Brisbane Retail Figures Q2 2024

Key Points: 

• Queensland recorded $7,388m retail sales in May 2024, representing a 2.6% increase y-o-y.
• New floorspace added to the market in Q224 totalled c.18,200 sqm, up from the c. 14,300 sqm completed last quarter (excludes non-metro). Despite the increase in new floorspace over the quarter, the CY2024 supply pipeline of c.111,500 sqm is below the 10-year average of c.129,000 sqm.
•  Brisbane CBD retail vacancy increased in H1 2024 by 250bps to 19.2% vacancy.
•  Net face rents have continued to increase across all retail categories in Q224, driven largely by limited future supply.
• Queensland saw softer investment activity in Q2, recording a total of $118 million in transactions volumes (for sales > AUD $5m).
• Retail yields were unchanged across all asset types in Q2 24, partly due to the lack of transactional data, as well as interest rates stabilising, which has subsequently boosted investor confidence.