RESEARCH & CONSULTING
Key Findings Population growth across Townsville expected to average 5,350 persons per annum between 2013 and 2031 Gross Regional Product (GRP) was estimated to be $10.76 billion as at 2013, 40% above the next largest major North Qld centre Industry diversity, government investment Alongside the PDA declaration is renewed and major transport infrastructure underpin optimism surrounding the building of a new Diverse economy - no single Townsville’s role as the commercial and integrated entertainment and stadium facility, industry contributed more than services hub for North Queensland’s 13% to the region. Notable after an initial $100 million contribution from industries include Rental, hiring & minerals, agriculture, tourism and tropical the Queensland Government. There is also real estate services (12%) and science sectors, according to the most restored confidence around employment as Public administration & safety (11%) recent Townsville City Economic a consequence of a proposed $450 million Development Plan 2013-2017. regional jobs package. Townsville has the largest
Government presence in North Following a period of instability and The three newest commercial office Queensland - 18,895 Government uncertainty in the run-up to the Queensland employees working across Local, buildings in Townsville (completed in 2013) State Election, there is renewed hope that a State and Federal agencies record vacancy at just under 8% (1,639m²). sustained economic recovery will develop on alongside a further 18,000 defence While vacancy rates exceed this in the back of new infrastructure commitments. personnel and their dependents commercial CBD buildings across the wider
Building quality is very important market, incentives for the adaptive reuse, The declaration of the Townsville City to occupiers - vacancy rates in and the first wave of Council employees Waterfront Priority Development Area (PDA) office assets with NABERS rates of moving into the CBD from suburban areas, on 5 September 2014, will go someway to 4 stars and lower is currently represents positive resurgent steps to improving and promoting the heart of 33.4%, compared with 17.6% for increasing occupancy and vibrancy in the those rated as 5 star Townsville. The PDA covers approximately CBD. As Townsville will have little new office 97.2 hectares, incorporating land on both Residential apartment market is development, the steadily reducing level of sides of Ross Creek and is within the improving in response to more supply, especially in premium rated Townsville Central Business District (CBD), positive sentiment - Over the three buildings, will start to reflect future office months to Dec 2014, median with a main aim to focus, facilitate and rental increases. apartment prices grew 15.2% accelerate economic growth.
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Page 1. Key Findings Market overview and future trends Townsville is centrally located in terms of Townsville is also a strategic base for the Page 2. Queensland’s (Qld) economic zones for Australian Defence Force with permanent Introduction minerals, agriculture, tourism and coal. It forces located at Lavarack Barracks and Townsville in context also has growth potential in the areas of the Royal Australian Air Force (RAAF) Base Townsville. Known as Australia’s largest Page 3 & 4. tropical research, science and health Future Growth Drivers expertise, and clean energy. garrison city, Townsville has played a Highlighting Townsville's growth significant role in the Australian Defence position through government Additionally, as highlighted within the Force since World War 1. Townsville is strategy, planning, infrastructure Townsville City Economic Development home to around 18,000 defence personnel and jobs Plan 2013-2017, Townsville’s location and their dependents, making up almost close to Papua New Guinea, Asia and the 10% of the total population. Page 5, 6 & 7. Pacific makes it a natural value-adding, Office Market services and distribution point. Port Townsville’s estimated residential Economic, employment and office facilities and high-capacity rail, airport population was 192,038 as of June 2014, market trends and road networks connect the city and making it the largest city in North Queensland and Northern Australia, and Page 7. the region to national and international Residential Investment markets. Townsville is the focus for the sixth largest LGA in Qld. Townsville’s Prospects for residential warehousing, retail, manufacturing, health population has grown rapidly over the past development are improving as care, education and research. ten years, increasing at an average of apartment values and demand 2.4% per annum. Over the next 20 years, increase Furthermore, in a boost to northern Townsville is projected to experience Australia, from 1 March 2015, Townsville average population growth of 2.3% per airport will be able to support regular annum, significantly above Cairns, international flights. Increased visitor Brisbane and Queensland (see Figure 1). numbers will boost the tourism and associated industries in Townsville and Even in the face of global uncertainty, beyond. By making Townsville a gateway Townsville’s economy has enjoyed recent into Australia it will also encourage growth with its performance supported by businesses to invest and will help to significant industry diversity. Between unlock the region’s full potential. 2006 and 2013, Townsville’s economy Queensland Airports Ltd has already experienced an average annual growth
