Southeast Queensland has been a hotbed of developments in recent years. As the already high population saw an increase in activity in 2023 that isn’t projected to slow down, the city continues to prepare for the Brisbane Olympics of 2032.

Larger projects include Brisbane Live, an 18,000-seat arena dedicated to bringing top-tier entertainers to Brisbane from Australia and beyond, as well as the Queen’s Wharf Development (see our article on What’s Happening Around Brisbane River).

Source: Cross River Rail

Brisbane’s Transformation for the 2032 Olympics

When Brisbane was selected as the host for the 2032 Olympics, the Australian Government committed more than $5 billion to the project and the City of Brisbane and the Queensland Government has set about taking steps to accommodate thousands of athletes and millions of Olympics fans from all over the world.

Some of these developments include the construction of six brand-new venues, including the swimming centre of the Olympics. The new 15,000-seat Brisbane Arena. Additionally, an important upgrade will be made to add seating to the Brisbane Cricket Ground, which will serve as an outdoor running sports ground throughout the Olympics, with a vision for the future beyond 2032.

Other developments for the Olympics include the construction of four Olympic “villages”, with the central Brisbane Olympic Village hosting 10,700 athletes and three other ‘satellite’ villages.

Additionally, Brisbane’s already vibrant arts scene will receive a huge boost of $175M for an expansion to the Queensland Performing Arts Centre, enabling an additional 1,500 seats to bring more people to Brisbane’s artsy joie-de-vivre to a wider audience.

Brisbane has plenty of new developments to be excited about, an exciting prospect for 2024, 2032, and beyond.

Impact on the Economy

The various infrastructure projects in Southeast Queensland, particularly those tied to the 2032 Brisbane Olympics, are set to have a significant and multifaceted impact on the local and national economy. The influx of investment—both public and private—into these developments is expected to create substantial economic growth through several key channels:

1. Job Creation: The construction and development of new infrastructure, including the Brisbane Live arena, the Queen’s Wharf precinct, and the Olympic venues, will generate thousands of jobs. These include direct employment in construction, engineering, and related fields, as well as indirect employment in industries such as hospitality, retail, and tourism.

2. Tourism Boost: The Olympics and the associated infrastructure will likely draw millions of visitors to Brisbane, both during the event and in the lead-up to 2032. This will boost the tourism industry, contributing to increased revenue for hotels, restaurants, transportation services, and local attractions. The expanded Queensland Performing Arts Centre and other cultural initiatives will also help position Brisbane as a year-round tourist destination.

3. Increased Investment: The commitment of over $5 billion from the Australian Government for Olympic preparations is just the beginning. This public investment is likely to attract further private investment into the region, leading to new business opportunities and the potential for more global companies to establish a presence in Southeast Queensland.

4. Real Estate Development: The construction of new venues and the Olympic villages will spur demand for both residential and commercial real estate. The Olympic villages, in particular, could be repurposed post-Games, potentially providing new housing or commercial spaces that can cater to the growing population.

5. Long-Term Economic Growth: The infrastructure improvements made in preparation for the Olympics will have lasting benefits. Enhanced transportation networks, including upgrades to the Cross River Rail and road systems, will improve efficiency and connectivity, making Brisbane more attractive to businesses and residents alike.

Impact on Commercial Property

The influx of infrastructure development and the economic activity surrounding the 2032 Olympics will significantly impact the commercial property market in Southeast Queensland. Key impacts include:

1. Rising Demand for Commercial Space: As new businesses set up shop in anticipation of the Olympics and the subsequent increase in tourism, the demand for commercial real estate—such as office spaces, retail locations, and hotels—will rise. This could lead to higher rental yields and increased property values in key areas, particularly in the Brisbane CBD and surrounding neighborhoods.

2. Development of New Commercial Hubs: The Olympic-related developments will likely lead to the creation of new commercial hubs, particularly around the Olympic venues and villages. These areas will attract businesses that want to capitalize on the increased foot traffic and visibility, leading to the growth of new business districts within Southeast Queensland.

3. Increased Redevelopment Projects: Older commercial properties may see a surge in redevelopment as owners and investors seek to modernize and capitalize on the rising demand for updated, high-quality spaces. This could result in a wave of refurbishments and new constructions, further transforming the commercial landscape.

4. Long-Term Leasing Opportunities: With the anticipated growth in tourism and population, there will be a long-term demand for retail and hospitality spaces, especially in areas with direct access to Olympic venues. Investors in commercial properties may find lucrative leasing opportunities as new businesses seek to establish themselves in prime locations.

5. Potential Market Saturation Post-Olympics: While the lead-up to the Olympics will likely see a boom in the commercial property market, there is also a potential risk of oversupply post-Olympics, particularly if speculative developments outpace actual demand. Investors and developers will need to carefully consider long-term sustainability when planning projects.

Research and Resources

For further research and detailed data on the impact of Southeast Queensland projects on the economy and commercial property market, you can refer to the following sources:

• Infrastructure Australia’s Reports: Provides detailed insights and reports on infrastructure development and its economic impacts across Australia, including Queensland.

• Queensland Government’s Infrastructure Program: Offers information on ongoing and future infrastructure projects, including those related to the Brisbane Olympics.

• Property Council of Australia: A source for the latest trends and analysis in the commercial property market across Australia, including impacts of large-scale infrastructure projects.

• Urban Development Institute of Australia (UDIA): Offers reports and insights on urban development and its effects on property markets in Southeast Queensland and beyond.

These resources should provide you with a comprehensive understanding of the economic and commercial property implications of Southeast Queensland's ongoing and future projects.

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

Liability Limited by a Scheme approved under Professional Standards Legislation