DON’T MISS FANTASTIC OPPORTUNITY

THE Gold Coast is a fantastic, liveable city, but it lacks one key element necessary to propel it into a “golden age”.

A major corporate sector. A strong corporate presence drives jobs and demand for highend professional services. It gives future leaders another reason to stay, improves the quality of the education sector and fuels a more mature construction sector.

The Gold Coast construction sector is driven by residentialand tourism-related development. Local builders are small-to-medium in scale and understand how quickly the tap can turn off in the city.

This will remain unless the city’s economic base matures by attracting a more significant corporate presence, driving regular commercial development for builders and changing external perceptions.

The recent shift to cloud computing, roll out of the NBN, fundamental shift towards a casualisation of workplaces and remote working, $300 million upgrade to Gold Coast Airport, proximity to Melbourne and Sydney and new transport infrastructure are all attributes conducive to attracting a more sizeable corporate presence.

However, the cost-of-living disparity in relation to Sydney and Melbourne may be the biggest drawcard. The chief economist of the REA Group recently noted the No.1 Australian location searched by Sydney residents was the Gold Coast.

Three years ago I noticed large national and international corporates focused on cutting costs by reducing headcount and capital city floor space. This was the opportunity for an approach by forward-thinking civic leadership to attempt to lure one or two to open an office on the Gold Coast.

Even if the city had to underwrite rent in exchange for a minimum five-year lease and 300 FTE headcount, it would be worth it. If one big name came, the lifestyle and cost-of-living benefits for staff and reduced long-term occupancy costs for businesses would be noticed.

I’d love to see the city channel inspiration from coastal cities such as San Francisco and Oslo which enjoy a thriving corporate sector, unique culture and large tourism sector.

To not prioritise building out the top end of the city’s corporate sector to instead focus on more tourism, will see the Gold Coast miss a fantastic opportunity to fulfil its true potential and come of age.