commenced talks to secure the first rate of 5.8%, considerably above Qld’s international air service into Townsville. Gross State Product (GSP) growth rate of Annual Projected Population Growth 3.1% per annum for the same period. Rates 2011 - 2031
2.40% 2.33%
2.20%
2.01% 2.00% 1.98%
1.92%
1.80%
1.60% TOWNSVILLE CAIRNS BRISBANE QUEENSLAND
2 TOWNSVILLE INSIGHT APRIL 2015 RESEARCH
new research and business solutions to international students also increased by the challenges of development and 62%. Of the 16,000 full time JCU students sustainable living in the tropics. and 3,500 staff nationwide, around 75% are based in Townsville, with many As a well-serviced centre of the tropics, JCU’s Townsville campus is a major students now located within the new City with national and international access, economic driving force of the Townsville Campus. Townsville is an increasingly preferred LGA contributing 5.24% of the region’s location for specialised industry and employment. Furthermore, 4.43% of Defence professionals. The city’s relatively large Townsville’s GRP was derived from the population, combined with that of nearby direct and flow on activities of JCU In addition to education, defence has regional centres, provides a sufficiently according to the JCU Economic Impact long been one of the key contributors to large market to support a range of Report 2012. The Academic Ranking of Townsville’s growth and economic business enterprises that would otherwise World Universities (ARWU) positions JCU, diversity. With the increasing importance be expected to operate from South East as a whole, in the top 4% of the world’s of Townsville’s defence facilities and Queensland. tertiary institutions, a ranking which infrastructure, there is an opportunity for
supported growth in student numbers at business and industry to be identified, The latest Development Status Report it’s campuses by 42% over the past five developed and encouraged to participate (August 2014) reveals that the Townsville years. During the same period full time in associated defence services and supply. and North Queensland area has over $77 billion worth of projects within its development pipeline. This includes $9bn underway, $52bn approved and waiting to Townsville’s Strategic Location start and another $16bn proposed. Townsville's position makes it a natural value-adding, services and distribution point Townsville City itself has strong linkages to the region’s natural resources, including: mining, coal and coal seam gas deposits, cattle, sugar cane, horticultural products and fisheries within the Great Barrier Reef.
Education
As a result, Townsville has great potential in the areas of tropical science, health and sustainable industries, especially as it is home to leading institutions like the James Cook University (JCU) and the Australian Institute of Marine Science. It is ideally located to play a leading role in developing
James Cook University Students Total full time numbers, all JCU campuses
18,000 45%
16,000 40%
14,000 35%
12,000 30%
10,000 25%
8,000 20%
6,000 15%
4,000 10%
2,000 5%
0 0%
TOTAL STUDENTS INTERNATIONAL STUDENTS AS A % OF TOTAL (RHS)
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Population Growth by Age, Townsville LGA
Growth Age Cohort 2008 2013 2013 % % Growth p.a. Local Market (2008-2013) Demographics 0-19 49,094 53,597 28.3% 4,503 1.8% 20-39 40,348 45,944 24.3% 5,596 2.6%
Townsville has been one of the fastest 40-54 36,801 38,994 20.6% 2,193 1.2% growing LGAs within Queensland over 55-64 26,731 31,357 16.6% 4,626 3.2% the past decade which has come in response to solid economic conditions, 65+ 15,529 19,346 10.2% 3,817 4.5% particularly up until 2012. An uplift in the Total 168,503 189,238 20,735 2.3% region’s key employing industries of defence, public administration, education Source: ABS, Knight Frank and health care meant that population growth has stemmed from incoming been the backbone of recent population nine year low in net overseas migration. skilled workers. At the same time, growth. According to the 2011 Census, Over the 12 months to June 2014, resilient demand from domestic and population growth from overseas population growth in Townsville eased to overseas students attending the James migrants between the two most recent 1.6%, remaining above the Qld average Cook University has propelled population Census periods (2006 & 2011) totalled of 1.5% for the period. However, looking growth in younger age cohorts. 