A “surprising resilience” in office and retail property investment will offset much of the decline in residential construction and keep overall building output growing, the latest six-monthly forecasts from the Australian Construction Industry Forum show.
Spending by asset owners wanting to keep their assets competitive – along with a one-off boost in demand for commercial facilities in above-station rail developments, will help bring about a 2 per cent growth in output this year to $251.4 billion, the ACIF outlook shows.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
