Office occupancy rates in the city are in a lull due to tough economic conditions and extensive roadworks through the main streets of Beenleigh, but the outlook is looking reasonable as more people return to work and city roads reopen to full capacity.
Loganholme is the best pick for commercial investments in office spaces while Springwood and Beenleigh offer a wealth of potential for future sales.
“Across the board, enquiries are lifting with the most interest in the areas where the A-grade office space is,” said Kerry Armstrong, Director of Sales and Leasing at LJ Hooker Commercial.
Loganholme and Beenleigh offer the best value in terms of quality and access to carpark spaces, he added.
“Demand for all forms of real estate in Logan will continue to increase and great opportunities will present themselves in years to come,” he said.
The stretch along the Pacific Highway between Springwood and Loganholme would be the best bet for anyone looking at cracking the commercial market now.
“Once developers and council get their act together in Springwood the demand will increase, but there’s generally a shortage of quality stock there,” he said.
“Beenleigh has got a future providing the supply of A-grade buildings improve, but we’re all waiting on that to happen as more quality tenants move in.”
Consultant Mark Osmond from The Property Hub said office occupancy has been predictably uneventful lately.
“It’s harder at the moment because of the GFC and COVID, but there’s a lot of businesses that are starting to come back into working from offices again,” he said.
He has just leased a 445 sqm space to the NDIS in Loganholme, signalling some activity in the area.
“There’s a little bit of activity, but to be honest, it’s a little bit like a heartbeat that flatlines and then suddenly there’s a spike of activity,” he said.
Main Street in Beenleigh is starting to recover after three to four months of stagnation due to major road upgrades.
The street has now been opened to two-way traffic, while the construction enters its final stages along the road.
The flip side to that is the works are now moving to City Road, which will cause similar disruptions in months to come.
Luv A Coffee owner Angie Piper is seeing a bit more life since barricade have been moved from her side of Main Street in mid-July after 12 weeks of construction.
“We’re a bit better than where we were before,” she said. “Having parking again is wonderful and having people being able to come both ways is wonderful.”
“So, people don’t have to take a 20-minute detour to come around town.”
The chairs along the public strip are due to be put back and the pedestrian strip landscaped back to normal.
When international borders open office occupancy will go up, according to property buyer’s agency network BuyersBuyers.
“However, the trend towards more flexible work arrangements is unlikely to be reversed in full, and therefore there will be something of a hybrid model going forward,” said Pete Wargent, co-founder of BuyersBuyers.