7,482 persons, of which 44% were aged forward the prospects for population between 20-34. growth remain amongst the strongest in As at June 2014, the Townsville LGA had Queensland (Figure 1). a total population of 192,038, making it By age, Townsville has a young the 6th most populous LGA in Qld and demographic structure with 52.6% of Townsville’s growth opportunities have the largest urban centre north of the residents aged 39 or below and reflects been recognised by the Queensland Sunshine Coast. Over the past 10 years, the area’s strong pull for young workers. Government, with recent population population growth has averaged 2.4% Alternatively, while the proportion of projections highlighting the attractiveness per annum, which was above the Qld residents aged 65+ (10.2%) is of the area for workers, families and average of 2.1% per annum over the considerably below the Qld average students alike. According to the same period (see Figure 3). (13.6%), population growth in this age Queensland Government Statistician’s group has been significant, where an Office (QGSO), the Townsville LGA is set Prior to 2006, population growth in annual growth rate of 4.5% was to encompass a population of Townsville (and Qld) was driven by a recorded over the five years to June approximately 285,000 persons by 2031, combination of net interstate migration 2013. which indicates an average increase of and internal movements within the state. around 5,350 persons per annum from However, in response to a greater need More recently, population growth has 2013. The dominant working age group for more skilled workers, particularly eased throughout Queensland, with (20-64) is expected to remain strong, within construction and health care Townsville being no exception. This which will support demand for further industries, net overseas migration has modest reduction has been driven by a employment opportunities.
Townsville Historical Population Population by Major North Qld Townsville Population Growth Growth Centres Projections by Age Population number and growth rate June 2014 2008-2031
6,000 3.5% 200,000 192,038 300,000 285,479
257,292 3.0% 5,000 180,000 250,000 229,982 158,985 2.5% 160,000 4,000 203,672 200,000 189,238 2.0% 140,000 168,503 3,000 123,383 1.5% 120,000 150,000 2,000 1.0% 100,000 100,000 1,000 83,439 0.5% 80,000 66,097 50,000 0 0.0%
60,000
2005 2014 2007 2008 2009 2010 2011 2012 2013
2006 0 Cairns
POPULATION GROWTH P.A Mackay 2008* 2013* 2016 2021 2026 2031 Gladstone TOWNSVILLE ANNUAL GROWTH RATE (RHS) Townsville 0-19 20-34 35-49 50-64 65+ QLD ANNUAL GROWTH RATE (RHS) Rockhampton
4 TOWNSVILLE INSIGHT APRIL 2015 RESEARCH
Economy For the LGA, Gross Regional Product AUD. For Townsville, the relative (GRP) was estimated to be $10.76 billion importance of these industries is Townsville is not only the largest urban as at 2013, 40% above the next largest expected to grow rapidly over the next centre north of the Sunshine Coast, but major North Qld centre (see Figure 6). five years which will bode well for the the key contributor to the economic Like many area’s, the Townsville local economy. Both local and state wellbeing of North Queensland. Regarded economy slowed in the face of the Global Government as well as private businesses by many as the unofficial capital of North Financial Crisis in late 2008/2009. have recognised this importance through Qld, there exists many opportunities in However, Asia’s growing appetite for an uplift in investment, which more Townsville which have come off the back Australian exports meant the local recently has included the funding and of increased infrastructure investment, economy was more resilient than others development of the cruise ship terminal ultimately allowing the city to become the during the period. Nevertheless, the and investment in The Australian Institute primary commercial, education and economy appears to be gearing up for of Tropical Health and Medicine based at services hub to the growing North Qld the next phase of growth. The diversity of James Cook University. For education, region. Townsville is home to some of the the local economy is reflected by the further growth in the industry is likely to region’s key tourism assets, which contribution of each industry to the LGA’s boost office demand in the CBD. ordinarily provides a natural advantage GRP. As at 2013, no single industry for business development. contributed more than 13% to the region Employment (see Figure 7). Notable industries include Unlike many other towns within North Rental, hiring & real estate services Much of Townsville’s