The future of the market for commercial property for sale in the Gold Coast is looking bright.
According to the Property Council of Australia's July Office Market Report, this is mainly due to increased investment in major public and private sector undertakings.
There have been favourable developments in the Gold Coast as a whole over the last six months, and this shows on all the crucial real estate monitors.
Queensland Executive Director of the Property Council Australia, Chris Mountford believes it is a great time for those looking to buy commercial property in Surfers Paradise.
"The Gold Coast economy is well placed, as it is currently experiencing a wave of investment in residential and tourism related products, along with construction works for the Commonwealth Games gathering pace," he said.
It is a bit of a situation with the chicken and the egg, but confidence has renewed in the area, as vacancy rates have dropped from 15.2 per cent to 14.8 per cent in just 6 months.
It's good news for those who are considering office leasing on the Gold Coast, as Mr Mountford asserts the Gold Coast is in the right stead to take on nearly 6500 square metres of office space scheduled to penetrate the market within the next 18 months.
"The decrease in vacancy was brought about by positive overall demand of 3,291 square metres in the six months to July 2015, taking the total demand over the last 12 months to 10,491 square metres," Mr Mountford said.
In fact, the vacancy rates for offices in the Gold Coast are more favourable than Brisbane, Canberra and Perth.
The report details the positive outlook for office leasing in the Gold Coast, including:
According to Mr Mountford, the decreased vacancy rates can be attributed to an increase in demand for commercial property for sale on the Gold Coast.
"The decrease in vacancy was brought about by positive overall demand of 3,291 square metres in the six months to July 2015, taking the total demand over the last 12 months to 10,491 square metres," he said.
It's all good tidings for investors who want to take advantage of the gains that commercial property for sale on the Gold Coast can provide.
Is now a good time to be purchasing commercial real estate? The cash rate is currently sitting at a historical low, confidence is increasing while vacancy rates are decreasing and the Gold Coast continues to be a hub for tourism, with Surfers Paradise alone attracting over 20,000 visitors a day according to the City Council.
All things considered, this all makes for a pretty good case to invest!
If you would like to know more about purchasing commercial property for sale on the Gold Coast, talk to the team at Ray White. We will partner you in your commercial property ambitions, advising you through each step and helping to find the right piece of real estate based on your financial standing, future goals and your target market.