New gas and oil development in Darwin good for economic growth
The new Marine Supply Base in Darwin has officially opened, making the Northern Territory a huge internal hub for the oil and gas industry and highlighting the potential for investment in Darwin commercial property in the near future.
As the region continues to develop and grow, the benefits will flow down into the economy, causing a greater need for retail and services as people begin to flock towards the region. Chief minister Adam Giles said the world class facility will help cater to the growing resource demands of the world.
"Much of the focus in recent years has been on Darwin's ability to secure onshore gas processing work. But we also want to ensure that the Territory gets a slice of the work on offshore projects and has the logistics capability to support rapidly expanding onshore exploration activity," said Mr Giles in a 19 August statement.
The facility cost $110 million to establish and is expected to create a number of jobs and other business opportunities across the local region. Now could be the perfect time to consider investing in commercial real estate in the Northern Territory – ahead of future advances in the region's growth.