attraction for Qld, Townsville is not reliant on a single (12.3%) and Public administration (Govt.) business investment is facilitated through industry as the local economy is & safety (11.1%). it’s diverse employment base, where as at characterised by a diverse employment 2011 there were 71,718 jobs within the base, each of which contribute Tourism & Education LGA. In terms of persons employed, the significantly to the region’s prosperity. core sectors in Townsville include health The area’s growth is underpinned by the Both tourism and education play a care (14%), public administration and strong presence of agriculture and leading role in the local economy, with safety (13%), retail trade (11%) and resources projects, with the Port of many benefits flowing from increased education and training (9%). Of the Townsville being the crucial link between tourism and student numbers. Data from 71,718 jobs located in the LGA, 25,058 regional Qld and the rest of the world. In Tourism Research Australia shows 1.95 jobs (or 35%) are within white collar this case, Townsville is the gateway to a million tourists visited Townsville over the industries (which require office space). number of crucial exports including zinc, 12 months to December 2014, which For these industries, employment growth sugar, copper and magnetite. Townsville injected over $700 million into the local over the five years to 2011 was is home to a high provision of economy. Looking ahead, the tourism substantial (see Figure 8), particularly Government departments and is also the and education sectors are set to feature within education and training (+8.3% per strategic centre for the Australian as the prominent growth industries in the annum) and professional, scientific and Defence Force. Australian economy over coming years, technical services (+7.2% per annum). following the recent depreciation of the
Gross Regional Product Gross Regional Product Employment & Employment Growth By major North Qld Centre (2013) By major industry (2013) White Collar Industries (2006-2011)
10,000 $11.0 Bn Public Rental, hiring & real Administration estate services 9,000 & Safety $10.0 8,000 Education & $9.0 Other 12.3% Public Training administration 7,000 & safety $8.0 6,000 34.6% 11.1% $7.0 Professional, 5,000 Scientific & Technical $6.0 4,000 Services
10.7% PERSONS EMPLOYED 2011 AT AS $5.0 Manufacturing 3,000 Information Media & Administrative $4.0 5.0% 7.7% 2,000 Telecommunications & Support Services 5.1% 7.5% Rental, Hiring $3.0 6.0% Construction 1,000 Financial & Retail trade & Real Estate Insurance Services Services 0 Cairns Financial & Mackay Health care & -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Gladstone insurance Townsville social services Education & assistance ANNUAL EMPLOYMENT GROWTH (2006-2011) Rockhampton training
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public and private sector tenants. In total, From a tenant demand perspective, Government we estimate there to be a NLA of Townsville’s new office buildings and Presence approximately 110,000m² within the CBD, other highly rated NABERS assets (5 with the quality of stock varying stars) have been the preferred options. As In line with it’s status as the unofficial considerably. Assets with a NABERS at April 2015, the vacancy rate within capital of North Qld, the presence of rating of 5 stars are seen as prime grade Townsville’s new office stock (built 2013 Government departments is significant and assets, while the bulk of buildings have a onwards) is currently 7.8% (1,639m²), spans across all tiers of Government. While rating of 4 stars and below. while buildings with a NABERS rating of 5 South-East Qld has the majority of stars is slightly higher at 17.6%, or Government representation in Qld, Over the past three years, the supply of 8,600m² (see Figure 10). Both of these are Townsville is the next dominant location office stock has been considerable, with considerably below the 33.3% recorded with 18,895 Government employees three buildings being completed in 2013, for assets with a NABERS rating of 4 working across Local, State and Federal collectively adding NLA of 21,029m² to stars and below, highlighting the strong agencies, representing 26% of total jobs. Townsville’s existing office stock. Notably, relationship and preference for tenants to these buildings include Verde (435 Flinders be located in newer or refurbished office By tier, the bulk of Townsville’s Street—11,500m²), Ergon (420 Flinders space that is environmentally friendly, and Government jobs are located at the State Street—7,340m²) and NQN House (524 have large efficient floorplates. level (55%), while a further 38% are at the Flinders Street—2,189m²). As at April Federal level. Government representation 2015 these buildings are all fully leased Despite the overall high vacancy rate, the at other major North