2 July 2024

Brisbane: not a big country town anymore

By Brad Marland and Emily Rogers

The inaugural State of the City Report, developed by Brisbane Economic Development Agency in partnership with Deloitte Access Economics, underscores Brisbane’s transformation into a powerhouse of economic growth. With a projected 68% increase in its economy over the next 20 years, Brisbane offers unparalleled opportunities for investment.[1] This thriving city is no longer just a big country town; it's a focal point for dynamic economic activity and expansion.

Hall & Wilcox’s strategic presence in Brisbane

Recognising Brisbane’s potential early on, Hall & Wilcox identified the city as a key growth area and opened its Brisbane office in 2016. This strategic move has paid off, with the office rapidly expanding to support the influx of clients operating in priority sectors in the region.

Driving forces behind Brisbane’s growth

Booming property and construction sector

The property and construction sector is forecast to grow by 41% over the next 10 years.[2] Brisbane’s reputation for relaxed culture, great weather and vibrant city life, in addition to hosting the 2032 Olympic and Paralympic Games, has seen many people flock to the Sunshine State’s capital city. So much so, Brisbane has the highest population growth rate of any comparable Asia-Pacific city, which is driving demand for both residential and commercial property.[3] With a high ‘in-office’ work culture and property absorption rate, commercial office space is in demand, particularly for mixed-use precincts both in and out of the inner-city.[4] The need for residential development continues to grow to ensure supply keeps up with demand, presenting a great opportunity for investment within the sector.

Thriving health ecosystem

The health ecosystem has a projected growth rate of 36% over the next ten years. Driving this growth is Brisbane’s close geographical position to the Asia-Pacific region. With an increasing need for health care in the region, Brisbane is positioned to develop and export ‘the health products and services of the future’.[5] The domestic opportunities in the health system are also plentiful, with globally ranked education and research facilities producing skilled professionals. This, coupled with innovative medical institutions, provides health businesses with the opportunity for commercialisation.[6] With the health sector contributing over $20 billion annually to Brisbane’s economy, the city boasts the highest growth rate of any health ecosystem in Australia.[7] By 2031, it’s expected to become the largest health ecosystem in the Southern Hemisphere, creating unparalleled opportunity for private sector investment.

The Hall & Wilcox story

Founded in Melbourne in 1914, Hall & Wilcox has grown into a leading independent Australian law firm. Over the past 17 years, we’ve expanded significantly, reflecting our continued success, and now have 1200 people, including 145 partners working in eight offices around Australia.

Since identifying Brisbane as a key market in 2016, our Brisbane office has grown exponentially. We now have nearly 140 talented professionals working in this office across insurance and commercial spaces, as well as corporate services, highlighting our strong performance and the economic opportunities in the region.

Our Brisbane team’s deep expertise and genuine interest in key sectors are vital as we continue to grow. Clients value the commercial awareness and personalised service we offer, making us a trusted partner in navigating Brisbane’s dynamic market.


[1] State of the City Report
[2] Page 37
[3] Page 38
[4] Page 37
[5] Page 31
[6] Page 31
[7] Page 33

Contact

Brad Marland

Brad is an experienced real estate partner specialising in commercial, industrial, retail, and residential property.