Brisbane CBD Office Figures Q4 2023

February 1, 2024 6 Minute Read

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  • Leasing activity centred around Government moves in 2023, with some softening in demand from smaller tenants
  • The supply situation remains positive in Brisbane, with no major new supply expected until early 2025
  • Vacancy remained relatively stable in H2 2023, although there was a big improvement in prime grade vacancy as the Government upgraded space.
  • Effective rental growth in the CBD has been the strongest in Australia in 2023 as the tightening vacancy provides landlords with more leverage.
  • Two major transactions occurred in Q4 2023, although total volumes for the year were well below long-term averages.
  • Office prime yields softened 8bps q-o-q to 6.33%