According to GlobalData, the value of Australia construction market is forecast to decline by 2.7% in real terms in 2024, having decreased by 0.4% in 2023. A key growth market will be the infrastructure market, with output rising by 3.8% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the top five commercial and leisure construction projects that commenced in Australia in Q3 2024, according to GlobalData’s construction projects database.
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1. 600 Collins Street Office Tower
The project involves the construction of a 180m high, 60,000m2 premium-grade office tower on 0.24ha of land in Melbourne, Victoria.
Construction work started in Q3 2024 and is expected to be completed in Q2 2026.
In December 2020, Hines acquired a development site in the heart of Melbourne’s CBD for $156 million with plans for a $761 million office tower development. The site was previously held by Chinese-backed developer Landream who had planned to develop a 54-story luxury apartment with 420 apartments and a hotel tower.
2. MEL1 Data Center Expansion
The project involves the construction of a data center with a capacity of 100MW on 8.8ha of land at 176 Swann Drive in Derrimut, Victoria.
Construction work commenced in Q3 2024 and is expected to finish in Q1 2026.
3. Canberra Office Complex
The project involves the construction of a 14,000m2, seven-story office complex on 0.27ha of land in Canberra, Australian Capital Territory.
Construction work started in Q3 2024 and is forecast to complete in Q4 2026.
The project aims to provide high-quality, centrally located office accommodation to meet the city’s growing needs and achieve high sustainability, including rooftop solar, no gas, a 100 percent electric operation, and hybrid timber construction. Buy the profile here.
4. Australian Tax Office Headquarters
The project involves the construction of a 33,000m2, six-story office complex on 1.15ha of land in Canberra, Australian Capital Territory.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2025.
The project aims to construct the new Canberra headquarters for the Australian Tax Office (ATO).
5. South Yarra Mixed-Use Complex
The project involves the construction of an 11-story mixed-use complex on 0.09ha of land in Melbourne, Victoria.
Construction work started in Q3 2024 and is expected to be completed in Q3 2025.
The aim of the project is to provide better mixed-use facilities in the region.
For more details on the latest construction projects, buy the profiles here.
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