Overview
We’ve been helping our clients with their commercial property needs in Brisbane for many years. With a population of over 2.8 million, Brisbane is a key centre for mining and energy industries.
Looking to the future, the city will undergo significant changes with the 2032 Summer Olympics. The event will bring improvements to infrastructure, including transport and sports facilities, and is expected to attract investment and create new business opportunities.
Brisbane – Office
Brisbane’s CBD office market showed strong performance in Q4 2024, with vacancy rates falling to 9.8%, the lowest among major Australian cities. This represents a significant improvement from the peak of 15.5% in 2021.
Net absorption was positive, with 16,300 sqm of space taken up in Q4, driven by demand from large tenants across various industries. Prime net effective rents increased by approx. 12% year-on-year, reflecting a high demand in leasing activity and limited new supply, as no new office developments were completed in 2024.
Overall, the Brisbane CBD office market remains tight and is likely to tighen over the course of 2025.
Brisbane – Industrial
Brisbane's industrial market saw a rise in vacancy rates to 4.3% in Q4 2024, driven by new speculative supply, with 89,900 sqm of new space completed. Leasing activity remained steady, with 77,100 sqm leased during the quarter, below the 10-year average.
Demand remained stable, particularly from the retail sector, with Bunnings securing the largest deal of the quarter by pre-leasing a 27,100 sqm warehouse. Incentives played a key role in lease negotiations, keeping rental growth subdued. Prime net rents in the southside ranged from $155–160/sqm for larger spaces.
Looking ahead, continued speculative supply in 2025 may increase vacancy rates, but potential interest rate cuts could support demand, especially from logistics and warehousing sectors.
Brisbane – Retail
Brisbane's retail property market showed steady growth in late 2024, supported by consistent consumer spending and moderate performance across various sectors. Retail sales in Queensland rose by 3.1% year-on-year in December, with the food and beverage category leading the growth.
Around 15,000 sqm of new retail space was delivered during the quarter, primarily in large format retail centres. The Brisbane CBD retail market also showed signs of improvement, with vacancy rates tightening—Queensland’s leading retail precincts, such as Queen Street Mall, recorded a vacancy rate of 5.2%.