Qld centres is with the exception of one floor in Verde. CBD is set to benefit from buildings considerably lower, with Townsville having withdrawn for change of use, 1.6 times the amount of Government Importance of underpinned by the current and planned employees than Cairns, the next largest incentive programs on offer within the concentration (see Figure 9). Quality Buildings CBD. Introduced in 2011, the CBD Development Incentive Package is being Townsville is set to continue to be the The completion of these buildings has replaced by the Townsville Jobs and preferred location for State and Federal had a large impact on the office market, Investment package in July 2015 with it’s agencies as it remains the largest urban particularly the vacancy rate as a number purpose to support further development centre and economic focal point within of Government departments have within the CBD. North Qld. State Government commitment relocated from existing premises into to Townsville is reflected by the recent these new buildings. This has included the The local office market has and is reinstatement of a Northern Queensland Department of Transport and Main Roads expected to continue to benefit from the Office for the new Queensland Premier. amongst others moving into the Verde incentive programs where approximately building. In conjunction with other 8,000m² of vacant floor space is either buildings which have undertaken under development or under active review Office Market refurbishment to achieve a 5 star NABERS for change of use. More recently, this has Fundamentals rating, the benchmark for environmental included the former Department of standards in Townsville’s office assets is Transport and Main Roads building on Notwithstanding several major headwinds now much higher. This in turn has placed Wills Street which has been purchased by facing both the local and domestic pressure on existing owners to raise the a private healthcare provider who plans to economy, the Townsville office market has standard of their buildings to remain turn it into a mental health facility. remained relatively stable in recent years competitive, or alternatively, look at which is a reflection of the region’s large change of use options. The continued withdrawal of the city’s and diverse employment base. Similarly, dilapidated secondary stock for other business confidence is slowly starting to improve, with the most recent June Quarter PwC Townsville Business Government Presence Office Vacancy, April 2015 By Tier & Major North Qld Centre (2011) By NABERS Rating & New Stock, Townsville Confidence Survey showing an increase of 20,000 30.0% 35% 0.7 points on the March 2015 quarter. This 33.3% 18,000 is the first time the index has recorded 25.0% 30% 16,000 consecutive quarters of improving 14,000 confidence since June 2010.Despite an 20.0% 25% 12,000 increase in the overall vacancy rate in 10,000 15.0% 20% recent years, tenant demand has remained 8,000 17.6% 10.0% steady with the uplift in vacancies the 6,000 15% result of the new supply in 2013 leading to 4,000 5.0% 10% tenant outflow in other office buildings. 2,000 7.8% 0 0.0% 5%
For a regional centre, the provision of Cairns
Mackay 0% Gladstone office stock in Townsville is extensive with Townsville NEW OFFICE 5* NABERS ≤4* NABERS a number of dedicated standalone Rockhampton STOCK (BUILT RATING RATING 2013 ONWARDS) buildings housing a varied mix of both FEDERAL STATE LOCAL % OF JOBS
6 TOWNSVILLE INSIGHT APRIL 2015 RESEARCH
uses, coupled with further net absorption in 5 star rated NABERS buildings will place downward pressure on the vacancy rate and consolidate the commercial core into the CBD’s primary office buildings. Rental Market
Residential Vacancy Similar to the vacancy rate, rents vary Unemployment levels had been the main Since September 2008 greatly, with gross face rents in impediment to tenant demand, however, 11% Townsville’s newest office buildings, tentative signs of a recovering economy 10% Verde and Ergon, ranging from $540-$590 have begun to stimulate the market. 9% m². On the other hand, rents at other good According to the Queensland Residential 8% -quality office assets with NABERS ratings Tenancies Authority (RTA), median weekly 7% of five stars are considerably less at $300 rents in Townsville saw some increases to 6% - $430 m², while gross face rents in the end of the March 2015 quarter, with 5%
Townsville’s secondary office market two bedroom apartments recording the 4% range from $240 - $350 m². highest increase, up $15 to $295 per 3%
week. Additionally, the growing strength 2%
Nationally, non-CBD office markets have of parts of the Townsville apartment rental 1% been subject to solid investor demand market is also evident in the total number 0%
from both domestic and offshore capital. of bonds held by the RTA. For example,
