Industrial property developers in Brisbane are manning up in a big way with the city’s industrial hubs experiencing a construction boom. There is increased demand from average individuals who want an affordable space instead of garages and backyard sheds.
According to CBRE industrial specialists Nick Witheriff and Dan Munnich, more than 200 “man-caves” and work store units are currently under construction with more planned for other sites. Developments are registering significant pre-sales off-the-plan with at least 70% of the buyers planning to be the owners/occupiers.
Off-the-plan is the fastest growing industrial trend that the market has seen. There was no such demand in the previous years that is why it is surprising to see this trend. According to Mr. Witheriff, the work store units are immediately bought to be transformed into man-caves, for alternative home offices, for storage space and for fund investments by the average moms and dads and small business operators.
Previously, there has been no entry level industrial that is below $500,000 but with the entry level industrial being sub $300,000 with a low interest rate environment, the work store units were easily snapped up.
Work store developments have emerged in Brisbane for the past 12 to 18 months and it expected that the trend will gain further momentum towards the end of the year because of the increasing demand from owners/occupiers.
Northgate at the north of Brisbane, another burgeoning hub is expected to join the boom for man-caves with N62, a two-stage development at 62 Crockford St that will add another 32 work store units for investment purposes.
According to Mr. Munnich, right now, there are an equal number of inquiries from buyers of work store units and the number of developers that are looking at spaces to build them. This shows that a shift in market has taken place for this style of product.
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