Adelaide’s booming economy sees increased demand for metropolitan developments

Adelaide is on the cusp of a multi-billion transformation by 2050 that will have a profound effect on the SA economy and transform the way we live.

All images: Supplied by JLL from 60th anniversary

Adelaide is on the cusp of a multi-billion transformation by 2050 that will have a profound effect on the South Australian economy and transform the way we live, according to JLL’s SA Managing Director, Ben Parkinson.

Speaking at the 60th anniversary of the opening of JLL’s Adelaide office, Mr Parkinson said a massive investment flow is coming to South Australia that will create a high-tech future for Adelaide and tens of thousands of new jobs.

JLL (or Jones Lang Wootton as it was known) opened its office in Adelaide in 1962 with 3 staff in a city of 600,000 people. JLL has now expanded to 150 staff.

By 2050 the Adelaide population is forecast to reach 2.3 million.

To cater for this growth Greater Adelaide will require:

  • 390,000 sqm of commercial office space
  • 2.28 million sqm of industrial space
  • 212,500 new homes

Mr Parkinson said JLL has been promoting the potential of Adelaide as an investment destination to take advantage of the sectors of technology, defence, cybersecurity and pharmaceutical and biomedical.

JLL Adelaide’s founding Managing Director, Pip Comport, who opened the office in 1962

JLL has been engaged in a global hunt to find a corporate anchor for Trinity City that will become a hub of machine learning and cybersecurity technology to complement the city’s bio-medical precinct.

“The transformation of the South Australian economy, from manufacturing in the 20th century to a high-tech community is clearly on track,” Mr Parkinson said. “Reconfigured former landmark factories such as Mitsubishi at Tonsley is a high tech, high-value manufacturing hub while the former Holden factory which ceased vehicle production in 2017 has been redeveloped by Pelligra providing a business park for the north.”

He said the development of the former Royal Adelaide Hospital at Lot 14 and the opening of the Australian Space Agency coupled with firms like EY, Accenture, PWC expanding their technology-based support functions signaled the future for Adelaide.

“To meet the challenges into the future, we will work with the public and private sector to produce buildings of the future that will fundamentally change the nature of work and many aspects of how we live.

“We have over 120,000sqm of office space being built in the Adelaide CBD and we are seeing tenants gravitate to the modern space, which will continue particularly as the journey to Net Carbon Zero evolves.  This will present a challenge to building owners who will need to refurbish their buildings in order to attract the tenants (and staff) of the future,” Mr Parkinson said.

Speaking at the 60th-anniversary event, Chief Executive Officer of JLL Australia, Dan Kernaghan, said, “Adelaide’s rapid growth is propelling it onto the international stage as an emerging world city. The expansion of the defence, health and technology sectors is having a big impact on the commercial office market.

“Over the past two years, we have seen enquiry for office space from the computing and technology sector grow exponentially, adding the tech sector as an important demand-driver of the Adelaide office market alongside the health and biomedical sectors,” said Mr Kernaghan. 

JLL currently look after development areas such as Marina Pier, Unley Shopping Centre and Northpark Shopping Centre.

For more information on JLL and its upcoming projects, visit the website.

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