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sep-11 Sep-12 Sep-13 Sep-14 Dec-08 Sep-09 Dec-09 Sep-10 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 While the extent of this has not been as Townsville City new bonds for one, two Sep-08 TOWNSVILLE CAIRNS apparent in regional centres such as and three bed apartments combined MACKAY ROCKHAMPTON Townsville, a pick up in demand over the increased by 23 new bonds compared to next 12-24 months is likely as investors 12 months ago, an increase of 4%. focus on assets with high relative yields and an upside to growth once economic In terms of occupancy the vacancy rate Gross Apartment Yields conditions improve. The high provision of has increased marginally from 5.4% in Since September 2008 Government tenants in Townsville is likely June 2014 to 5.9% in March 2015, due to 8% to draw attention to the market, with an increase in supply, according to the higher quality buildings expected to REIQ March Residential Rental Survey 7% demand core market net yields of around (see Figure 12). The latest REIQ Market 7% - 7.5% depending on the profile of Monitor Survey reports that average time 6% current leasing covenants. on market for Townsville vacancies is around two to four weeks, with an average 5% The only notable recent sale in the CBD of approximately two applicants per 4% was the Commonwealth Centre in January listing. 2015, which sold to the Townsville City 3% Council for $16.6 million, reflecting a net Investor Interest yield of 10.5%^. The acquisition is part of 2%
Townsville City Council’s plan to relocate
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Dec-14 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Sep-10 Sep-12 Sep-09 Sep-11 Sep-13 Sep-14 Although annual growth remains negative, Sep-08 300 employees from suburban offices to improving occupier demand is beginning TOWNSVILLE CAIRNS the CBD and represents the first positive MACKAY ROCKHAMPTON to feed through to investor demand with action to increase occupancy levels for the latest REIQ median apartment figures commercial buildings in the CBD. recording impressive growth of 15.2% in
the December 2014 quarter. REIQ price point data, shows a steady spike in Residential Approvals, Townsville Office Gross Rent Ranges & NLA $350,000-plus apartment sales, and Total number and proportion of apartments By selected CBD building, Townsville declining transactions at the lower end of 2,000 40% $650 m² m² 16,000 $600 the market, thus pulling the median price 14,000 1,750 35% $550 higher. These market dynamics are 12,000 1,500 30% $500 slightly compressing yields which stood at 10,000 $450 5.0% in December 2014, down from 5.2% 1,250 25% $400 8,000 12 months ago (see Figure 13). 1,000 20% $350 6,000 $300 750 15% 4,000 As a response to improving economic and $250 500 10% 2,000 market sentiment there are signs that the $200 number of apartments approved in the $150 0 250 5%
2015 financial year, as a proportion of the Verde
Ergon total approvals, will reach pre-GFC levels 0 0%
Centre
NQN House NQN
River Quays River Central Plaza Central
Stanley Place Stanley (see Figure 14). These approvals will go
Jun-11 Jun-12 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-13 Jun-14
Building 3 Building
Suncorp Plaza Suncorp
*Jun-15 Commonwealth HOUSES APARTMENTS % APARTMENTS Government Office Government some way to sustaining anticipated GROSS FACE RENTS (5* NABERS) GROSS FACE RENTS (SECONDARY) NLA (RHS) residential demand going forward.
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RESEARCH & CONSULTING Matt Whitby Group Director +61 2 9036 6616 [email protected]
Paul Savitz Associate Director +61 2 9036 6811 [email protected]
Luke Crawford Research Analyst +61 2 9036 6629 [email protected]
COMMERCIAL RESEARCH Jennelle Wilson Director - Queensland +61 7 3246 8830 [email protected]
RESIDENTIAL RESEARCH Michelle Ciesielski Associate Director +61 2 9036 6659 [email protected]
Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of Images courtesy of Townsville Enterprise clients worldwide including developers, investors, funding ^The net yield of 10.5% was assessed, after allowing for non-recoverable outgoings, allow- organisations, corporate institutions ances for a vacancy rate of 5% in perpetuity and making additional allowances for letting of the vacant tenancies. and the public sector. All our clients recognise the need for expert Vacancy data based on a selected basket of 11 CBD commercial buildings amounting to independent advice customised to 95,675m² NLA. These are the largest buildings in Townsville all with NLA of over 2,100m² their specific needs. accounting for over 85% of all commercial office space.
Glossary: REIQ: Real Estate Institute of Queensland QGSO: Queensland Government Statistician’s Office
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Knight Frank Research Reports are available at KnightFrank.com.au/Research