The retail property outlook in Australia for 2023 is largely positive, with overall retail spending expected to continue its upward trajectory. In Greater Brisbane, retail property market conditions are particularly strong, and the city is seeing increased investment from retail developers looking to capitalise on growth opportunities.
Retail vacancy rates for Brisbane remain low at around 5%, thanks to the continued demographic growth of the city’s population and increased retail demand. This has driven a surge in new retail projects across Brisbane and an influx of capital from domestic and foreign investors. As such, rental prices for retail properties have been steadily increasing since 2020.
Overall, the retail property outlook for 2023 looks very positive for Brisbane and other major retail hubs across Australia. Cautious optimism seems to be a recurring theme from traders as input costs continue to escalate and the impact of the Central Banks monetary policy beings to take effect on overall consumer sentiment and demand.
Positioning assets and total occupancy cost at sustainable levels will be key to weather any future economic downside.
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