Brisbane is at the very beginning of a powerful property growth cycle which is expected to intensify and peak as the Games approach in 2032.
A report by Colliers titled Brisbane 2032 Olympic and Paralympic Games: Creating Solutions says demand for property has only just begun with the current surge in infrastructure and construction activity.
It will peak later and more broadly into the tourism, hospitality, transport, logistics, retail, professional and accommodation services sectors, as operational requirements ramp up and the full scale of the event comes into focus, the report says.
This multi-stage expansion is backed by one of the strongest short-term growth periods in more than two decades since the Brisbane 2032 announcement when the South-East Queensland economy grew from $29.4 billion in 2020-21 to $33.4 billion in 2023-24.
Colliers Queensland Chief Executive Simon Beirne said the city’s “economic engine is already shifting into higher gear.”
“The city’s commercial property market is not yet seeing peak Olympic demand and it needs to start preparing now,” Mr Beirne said in a statement.
“As we saw in other Olympic cities, the largest surge in demand does not occur when infrastructure begins, it occurs later.”
Colliers Queensland Researcher Pragya Sharma said the report also highlighted the importance of rethinking construction methods.
“Using new approaches like adaptive reuse, modular construction, prefabrication, and low-cost alternative materials can reduce waste, speed up projects, and cut costs,” Mr Sharma said.
“The lesson from global host cities is consistent – those who wait for demand to become more obvious are often too late.
“We’re entering a phase where early movers who think outside the box stand to benefit most before conditions tighten and delivery and cost risks increase.”
Office demand is expected to grow in line with increased demand for white collar roles in engineering, project management, technology and governance. Older assets trading below replacement cost will create repositioning and value-add opportunities. Challenges lie with limited prime office stock, rising rents, competition with existing tenants, high construction costs fit-out costs, and tenant mix optimisation.
Industrial and logistics sectors will also face heightened demand as they support growing supply chains, materials handling and event infrastructure. Their challenges lie with limited land availability, servicing capacity of power and water, high construction costs, limited local manufacturing capacity, supply chain bottlenecks, and import reliance.
Retail, hospitality and accommodation providers will also benefit from growing demand as increased visitor flows and a growing local workforce that boost foot traffic, sales, and occupancy. However, their challenges lie in a supply and demand imbalance, displacement of existing tenants during construction, and staffing shortages.
Residential markets are also expected to be influenced by workforce growth, international migration associated with Olympic preparation and broader urban development linked to transport infrastructure and investment. A vital development window exists before 2027, ahead of expected peak labour constraints and rising delivery costs.
