Brisbane commercial property market surges ahead of 2032 Olympics
Brisbane’s commercial real estate market is experiencing significant growth seven years ahead of the 2032 Olympic and Paralympic Games as investors and developers position themselves to capitalise on emerging opportunities in the commercial sector.
With $7 billion in Games-related infrastructure investment already underway, demand for office space in engineering, construction and professional services sectors is increasing substantially. Office completions this decade are tracking 34% below the previous 10 years in the city and 51% in the fringe market.
According to a report by Colliers, key commercial areas set to benefit include Brisbane suburbs of Fortitude Valley, Spring Hill, Roma Street, Herston and Bowen Hills. These areas connect the new 63,000-seat Victoria Park Stadium, the Athlete’s Village in Bowen Hills, the National Aquatic Centre in Spring Hill and surrounding commercial precincts.
Colliers Queensland chief executive Simon Beirne believes these commercial areas will see exceptional growth in the coming years. “These once overlooked areas will experience unprecedented activation, evolving into high density, highly connected urban hubs,” he said.
“Brisbane’s industrial and commercial property markets will also see significant growth. The Games will drive demand for logistics, warehousing and last-mile distribution centre, especially in key fringe areas where transport links are improving.”
The government’s infrastructure spending includes enhancing Queensland’s transport network, new rail lines and stations across Brisbane, development of the northern and eastern bus corridors, upgrades to the M1 motorway and the introduction of a rail line linking Maroochydore and the Sunshine Coast Airport, all of which will boost commercial property values.
An emerging commercial corridor stretching from Bowen Hills to Woolloongabba is undergoing what some are calling an “Olympic boom” as commercial developers and investors move quickly to secure long-term opportunities. This precinct integrates commercial and retail developments, with limited space in the CBD pushing new commercial projects into neighbouring areas.
Colliers Queensland researcher Pragya Sharma points to specific commercial areas that will benefit from improved connectivity. “The Exhibition Station upgrade will see improved connectivity, funnelling increased foot traffic into Fortitude Valley and Bowen Hills, creating prime opportunities for mix-use developments along Anderson Street, St Pauls Terrace, Warry Street and Gregory Terrance blending retail, commercial and high-density residential projects,” Ms Sharma said.
The report suggests that Brisbane’s CBD will need up to 1.9 million square meters of additional office space by the time the Olympics arrive. With limited long-term supply and several stock withdrawals adding pressure, commercial demand is already beginning to spill into nearby precincts.
Colliers Office Leasing National Director Matt Kearney believes that Brisbane’s diverse commercial base provides advantages over other major Australian cities. “Where Sydney and Melbourne lean heavily on finance and professional services, Brisbane benefits from a more diverse economic base spanning healthcare, construction, education, logistics and professional services. That diversity provides a stronger platform for sustainable growth into new and emerging parts of the city,” he said.
The analysis draws parallels to London’s experience following the 2012 Olympics, where commercial benefits extended well beyond the closing ceremony. More than a decade later, London continues to see strong commercial activity in areas developed for the Games.
“The convergence of infrastructure, investment and opportunity is creating a powerful catalyst for creating pockets of growth across the surrounding commercial precincts,” Ms Sharma said.
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