CITY SITS IN A GOOD SPACE FOR REBOUND
As Mark Witheriff, with Tania Moore, returns to the CBRE fold after six years at Knight Frank. He outlines his belief in the Gold Coast’s strong fundamentals
THE Gold Coast economy took a big hit during the Global Financial Crisis but one of the Coast’s leading commercial property figures says the city is in a better position now to withstand a downturn.
Mark Witheriff made the comments as he discussed the move he has made – together with Tania Moore – to rejoin CBRE following a six-year stint at Knight Frank.
Mr Witheriff, who spent 27 years at CBRE prior to joining Knight Frank in 2014, and Ms Moore have joined their former office as managing director and senior director of office leasing respectively.
The pair bring a wealth of experience to the table.
Mr Witheriff has negotiated some of the Glitter Strip’s biggest deals, including the recent sale of Mariner’s Cove for $28 million.
Ms Moore has negotiated some of the city’s biggest office leases.
Mr Witheriff said the property sector was being challenged but that did not necessarily mean a return to the dark days of the GFC.
“This market will be challenging going forward,” he said.
“Borders have been locked down, tourism numbers are down.
“But the fundamentals … are strong and I think we will be able to fall back on that.
“If there is a downturn (that) occurs after this, the difference of the city this time around (compared to the GFC) is the city has not got carried away with itself.
“There aren’t significant projects with massive debt.
“There’s none of the Oracles, the Souls of the past cycle.”
Mr Witheriff praised the Gold Coast City Council for leading a diversification of industry on the Coast, including in the health and education sectors.
“I think what we will start seeing going forward is our tourism base will change,” he said.
“We will start seeing the benefits from the Commonwealth Games because we will start seeing sport tourism.
“So while we won’t be able to grab that international-based tourism, we will start seeing different styles of tourism that will be domestic and it won’t just be mum and dad.
“It will be event driven.” CBRE’s senior managing director Queensland, Bruce Baker, said Mr Witheriff and Ms Moore were recognised as industry leaders on the Gold Coast.
He said their return after a stint at Knight Frank would drive the continued growth of CBRE’s Gold Coast business.
David Corke, who has led CBRE’s Gold Coast office in recent times as director-in-charge, will continue to play a senior role in the growth of the agency.
“As one of Australia’s fastestgrowing regions, the Gold Coast is a key area of focus for CBRE,” Mr Baker said.
“Mark and Tania are highly regarded by our clients and they have an enviable track record and reputation in the Gold Coast market.
“We’re delighted that they have rejoined CBRE to drive the ongoing growth and success of our Gold Coast business.”