Brisbane CBD Office Figures Q1 2024

Key Points:

• The leasing market remains healthy, particularly amongst larger tenants given the impending tightening of the market.
• Only the refurbishment of the Christie Centre is due to be delivered in 2024.
• Prime vacancy is expected to tighten below 8% in 2024 as the market continues to tighten.
• Prime effective rental growth in Brisbane is leading the country as the market continues to tighten and landlords are able to raise rents.
• Transaction activity continues to be subdued, off the back of a slow 2023. There is likely to be at least one interest rate cut by the end of 2024, which should improve sentiment.
• Office prime yields softened 6bps q-o-q to 6.39%