Small office space in big demand in Adelaide
Small office space in big demand in Adelaide
Posted on Wednesday, July 25 2012 at 12:33 PM
The proposed Olympic Dam expansion is predicted to be a key driver of the Adelaide CBD market for the next 15 years if given the go ahead, according to Jones Lang La Salle.
Director of
research and consulting David Snoswell says demand for Adelaide CBD office
space could increase by 35 per cent.
“We forecast an
additional 75,000 square metres of office space demand as a direct result of
the Olympic Dam expansion,” he says.
“This is the
equivalent to three new office buildings being developed in a response to
increased demand from the Olympic Dam expansion project.”
Managing director
Jamie Guerra adds the project could also build confidence across the business
community, which would also help the state’s economy.
“The Olympic Dam
expansion will provide long-term benefits to the South Australian economy and
property sectors, significantly improving the state’s finances – help to fund
critical infrastructure and reducing reliance on property based taxes,” he
says.
“The expansion
gives the South Australian mining and resources sector a critical mass, which
may see new companies committing for the first time to South Australia, or
running additional business activities from South Australia.”
The project is
awaiting final board approval from BHP Billiton, with a decision expected
before the end of the year.
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