MCU14/0106 Appendix K - Commercial Needs Assessment

Sunshine Coast Commercial Office Space
FORECAST POPULATION AND EMPLOYMENT GROWTH TO 2031                                                                                                                                                                        TABLE 6.2
                                                                                                                                                                            Forecast                             Total Growth
                                                                                                             Unit                     2013              2016               2021           2026           2031    2013 - 2031

Sunshine Coast Population                                                                                    People              330,500            353,400            394,300         435,000       475,800          145,300
Proportion 15+                                                                                               %                        82%                82%                   82%         83%           84%
Population 15+                                                                                               %                   270,725            288,343            324,285         360,607       399,154          128,429
Participation Rate                                                                                           %                      62.8%              62.8%              62.8%          62.8%         62.8%
Labour Force                                                                                                 People              169,954            181,014            203,578         226,380       250,578            80,624
Jobs to Labour Force Ratio                                                                                   %                         0.71               0.71                 0.71        0.71           0.71
Total Jobs                                                                                                   Jobs                120,667            128,520            144,540         160,729       177,911            57,243
% White Collar (Commercial) - Core                                                                           %                      13.7%              13.8%              14.0%          14.2%         14.4%
White Collar Employment 1                                                                                    Jobs                  16,497             17,723             20,221         22,811         25,616            9,119
Floorspace per Job                                                                                           Sq.m                      13.9               13.9                 13.9        13.9           13.9
Estimated Office Floorspace                                                                                  Sq.m           229,021 m² 246,040 m² 280,719 m² 316,686 m² 355,618 m²                                126,597 m²
Noosa Civic Catchment Market Share of Sunshine Coast                                                         %                      11.3%              11.3%              11.3%          11.3%         11.3%
Demand Increase (5 yr intervals)                                                                             sq.m             22,589 m²            1,921 m²           3,915 m²         4,060 m²     4,395 m²
Assumed Vacancy Rate (%)                                                                                     %                                         12.3%              12.3%          12.3%         12.3%
Assumed Vacant Space                                                                                         sq.m                                     236 m²            481 m²          499 m²        541 m²
Demand (Cumulative) - including vacancy                                                                      sq.m             22,589 m²          24,746 m²          29,143 m²         33,702 m²    38,637 m²        16,048 m²
Current Floor Space Supply                                                                                   sq.m             22,589 m²
Net Additional Demand (Cumulative) - Noosa Civic Catchment Area                                              sq.m                     0 m²         2,157 m²           6,554 m²        11,113 m²    16,048 m²        16,048 m²
Noosa Civic @ 27% market Share                                                                               %                        27%                27%                   27%         27%           27%              27%
Net Additional Demand (Cumulative) - Noosa Civic                                                             sq.m                     0 m²            583 m²          1,769 m²         3,000 m²     4,333 m²         4,333 m²

Noosa Civic @ 50% market share                                                                               %                        50%                50%                   50%         50%           50%              50%
Net Additional Demand (Cumulative) - Noosa Civic Centre                                                      sq.m                     0 m²         1,079 m²           3,277 m²         5,556 m²     8,024 m²         8,024 m²

1. White co llar refers to white co llar wo rkers who demand co mmercial flo o rspace o nly. That is, teachers, altho ugh white co llar wo uld be excluded fro m this co unt
So urce : A B S; Demo graphy and P lanning, Office o f Eco no mic and Statistical Research, Queensland Treasury; SLA pro jectio ns (medium series); QIC ; Urbis




40     NOOSA CIVIC OFFICE FLOOR SPACE DEMAND ASSESSMENT
                                                                                                                                                                                                                                         URBIS
                                                                                                                                                                                       REP_251114_NOOSA CIVIC COMMERCIAL NEEDS ASSESSMENT FINAL