SE Queensland 2024 retail completions underperform 10-year average

New supply only reached 81,600sqm during the year.

According to a JLL report, in SE Queensland, the redevelopment of Ipswich CBD has completed, the 3,000 sqm Nicholas Street Precinct now features a Cinema and entertainment space, more retailers are expected to take space in 2025.

Annual retail completions in 2024 reached 81,600 sqm, below the annual 10-year historical average of 124,100 sqm. Project delays are affecting the retail supply pipeline.

Here’s more from JLL:

In Queensland, retail turnover increased 0.5% month-on-month in October 2024. Seasonally adjusted retail turnover reached AUD 7.5 billion in October, an increase of 3.9% year-on-year.

New store openings delayed by extended negotiation periods between landlords and tenants.

Quarterly investment volumes total AUD 309.2 million

Rent growth in South-East Queensland has been positive in H2 2024, given positive releasing spreads. Regional (1.45%) and sub-regional (1.40%) rental growth was highest among the sub-sectors.

Yields in the neighbourhood sub-sector have tightened 12.5 bps to a midpoint of 6.38%. All remaining sub-sectors were unchanged.

Outlook: Low supply trend expected to continue in the near term

Discretionary spending is likely to remain subdued in the near term as the cash rate remains elevated.

New retail development may remain below long-term averages, with 26,000 sqm on track to complete in 2025.

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JLL

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