Record-low vacancy rates across the eastern seaboard have pushed office development activity to its highest level on record, with the number of cranes building new workplace accommodation jumping to 83 in the latest RLB Crane Index.
It’s remarkable that the steep downturn in highrise construction has not even started yet! Brisbane is the leading indicator for what is coming to the crane count and it will not be pretty:
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
