MCU14/0106 Appendix K - Commercial Needs Assessment

Core Commercial Office Floorspace Estimation by Centre
NOOSA CIVIC CATCHMENT AREA, JULY 2014                                                                                                       TABLE 4.3
                                                       Occupied                  Vacant           Total Office Space             Vacancy Rate
                                                         GLA                      GLA                    GLA                         GLA
Noosa                                                   (Sq.m)                   (Sq.m)                 (Sq.m)                       (%)
                 1
Noosa Civic                                                3,106                      816                   3,922                     20.8%
Noosa Junction                                             3,790                   1,139                    4,929                     23.1%
Noosa Outlook Centre                                           80                        0                      80                      0.0%
Noosaville                                                 4,125                      390                   4,515                       8.6%
Quamby Place                                                 700                         0                    700                       0.0%
Sunshine Beach                                                 20                        0                      20                      0.0%
Tewantin                                                   6,010                      260                   6,270                       4.1%
Total Noosa                                              17,831                    2,605                  20,436                       12.7%
Other Precincts
Coolum                                                       991                         0                    991                       0.0%
Cooran                                                         45                        0                      45                      0.0%
Cooroy                                                     2,289                        80                  2,369                       3.4%
Eumundi                                                      413                      108                     521                     20.7%
Peregian                                                     894                      360                   1,254                     28.7%
Pomona                                                       126                      110                     236                     46.6%
Total Other                                                4,758                      658                   5,416                      12.1%
                                                  2
Total - Noosa Civic Catchment Area                       22,589                    3,263                  25,852                       12.6%
1. Octo ber 2014 Data - co nsists o f M ach Techo no lo gy, Emplo yment Services QLD, A nglicare Sth QLD, Campbell P age, CentreLink,
M cCallum Jenkins Lawyers, Sunshine Co ast Newspaper, No o sa B o ardro o m, Dept o f Ho using and P ublic Wo rks, Stellar Co nveyancing,
NA B A dministratio n and P iper Digital M arketing
2. So me to tals may no t equal the sum o f their parts due to ro unding.
So urce: QIC ; Urbis Land Use Survey July 2014


The key points to note in relation to the supply of office floor space in the Noosa Civic catchment area are
as follows:

    The total core commercial office floor space within the total Noosa Civic catchment area is estimated
     to be approximately 25,850 sq.m. This figure contains around 3,260 sq.m of vacant floorspace, which
     represents a vacancy rate of around 12.6%. This vacancy rate is around the same as the PCA
     estimate for the major office markets of Maroochydore and Kawana of 12.3% and reflects a similar
     balance between office space demand and supply to the major Sunshine Coast markets.

    The quantum of core commercial office space that is currently at Noosa Civic has been provided by
     QIC and is outlined in Appendix B. As of October 2014, there was around 3,920 sq.m of core
     commercial office space at Noosa Civic, including 816 sq.m of vacant floorspace. This represents a
     vacancy rate of approximately 20.8%.

    Including vacancies, Noosa Civic accounts for around 15% of the total quantum of core commercial
     office space in the Noosa Civic catchment area.

    Outside of Noosa Civic, core commercial office floorspace is located within the Noosa Junction,
     Noosaville and Tewantin Business Centres. Of these, Noosa Junction has the highest vacancy rate
     (23.1%)

4.1.4        OTHER SUNSHINE COAST OFFICE LOCATIONS
To account for office floor space across smaller locations in the Sunshine Coast including Mooloolaba,
Landsborough and Beerwah, an estimate of 5,000 sq.m has been included in the overall regional supply
of office space. This is based on site inspections and aerial and street level photography.




20    COMMERCIAL OFFICE SUPPLY ANALYSIS
                                                                                                                                               URBIS
                                                                                             REP_251114_NOOSA CIVIC COMMERCIAL NEEDS ASSESSMENT FINAL