2026-04-23-莱坊-Brisbane_CBD_Office_State_of_the_Market_Q1_2026_2页_922kb

Brisbane CBD State of the Market Summary

Core Content

The Brisbane CBD office market in Q1 2026 is characterized by a mix of stability and underlying pressures due to global uncertainty. Despite this, demand remains concentrated in existing prime assets due to a shortage of new or refreshed supply.

Key Market Indicators

Prime Market

• Gross Face Rent: Increased by 7.1% annually, a slightly slower growth rate compared to the previous year but still above the 10-year average of 4.3%.
• Gross Incentive: Decreased by 25 bps to 37.5%, reflecting a trend of tighter incentives.
• Gross Effective Rent: Rose by 8.8% annually to $683/sqm, continuing to outperform the market.
• Median Yield: Remained stable at 7.25%, with the outlook indicating diverging forces at play.

Secondary Market

• Gross Face Rent: Grew by 4.4% annually to $809/sqm, with a slower growth rate than the prime market.
• Gross Incentive: Dropped by 50 bps to 39.0%, with most secondary deals involving new or existing fitout.
• Gross Effective Rent: Increased by 5.2% annually to $493/sqm, with a positive outlook for continued growth.
• Median Yield: Stable at 8.50%, with on-market vendors showing commitment to sell.

Vacancy Rates

• Premium Grade: Vacancy rate at 8.2%, recently increased due to backfill space.
• A Grade: Vacancy rate at 10.7%, also recently higher due to backfill space.
• 360 Queen St: Completed in late 2025, with only two, part-floor vacancies, pushing tenants back to prime assets.

Recent Transactions

• 26 Wharf St: Sold for $21.00m at $7,104/sqm, with a yield of 6.76%.
• 60 Albert St: Sold for $179.00m (settlement in March 2026), at $8,468/sqm, with a yield of 7.58%.
• 545 Queen St: Sold for $77.57m (gross price $86.5m) at $5,803/sqm, with a yield of 7.97%.
• 126 Margaret St: Sold for $27.43m at $4,948/sqm, with a yield of 8.47%.

Major Developments

Main Points

• Rent Growth: Prime rents grew 7.1% annually, while secondary rents grew 4.4%.
• Incentive Reduction: Incentives fell in both prime and secondary markets, with prime incentives dropping 25 bps to 37.5% and secondary incentives falling 50 bps to 39.0%.
• Vacancy Trends: Premium and A-grade vacancy rates are 8.2% and 10.7%, respectively, with a lack of new supply concentrating demand into existing assets.
• Yield Stability: Median yields for both prime and secondary markets remained stable, with the prime market slightly outperforming the secondary market.
• Recent Sales: Notable transactions included $21.00m for 26 Wharf St, $179.00m for 60 Albert St, and $77.57m for 545 Queen St.
• Supply Outlook: There is a drought of new or refreshed product, with major developments expected to be completed in H1 2027 to 2031.

Conclusion

The Brisbane CBD office market in Q1 2026 shows resilience amid global uncertainty. Prime assets continue to command higher rents and yields, while secondary assets face pressure from reduced incentives and limited new supply. The market is expected to see more development activity in the coming years, which may help alleviate supply constraints.