Retailers were also in the hunt for prime locations and office rents were expected to climb significantly in the coming years.

According to Colliers retail leasing executive Ishbel Jones, competition is already heating up among retailers.

“Brisbane is now on the radar for many new entrants to the market, both from national and international retailers. Inquiry is therefore gaining momentum well ahead of the Olympics as retailers look to ensure they secure sought after prime locations,’’ Jones said.

Colliers has picked South Bank, Woolloongabba, Northshore Hamilton and Roma St/north quarter CBD as “precincts of gold’’ and tipped that there would be “tremendous regeneration and accelerated growth as a consequence of these Games’’.

Office rentals were likely to climb much higher with increases of more than 30 per cent on current office rentals expected.

“If we take the London impact as an example, the Brisbane Olympics could have a similar effect to the existing inner south office precinct which covers the South Bank and South Brisbane area and the North Quarter precinct of the CBD,’’ the Colliers report said.

“Prime gross face rents which are currently averaging $595 per sqm p.a. (as at Q2 2022), could record a lift from Colliers’ projected average of $700 per sqm to just under $800 per sqm by 2032.

“Similarly, office rents in the North Quarter of the CBD precinct, which were an average of $706 per sqm p.a. for Q2 2022, could reach an average of $865 per sqm instead of $845 per sqm by 2032, due to the impact of the Olympics.’’

Colliers has also tipped a “tired and dated’’ Stones Corner, near the Woolloongabba focal point of the Games, as an area for retailers.

The retailers are expected to follow residential buyers in an area that would be boosted by the Cross River Rail and Brisbane Metro.

“The investment into this area will help start the next wave of renewal for Woolloongabba through expanding the existing health and employment functions and the provision of a variety of housing and recreational opportunities,’’ the report said.

Northshore Hamilton would benefit from brownfield redevelopment to higher value industrial development as well as residential uplift.

It said the Portside retail could be repositioned to cater for the growth in workers and residential.

The report said a development scheme had identified that the ultimate development capacity for the priority development area is projected to be up to 14,300 dwellings, 820,000 sq/m of commercial, retail and industrial floor space supporting 25,500 jobs and significant open space.

Roma St/North Quarter was an area that was primed for redevelopment with lower quality, secondary office assets targeted.

Griffith University had already signed up for a 55-storey office tower which was likely to attract further education and supporting businesses to the area.