Figures

Brisbane Retail Figures Report Q4 2023

February 14, 2024 5 Minute Read

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Key Points

 

  • Queensland recorded $7,272m retail sales in December 2023, representing a 1.12% increase Y-o-Y.
  • New floorspace added in Q4 2023 totaled 20,000 sqm, down 46% on last quarter’s level. There is limited new supply of about 166,000 sqm expected to come online in 2024, roughly in line with the 5-year average of 169,485 sqm, however well below the pre-Covid annual average of 292,575 sqm (2018-19).
  • Brisbane retail vacancy decreased in H2 2023 by 83bps to 18.7% vacancy.
  • Queensland retail rental growth has continued to increase across all asset classes in Q4 2023. Notably, Prime CBD retail experienced strong effective rental growth of 8% Y-o-Y.
  • Retail investment sales lowered in Q4 2023 compared to the previous quarter, totalling AUD 199 million in sale transactions.
  • Regional Centre and LFR yields softened further in Q4 2023, expanding by 12.5 bps to 5.88% and 6.88%, respectively.