2026-02-18-莱坊-Brisbane_CBD_Office_State_of_the_Market_Q4_2025_2页_892kb

Brisbane CBD State of the Market Summary (Q4 2025)

Core Content Overview

The Brisbane CBD office market has shown resilience and continued growth in Q4 2025, driven by strong tenant demand and stable rental growth. Despite some increases in vacancy rates following the completion of major developments, the market remains tight with limited new supply expected until 2028. The yield and incentive trends have been influenced by the evolving interest rate environment, with a notable shift in buyer dynamics.

Key Market Trends

Rents and Incentives

• Prime Gross Face Rents increased by 6.7% in 2025, with a moderate quarterly growth of 0.9%. The growth rate has slowed from earlier peaks but remains above the 10-year average of 4.2%.
• Prime Gross Incentives fell by 15 bps in Q4 to 37.75%, continuing a slow but steady erosion of incentives.
• Prime Gross Effective Rents rose by 1.2% in Q4, with a year-on-year increase of 8.5%, and are expected to continue growing.
• Secondary Gross Face Rents grew by 5.1% in 2025, with a modest quarterly increase of 0.6%.
• Secondary Gross Incentives remained stable at 39.5%, providing enough options to sustain competition.
• Secondary Gross Effective Rents increased by 5.6% in 2025, with a quarterly rise of 0.6%.
• Median Yields for both prime and secondary markets remained stable in Q4, but the concentration of demand into existing assets has created a tightening bias for yields.

Vacancy Rates

• The vacancy rate increased slightly in Q4, particularly in the prime markets, due to the completion of 360 Queen St.
• However, this increase is expected to be short-lived, as the market continues to show strong demand.
• The vacancy rate by grade indicates a slight uptick in prime sectors, while secondary markets remain relatively stable.

Transaction Activity

• Almost three-quarters of the total CY2025 transactions occurred in Q4, reflecting heightened purchaser engagement and competition.
• This trend suggests a tightening bias for yields, although the interest rate environment has limited this effect into 2026.

Recent Tenant Commitments

Tenant	Property	Precinct	Lease Type	Size (sqm)	Gross Face Rent ($/sqm)	Incentive (%)	Term (yrs)	Start Date
SAP	140 Creek St	Uptown	Renewal	2,304	950	35-40	5	Jan-26
Yoco Consulting	70 Eagle St	Financial	Existing	2,283	980	35-40	10	Jun-26
Bar Association Qld	300 George St	Nth Quarter	Existing	1,363	1,000	35-40	10	Jan-27
Superloop	179 Turbot St	Nth Quarter	Existing	1,243	795	25-30	8	Jul-26

Recent Sales

Property	Price ($m)	NLA (sqm)	$/sqm	Yield (%)	WALE	Purchaser	Vendor	Sale Date
545 Queen St	86.5	13,367	6,471	8.07	2.3	CorVal	Cromwell Direct Property Fund	Dec-25
60 Albert St	208.00	21,574	9,641	c7.5	6.5	Ashe Morgan	Dexus Wholesale Property Fund	Nov-25
345 Queen St (50%)	222.50	40,446	11,002	c6.75	4.7	Aravest	ISPT	Nov-25

Major Developments

Property	Precinct	NLA (sqm)	Pre-commit (%)	Status	Completion Date
70 Eagle St (refurbishment)	Financial	11,102	75	Complete	Sept-25
360 Queen St	Financial	45,430	95	Complete	Dec-25
450 Queen St (core & shell refurbishment)	Financial	17,265	-	Under Construction	H1 2027
Waterfront North	Financial	c70,000	52	Under Construction	H2 2028
101 Albert St	Midtown	47,918	-	Development Approval	2030

Contact Information

• Office Leasing: Mark McCann, +61732468853, Mark.mccann@au.knightfrank.com
• Capital Markets: Justin Bond (+61732468872), Matt Barker (+61732468810)
• Valuations & Advisory: Peter Zischke, +61731936811, Peter.Zischke@qld.knightfrankval.com
• Research & Consulting: Jennelle Wilson, +61732468830, Jennelle.wilson@au.knightfrank.com