After an unprecedented period of uncertainty caused by the pandemic, growth in Queensland’s hospitality and tourism sector is back on the agenda.
Of all the Australian Capital’s, Brisbane is showing the strongest recovery and leads the nation in domestic overnight expenditure, despite having a much smaller economy than our friends down south.
Since Brisbane was announced as the host city for the 2032 Olympic Games, we’ve seen significant growth the demand for live entertainment venues, accommodation assets and the infrastructure that supports these precincts.
Queensland’s visitor economy is forecast to generate $6.5bn per annum in tourist expenditure by 2031 yet we have one of the smallest supply pipelines of hotel rooms amongst all Australian Capital cities.
The costs of building materials and the shortage of trades along with the rising cost of capital has created a difficult environment for developers; but our underlying growth fundamentals should see interest return to the accommodation and hospitality sector in 2023.
We are seeing opportunities for development sites in the CBD & CBD Fringe, as well as refurbishment opportunities of existing accommodation assets.
For a complete list of weekly commercial transactions in Queensland, visit McGees Wrap Up | McGees Property Brisbane
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