MCU14/0106 & OPW15/0001 Appendix C - Commercial Office Response

kept the floorspace ratio of 13.9 sq.m per job, which was determined by the Urbis Land Use Survey
conducted in 2014.

The results of this analysis are outlined in Table 8.2 overleaf with the key points discussed below:

    Based on the assumptions outlined above, the increase in the total number of white collar jobs in the
     study area increases by around 32,540 jobs between 2013 and 2031 compared to the previous
     figure.

    Using the same market shares as the initial Commercial Needs Report (27% and 50%) these
     additional jobs result in the demand for additional commercial office floorspace at Noosa Civic
     increasing to approximately 5,450 sq.m and 10,090 sq.m respectively.

    Compared to the initial Commercial Needs Report, this represents an increase in the demand for
     commercial office space of around 1,110 sq.m (using the 27% market share) and 2,060 sq.m (using
     the 50% market share) over the 18 year period to 2031. This equates to an additional 60 to 114 sq.m
     per year.

As a further indication of demand for commercial office space in the Noosa region, discussions with
Sunshine Coast real estate agents indicates that there has been some enquiry from medical businesses
such as chiropractors, physiotherapists etc. These prospective tenants have mainly been requesting
office/medical space in other established areas such as Noosaville and Noosa Junction. These areas
present a more appropriate location for these medical/health related tenants as they already have a
considerable number of similar tenants in the area. Given the proximity of Noosa Civic to Centrelink, the
demand for commercial office space was mostly driven by employment service businesses.

Local office market intelligence provided by real estate agents indicates that the Noosa office market
struggles to attract tenants of significant scale. By way of example, the “Marquesas on Peregian”
commercial office development located at 247-253 David Low Way has taken 6 years to reach a 90%
take up. The most likely market appears to be for small tenancies of 60 sq.m to 80 sq.m in small scale
developments of 1,000 sq.m to 1,500 sq.m.




4   OFFICE DEMAND
                                                                                                                      URBIS
                                                                              NOOSA CIVIC - OFFICE REPORT - 6 MAY 2015.DOCX