A new dining movement has emerged within south-east Queensland with time poor and dollar savvy diners seeking quick, hip and convenient settings with an array of cuisine choice.
According to Colliers International, increasingly time-poor, budget conscious and well-travelled generation Y and Z customers were seeking a unique taste experience and retailers were meeting these demands with an abundance of different dining options in the CBD, as well as in suburbs including Chermside and Mt Gravatt.
“These restaurants have what we call the ‘hipster care factor’,” Colliers International retail leasing associate director Luke McGrath said.
“That is, they specialise in what they’re doing and they do it very, very well.”
In Fortitude Valley, James Street has emerged as a popular precinct, becoming Brisbane’s ‘go-to’ destination for fashion retail, supported by food and beverage.
“Consequently, it’s this directive that makes it so sought after by food and beverage operators, keen on taking space in such an area that is not overcrowded with food,” Chesters Real Estate director Michael Platsis said.
James St Initiative creative director Marie-Louise Theile said restaurants and bars had always been an integral part of the James Street feel and brand.
“Of our 130 tenants, 20 are connected to hospitality. The offerings range from laneway restaurants and hidden bars to beautiful quality experiences providing a very high standard of food, wine and service.”
Inner-city convenience from supermarkets was also in high-demand from consumers.
“Food retailing in Queensland has been a consistent performer,” Mr McGrath said.
“There is currently limited supply of express and quality supermarket centres from the Brisbane CBD through to the northern suburbs.
“Given that the strong forecasts for population growth in the CBD are driven by new residential and student developments, along with ever-improving net interstate migration rates, it is no surprise that there now appears to be a gap in the market for supermarket offerings in the CBD and inner-city precincts.”
Mr McGrath said the city was home to just one Coles and a Woolworths and Aldi and IGA were currently both looking for CBD locations.
In what has been described as a challenging Brisbane leasing market, Mr McGrath said landlord flexibility was vital.
He said depending on the retail category and precinct, the market was mixed.
“On average, net face rents for prime high street retail tenancies sub 200 square metres at the March quarter 2018, range from $500 to $7000 per square metre, with incentives at 15 per cent,” he said.
“This has come back from $1500 to $7900 per square metre, which was achieved in 2017.
“Although leasing conditions remain challenging, landlords who are able to offer flexibility in their leasing terms, and or provide market incentives, are finding that their properties in CBD locations are being leased quickly.”