (like a $34 million project on Mann St, Gosford), but it also indicates that Australia’s office construction is by no means restricted to the metropolitan centres.
Meeting Australia’s office construction halfway
There has been significant private sector investment in our cities recently, which CoreLogic states is a sign of incoming demand. After all, developers don’t work on a whim. For existing operators or builders looking for new work, this means a wealth of opportunities.
Office space in an increasingly varied number of locations gives you freedom of choice to find the ideal working environment for your staff, while the current boom suggests there’s plenty more to come. Of course, picking the right site is only half the work.
In many cases, you’ll need tailored design, professional oversight of your planning and project management that suits your end goal. That’s where Innova can make all the difference. Our experts are on hand to handle any construction project, providing meticulous attention to detail and innovative flair that turns any commercial construction project into a work of art.
Want to find out how you can make the most of Australia’s office construction activity? Get in touch with our team today.