> **来源：[研报客](https://pc.yanbaoke.cn)** # Brisbane CBD State of the Market Sales lift in Q4 as tenant demand and rental growth remain firm Q4 2025 - Prime gross face rents grew $6.7\%$ in 2025 with the speed of growth moderating from earlier highs but still above the 10-year average of $4.2\%$ . Average prime incentives fell 15 bps in the quarter to sit at $37.75\%$ . Secondary rents grew $5.1\%$ in 2025, with modest quarterly uptick of $0.6\%$ . Incentives were stable $\mathrm{q / q}$ at $39.5\%$ . - With 360 Queen St now complete, the vacancy has increased slightly, particularly in the prime markets, but this is expected to work through quickly. With only one refurbishment underway for 2027 and a new building in 2028 there remains a drought of new product in the interim, concentrating demand into existing assets. - Prime and secondary yields were stable in Q4. Almost three-quarters of the total CY2025 transactions were in Q4, reflecting the lift in purchaser engagement and competition in late 2025. This pointed to a tightening bias for yields, however the changing interest rate environment has since limited that influence into 2026. Brisbane CBD prime rents and incentives $\mathbb{S} / \mathbb{sqm}$ gross rent (LHS), % incentive (RHS) Brisbane CBD Secondary rents and incentives \$sqm gross rent (LHS), % incentive (RHS) Brisbane CBD Vacancy Rate by Grade % vacancy rate Brisbane CBD Prime Yield Range Core market yield range & median (3-5 year WALE) <table><tr><td>Brisbane CBD</td><td>Q4-25</td><td></td><td>Qtr Change</td><td>Six Mth Change</td><td>Annual Change</td><td>Outlook</td></tr><tr><td>Prime</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross Face Rent</td><td>$1,076</td><td>▲</td><td>+0.9%</td><td>+2.7%</td><td>+6.7%</td><td>Premium rents moving faster than A</td></tr><tr><td>Gross Incentive</td><td>37.8%</td><td>▼</td><td>-15bps</td><td>-75bps</td><td>-100bps</td><td>Slow but steady erosion of incentives</td></tr><tr><td>Gross Effective Rent</td><td>$670</td><td>▲</td><td>+1.2%</td><td>+3.9%</td><td>+8.5%</td><td>Expected to continue to grow</td></tr><tr><td>Median Yield</td><td>7.25%</td><td>●</td><td>Stable</td><td>Stable</td><td>Stable</td><td>Broadening pool of buyers emerging</td></tr><tr><td>Secondary</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross Face Rent</td><td>$799</td><td>▲</td><td>+0.6%</td><td>+1.9%</td><td>+5.1%</td><td>Rents lifting; keep relativity to prime</td></tr><tr><td>Gross Incentive</td><td>39.5%</td><td>●</td><td>Stable</td><td>Stable</td><td>-25bps</td><td>Enough options to keep competition</td></tr><tr><td>Gross Effective Rent</td><td>$483</td><td>▲</td><td>+0.6%</td><td>+1.9%</td><td>+5.6%</td><td>Will continue to lift; fitout is important</td></tr><tr><td>Median Yield</td><td>8.50%</td><td>●</td><td>Stable</td><td>Stable</td><td>Stable</td><td>Private buyers facing competition</td></tr></table> Brisbane CBD Office Transactions $million by purchaser location, sales $10m+ Source: Knight Frank Research Brisbane CBD Historical & Future Supply Source:Knight Frank Research, PCA Recent Tenant Commitments <table><tr><td>Tenant</td><td>Property</td><td>Precinct</td><td>Lease type</td><td>Size (sqm)</td><td>Gross face rent ($/sqm)</td><td>Incentive (%)</td><td>Term (yrs)</td><td>Start date</td></tr><tr><td>SAP</td><td>140 Creek St</td><td>Uptown</td><td>Renewal</td><td>2,304</td><td>950</td><td>35-40</td><td>5</td><td>Jan-26</td></tr><tr><td>Yoco Consulting</td><td>70 Eagle St</td><td>Financial</td><td>Existing</td><td>2,283</td><td>980</td><td>35-40</td><td>10</td><td>Jun-26</td></tr><tr><td>Bar Association Qld</td><td>300 George St</td><td>Nth Quarter</td><td>Existing</td><td>1,363</td><td>1,000</td><td>35-40</td><td>10</td><td>Jan-27</td></tr><tr><td>Superloop</td><td>179 Turbot St</td><td>Nth Quarter</td><td>Existing</td><td>1,243</td><td>795</td><td>25-30</td><td>8</td><td>Jul-26</td></tr></table> Recent Sales <table><tr><td>Property</td><td>Price ($m)</td><td>NLA (sqm)</td><td>$/sqm</td><td>Yield (%)</td><td>WALE</td><td>Purchaser</td><td>Vendor</td><td>Sale date</td></tr><tr><td>545 Queen St</td><td>86.5</td><td>13,367</td><td>6,471</td><td>8.07</td><td>2.3</td><td>CorVal</td><td>Cromwell Direct Property Fund</td><td>Dec-25</td></tr><tr><td>60 Albert St</td><td>208.00</td><td>21,574</td><td>9,641</td><td>c7.5</td><td>6.5</td><td>Ashe Morgan</td><td>Dexus Wholesale Property Fund</td><td>Nov-25</td></tr><tr><td>345 Queen St (50%)</td><td>222.50</td><td>40,446</td><td>11,002</td><td>c6.75</td><td>4.7</td><td>Aravest</td><td>ISPT</td><td>Nov-25</td></tr></table> Major Developments <table><tr><td>Property</td><td>Precinct</td><td>NLA (sqm)</td><td>Pre-commit (%)</td><td>Status</td><td>Completion date</td></tr><tr><td>70 Eagle St (refurbishment)</td><td>Financial</td><td>11,102</td><td>75</td><td>Complete</td><td>Sept-25</td></tr><tr><td>360 Queen St</td><td>Financial</td><td>45,430</td><td>95</td><td>Complete</td><td>Dec-25</td></tr><tr><td>450 Queen St (core & shell refurbishment)</td><td>Financial</td><td>17,265</td><td>-</td><td>Under Construction</td><td>H1 2027</td></tr><tr><td>Waterfront North</td><td>Financial</td><td>c70,000</td><td>52</td><td>Under Construction</td><td>H2 2028</td></tr><tr><td>101 Albert St</td><td>Midtown</td><td>47,918</td><td>-</td><td>Development Approval</td><td>2030</td></tr></table> Office Leasing Mark McCann +61732468853 Mark.mccann@au.knightfrank.com Capital Markets Justin Bond +61732468872 Justin.bond@au.knightfrank.com Capital Markets Matt Barker +61732468810 Matthew.barker@au.knightfrank.com Valuations & Advisory Peter Zischke +61731936811 Peter.Zischke@qld.knightfrankval.com Capital Markets Blake Goddard +61732468848 Blake.goddard@au.knightfrank.com Research & Consulting Jennelle Wilson +61732468830 Jennelle.wilson@au.knightfrank.com