Value of commercial building activity Australia FY 2015-2025
The value of commercial building activity in Australia was forecasted to amount to around 43.2 billion Australian dollars in the 2025 fiscal year. This was around the same as the commercial building activity value as of fiscal year 2019, which reached over 43.3 billion Australian dollars.
Commercial building activity boom
The short-term increase in commercial building activity was attributable to strong employment and population growth. Buildings such as shops, hospitals, cafes, restaurants, schools, and offices have been required to fill the needs of the increasing Australian population. In addition, warehouses, factories, and wholesale distribution facilities have been required to further support this growth. In the tourism sector, there has been a need for more accommodation options in the major tourist destinations in the country.
Office space demand
In the office segment, the nation’s larger cities such as Melbourne and Sydney have remained competitive with some of the lowest vacancy rates in the world. In Sydney, the recent COVID-19 outbreak seemed to have led to a decline in office leasing enquiries, and therefore an increase in the vacancy rate in 2020. The same trend was seen in the prime office vacancy rate in Melbourne. It is yet to be seen if the office space demand will return to pre-pandemic levels in the near future.
Commercial building activity boom
The short-term increase in commercial building activity was attributable to strong employment and population growth. Buildings such as shops, hospitals, cafes, restaurants, schools, and offices have been required to fill the needs of the increasing Australian population. In addition, warehouses, factories, and wholesale distribution facilities have been required to further support this growth. In the tourism sector, there has been a need for more accommodation options in the major tourist destinations in the country.
Office space demand
In the office segment, the nation’s larger cities such as Melbourne and Sydney have remained competitive with some of the lowest vacancy rates in the world. In Sydney, the recent COVID-19 outbreak seemed to have led to a decline in office leasing enquiries, and therefore an increase in the vacancy rate in 2020. The same trend was seen in the prime office vacancy rate in Melbourne. It is yet to be seen if the office space demand will return to pre-pandemic levels in the near future.
