Acting Premier Jackie Trad has turned the first sod on a $170 million office tower in Fortitude Valley.

This latest development comes as a leading economist warns the commercial and residential market is over-saturated.

Kaydan Howison reports.

TRANSCRIPT

Another crane, another development.

Fortitude Valley is now home to the largest development boom in Brisbane’s history.

The latest is this Consolidated Properties project at 900 Ann St, the deputy premier getting her feet dirty turning the first sod.

Jackie Trad, Deputy Premier: “Having 1,700 workers in this building using facilities, restaurants in this location will mean an enormous amount to the local economy.”

It’s set to produce more than 1,300 local construction jobs in the next two years.

Once seen as unliveable, the Valley mirrors other rising suburbs such as West End.

But it comes at a cost, says a leading Queensland economist.

Lyndall Bryant, Property Economist: “So at the moment, we’re approaching saturation in the Brisbane apartment market. We’ve had a lot of supply come on and there’s a lot of questions as to where the demand is going to come from tenants in future years.”

While a ‘building boom’ is great for the long term, it’s perhaps a hindrance to local people within the area who are having their parking spots taken by tradies.”

But there are options.

Lyndall Bryant, Property Economist: “Things that can be done to deal with it could be times that construction trucks are allowed access and monitoring resident availability for car parks.”

Construction is expected to be finished in 2018.

Kaydan Howison, QUT News.