Logistics & Industrial Capital Markets 2024 Outlook Report

Population growth has increased sharply, led by overseas students Population growth will provide the backbone to economic growth in 2024, and in fact, if you strip out population growth, per capita GDP is declining. In the year to June 2023, Australia’s population grew by 624,100 people (2.4%), making it one of the fastest growing advanced countries.

Going forward, Australia is forecast to record one of the highest rates of population growth globally over the next decade at 1.5% per annum, while most major markets are forecast to see growth of less than 0.5% per annum. With most new migrants into the country initially residing in inner and middle ring apartments, it will help fuel the demand for infill warehouse space, which provides quick access to densely populated centres.

Figure 6. Australia Annual Population Growth, Historical & Forecast

0 100 200 300 400 500 600 700

2017

2021

2015

2013

2031

2018

2016

2019

2014

2027

2022

2025

2032

2023

2033

2028

2026

2029

2024

2020

2030

Source: Oxford Economics, Cushman & Wakefield

Figure 7. Global Population Growth Comparison, Historical & Forecast

1.3% 1.5%

-0.5% -0.3% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% 1.1%

Australia Canada Global Average

India

Hong Kong

United Kingdom

Singapore United States

France Germany

South Korea

Japan

Past 10-years 10-Year Forecast

Source: Oxford Economics, IMF, Cushman & Wakefield Research

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