Plans for the proposed riverside
Queen's Wharf casino and resort precinct in Brisbane are moving forward with the Queensland State Government's plan to demolish more than 68,000 square metres of office space situated at 80 George Street and 75 William Street, by 2016.
The Government are demolishing vacant buildings in the CBD in place of new infrastructure, including the $5 billion George Street Bus and Train station site at 81 George Street.
Brisbane's vacancy rates have seen an increase since 2012 with 14.2% non-occupied space, totalling over 290,000 square metres in commercial and sublease tenancies.
Jennelle Wilson, a Queensland research director, told The Australian that there will be a gradual change in average market rents and it won't be long before they recover.
Knight Frank reports that the lack of current construction in the CBD will help to ease vacancy numbers down to 11.8% by mid-2015 and new towers such as 180 Ann Street, 480 Queen Street and 1 William Street will increase office space throughout 2016.
By late 2016 and 2017, the removal of existing government buildings and towers will also change the state of the market and increase tenancy demand in Brisbane.
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