Gold Coast needs more offices to lure corporate headquarters: experts

Premier David Crisafulli says the Gold Coast’s economy is a sleeping giant which he wants to awaken “as Sydney becomes less liveable and as Melbourne becomes an absolute basket case”. HERE’S HOW

Premier David Crisafulli says the Gold Coast’s economy is a sleeping giant which he wants to awaken by attracting large corporate companies to relocate to the city.

Mr Crisafulli says the city is on the cusp of a major boom and that having major companies put their headquarters on the Gold Coast will supercharge the economy.

The move has secured widespread backing from business and political leaders but real estate figures say the city needs more office space if it is to be viewed as an attractive location by big corporate entities.

Speaking at the Future Gold Coast forum on Friday, the Premier said it was critical that the Gold Coast’s lifestyle was attractive to many and would be a drawcard for many companies.

“I just see that it’s a really, really great opportunity and business relocation is a big deal for us and I think that’s something in the next 10 years that will drive the economy to the next level,” he said.

Premier David Crisafulli during his speech. Picture Glenn Hampson

“We are genuinely on the cusp of something really special as a state, and we have just got to reach out and grab it.

“One of the sleeping giants for us, in my mind, is business relocation (because we) live in a world where people can choose to live anywhere they like, and as Sydney becomes less liveable and as Melbourne becomes an absolute basket case, I just see Queensland as that perfect, perfect size at the perfect time.”

Mr Crisafulli said southeast Queensland would be on the world stage hosting the 2032 Olympic Games and it would be the right time for companies to bring their headquarters to the city.

“There really is that opportunity for someone to pick up their business and say, ‘okay, I’m moving to Queensland’, he said.

“(Their) staff gets to sell a place in Penrith or in the western suburbs of Sydney, and they’ll get a bucketload of money for it and they can come here, they can buy a beautiful home and they can have a great life.

“There’s going to be a bucket load of (Olympic) events here (on the Gold Coast), which is a good starting point, but it’s more than that – people will look, they’ll see a dynamic capital city and then they’ll see the offering of the Gold and the Sunny Coast and that has long term economic benefits.”

The Gold Coast saw an uptick of people move to the city from Melbourne and Sydney during the Covid-19 pandemic, who continue to work remotely while living in Queensland.

Many residential developments built in the past five years now feature offices and conference rooms.

But industry leaders warn the big issue holding us back is a lack of A-Grade office space. CBRE’s Tania Moore says companies want to come to the city but that it currently lacks the right facilities for them.

Tania Moore, Senior Director at CBRE.

“The cost of construction to build new office space would require rents to be around $800 per square metre,” she said.

“The challenge is for developers to take the punt on building an office tower without any significant pre-commitment from a tenant.

“Because the Gold Coast is primarily a small to medium business enterprise city, you’d need a pre-commitment of a few thousand square metres of space and you would be looking at a construction period of two or three years.

“That’s a long period for them to make that commitment.”

Mayor Tom Tate Picture Glenn Hampson

Mayor Tom Tate has backed Mr Crisafulli’s stance and said it was critical to get the mix right.

“Just like with housing, we have been a victim of our own success,” he said.

“Businesses want to be based here as their staff love the lifestyle the Gold Coast offers.

“Just as with housing, we need a diverse range of options to suit different requirements.

“Mixed-use developments will become more common as we move forward and we have been investigating places where they have been successful like Parramatta”

It was revealed last week that councillors will fly to Sydney in September to investigate how Parramatta has become a major CBD with commercial space and government offices.

They hope to reimagine Southport in a similar vein.