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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The Sunshine Coast office market is the hottest in Queensland, according to a CBRE report, as the region grapples with the growing pains of a booming population.</p><p>Vacancy rates dropped from 21.9 per cent in 2019 to 13.2 per cent in July, 2021, as more people moved to the regions in the wake of the Covid-19 pandemic.</p><p>According to the CBRE report, the expansion of the medical precinct at Birtinya has partly driven the uptake of office space while the Sunshine Coast is also one of the biggest breeding grounds for start-ups nationally. </p><p>The Sunshine Coast economy has grown 3.5 per cent each year since 2015 and is forecast to reach $33 billion in 2033, with the new Maroochydore CBD forecast to provide 15,000 jobs and inject $4.4 billion into the economy over the project’s 20-year timeframe. </p><p>Sunshine Coast is currently home to 350,000 people and is feeling the pinch of land supply constraints and a booming residential market. </p><p>The region has the <a href="https://www.theurbandeveloper.com/articles/pressure-mounts-on-sunshine-coast-land-supply">smallest lot sizes</a> in south-east Queensland and the most expensive land, excluding Brisbane City, according to property researcher Terry Ryder. </p><p>The population is forecast to grow to 580,000 by 2041, which would require more than 70,000 new dwellings to be built, which Directive Collective claimed amounted to <a href="https://www.theurbandeveloper.com/articles/coast-needs-new-suburb-every-year-to-meet-demand">one new suburb every year</a>. </p><p>CBRE Sunshine Coast managing director Rem Rafter said the past 18 months had provided “huge opportunities” for the Sunshine Coast.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Sunshine Coast infrastructure pipeline ($million)</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/df03ab47-d212-408f-911c-f89c41590fcd.png" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sub>^Source: Deloitte Access Economics</sub></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The property market has been the strongest performer in Queensland during the past two years, banking 7.7 per cent growth in median house prices now valued at $630,000.</p><p>“We have seen an increasing number of people moving to the region from interstate and other areas of Queensland, and there has been unprecedented government and private investment in infrastructure on the Sunshine Coast,” Rafter said.</p><p>“While the Coast’s economy was once reliant on tourism and construction, it has evolved into a modern, smart economy.”</p><p>Knowledge-based jobs and healthcare have helped bolster the economy with a further 23,000 jobs added to the Sunshine Coast during the past five years. </p><p>Rafter said low supply of freehold industrial property had fuelled “unprecedented prices” that were now at a 15-year peak, while the retail sector was bouncing back from pandemic-induced lows. </p><p>About $1.4bn in infrastructure projects are under way on the Sunshine Coast including the Maroochydore City Centre, the Sunshine Coast Health Precinct, a new business and technology precinct, a Bruce Highway upgrade and the expansion of the Sunshine Coast Airport. </p><p> </p></div></div></div></div></div>

The Sunshine Coast office market is the hottest in Queensland according to a CBRE report as the region grapples with growing pains...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Brisbane-based Habitat Development Group will start construction on the $83 million Market Lane Residences in late-July, creating the first residential towers in the new <a href="https://theurbandeveloper.com/articles/maroochydore-city-centre-poised-to-benefit-from-major-economic-investment">Maroochydore CBD.</a></p><p>Located at the Mundoo Boulevard entrance, Market Lane Residences comprises 146 spacious two- and three-bedroom apartments elevated across 14 levels over two towers. Six SOHO (small-office-home-office) townhouses along with retail will make up the ground floor. </p><p>Habitat Development Group director Cleighton Clark said he was pleased to lock in a date to commence construction after the original project timeline was delayed due to Covid-19 restrictions.</p><p>“Despite the disruption caused by Covid-19, we’re looking at our investment in the future city centre as a long-term commitment and we’re very excited to be commencing the first residential buildings in the precinct at the end of next month.</p><p>“We think council and SunCentral have done a terrific job with their vision for the Maroochydore City Centre, it’s an exciting, world class precinct.  </p><p>“The Sunshine Coast is one of the fastest growing regions in the country and we see an exciting period of growth, in particular the new CBD over the next 5-10 years. </p><p>“For that reason, we’ve established a new Sunshine Coast office on Plaza Parade opposite our Market Lane project.   </p><p>“Since we commenced 15 years ago, we’ve always based our strategy with the best long-term results in mind, and the Maroochydore City Centre is a precinct we think has tremendous potential,” Clark said.   </p><p>Clark said his enthusiasm for the vision of the new Maroochydore City Centre was reinforced by their recent acquisition within the greenfield CBD project.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/2f371d24-012e-4746-bb54-2fd826bd34ce.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Located at the Mundoo Boulevard entrance, Market Lane Residences will comprise 146 spacious two and three bedroom apartments elevated across 14 levels over two towers</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“I’m also delighted to announce that Habitat Development Group has secured a second site in the precinct which is located on Sunshine Coast Parade and will be known as ‘The Corso Residences’.  </p><p>“We are excited to have secured a pipeline of local projects to keep our team and our subcontractors employed and continue our contribution to the local economy over the next few years,” he said.</p><p>Sunshine Coast mayor Mark Jamieson said he was looking forward to seeing the Habitat team break ground. </p><p>“I commend Habitat Development Group for their foresight and enthusiasm in embracing our vision for the new Maroochydore City Centre. This project will provide a new accommodation option for some of the thousands of people who will ultimately work in the area,” Jamieson said.</p><p>“Having people live close to where they work in our new city centre adds to the vibrancy and activation of the city core, which is an important and attractive feature of some of the leading cities across the globe. </p><p>“From an economic point of view, the commencement of the Market Lane project next month comes at an important time as the region starts to make its way through the recovery phase of the Covid-19 pandemic, by creating new employment opportunities for local tradespeople and suppliers.” </p><p>SunCentral chief executive officer John Knaggs said it was important to have construction start on site as the first commercial building within the CBD, Foundation Place, would be due for completion in late-September this year.</p><p>“We are also thrilled with Cleighton’s commitment and confidence in the Sunshine Coast and the city centre project by securing a second site for Habitat Development Group.</p><p>“It’s a significant shot in the arm for the project, particularly as we emerge from the impact of Covid-19 and it also reinforces our urban design and planning principles to create a vibrant city centre,” Knaggs said.</p><p>Sunshine Coast Council’s nine storey City Hall project which will accommodate up to 600 staff members is currently scheduled to commence on site in August this year and Pro-invest’s Holiday Inn Express is expected to commence later in the year.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong><em>The Urban Developer</em></strong><strong> is proud to partner with </strong><a href="https://www.maroochydore-city.com.au/"><strong>SunCentral</strong></a><strong> to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.</strong></p></div></div></div></div></div>

Habitat Development Group will start construction of $83 million Market Lane Residences in late-July, in the new Maroochydore CBD...

MAROOCHYDORE CBD