Population growth fuels Geelong’s transformation into a regional hub for innovation

Strong projected population growth has put Geelong on track to become a leading regional centre for innovation and development, new CBRE research shows.

The CBRE report forecasts Geelong’s population will grow by an additional 86,500 people by 2034. This is expected to drive demand for commercial infrastructure across various sectors including retail, office developments and industrial facilities and essential services including transport, healthcare and education to meet the needs of residents and businesses.

The release of the report coincides with CBRE opening a Geelong office and the property services firm’s expansion into regional Victoria.

CBRE’s Head of Retail and Alternatives Research, Kate Bailey noted the influx of new residents would mostly be people moving from larger cities with a significant portion aged in their late 20s to early 40s.

“CBRE estimates Geelong’s population will reach 301,443 in 2024, with further growth anticipated to 387,961 by 2034, outpacing Melbourne and wider regional Victoria,” Ms Bailey said.

“The millennial demographic is expected to represent a substantial portion of Geelong’s population growth which will boost the region’s workforce and see an evolution of the city’s economic landscape to include new industries, like health care, construction and innovation,” she added.

While Geelong is known for its strong manufacturing history, primarily automotive and textiles, the report noted in 2022 – 2023 the health care and social assistance sector emerged as Geelong’s most productive industry, generating $2,605 million.

The construction industry is the region's second-largest economic contributor, with growth driven by new residential and commercial projects launched to address housing needs and meet infrastructure demands.

CBRE’s Executive Managing Director – Victoria, Jarrod Frazer noted that Geelong’s population growth and the economic strength of the city, Victoria’s second largest, made it the ideal location for the firm’s newest office.

“Geelong's economic growth has outpaced both Victoria and Australia over the past five years. We see great potential in Geelong and the wider region, and we are focused on supporting its growth and innovation with our team of local professionals who are backed by our national and global expertise and resources,” Mr Frazer said.