Brisbane’s Olympic preparations have triggered only the first wave of economic growth in the city.
Brisbane’s Olympic preparations have triggered only the first wave of economic growth with the largest surge in commercial property demand still to come.
A new Olympic report from Colliers has found Brisbane is entering a powerful growth cycle ahead of the Brisbane 2032 Olympic and Paralympic Games, with opportunities emerging across office, residential, industrial, retail and hotel property sectors.
Aerial view over Brisbane river. Picture Lachie Millard
The report Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, released Tuesday, highlights how Olympic-related infrastructure investment, procurement activity and rising private and public investment are already driving economic growth across southeast Queensland.
Since the Brisbane 2032 announcement, the South East Queensland economy has grown from $29.4b in 2020/21 to $33.4b in 2023/24, marking one of the strongest short-term growth periods in more than two decades.
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Colliers International Queensland chief executive Simon Beirne. (AAP Image/Attila Csaszar)
Colliers Queensland chief executive Simon Beirne said the report outlined that demand is expected to intensify in stages as the Games approach.
“With roughly half the runway to Brisbane 2032 behind us, the city’s economic engine is already shifting into a higher gear,” Mr Beirne said.
“But the city’s commercial property market is not yet seeing peak Olympic demand, it is at the very beginning of a multistage expansion.
“As we saw in other Olympic cities, the largest surge in demand does not occur when infrastructure begins, it occurs later, as operational requirements ramp up and the full scale of the event comes into focus.
“The commercial property market needs to start preparing now, the infrastructure program may have sparked the cycle, but the real expansion is still ahead.”
The report revealed office demand in Brisbane was expected to grow with rising demand for professional services.
The report revealed office demand was expected to grow with rising demand for professional services and project delivery roles while industrial and logistics sectors were also expected to face heightened demand.
International precedent indicates logistics hubs and distribution networks expand significantly in the lead-up to Games delivery.
Retail, hospitality and accommodation providers are similarly expected to experience growing demand as workforce numbers increase and international visitors begin to flow into the city in greater volumes closer to 2032.
Aerial view over Brisbane river and South Brisbane. Picture Lachie Millard
Hotels, short-term accommodation and mixed-use precincts are likely to play a key role in absorbing athletes, officials, media and support teams.
Transport upgrades and improved connectivity are expected to increase foot traffic and support long-term retail and hospitality growth.
Residential markets are also expected to be influenced by workforce growth, international migration associated with Olympic preparation and broader urban development linked to transport and infrastructure investment.
This two-level office building at 35 Amelia St, Fortitude Valley is on the market and expected to attract strong interest from investors, owner-occupiers and developers
Colliers Queensland researcher Pragya Sharma said while the infrastructure program for the Brisbane 2032 Olympic Games was beginning to gather momentum, the reality was that this represented only the first layer of demand.
“What is visible today, planning, design, early works, and major project mobilisation, is simply the foundation,” Ms Sharma said.
“The far larger and more complex wave tied to the operation of the Games has not yet fully emerged, but all indicators suggest it will build rapidly and in stages over the coming years.
“Looking globally provides important context for just how large this uplift can become.”
A new Olympic report from Colliers found Brisbane is entering a powerful growth cycle ahead of the 2032 Olympic Games.
The Paris 2024 Olympics involved more than 10,000 athletes from over 200 nations, but its economic impact extended far beyond the event itself.
Around 180,000 workers supported construction, operations, and delivery, alongside thousands of suppliers.
The Games generated billions in economic activity across sectors including technology, logistics, accommodation, hospitality, security, and media, with much of the demand concentrated in the final years leading up to the event.
“We’re entering a phase where early movers who think outside of the box stand to benefit most before conditions tighten and delivery and cost risks increase,” Ms Sharma said.
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