布里斯班边缘市场状况2025年12月

Brisbane Fringe investment volumes are lifting as rental growthcontinues to be driven bybest in classassets. December 2025 knightfrank.com.au/research Key Insights Strong tenant demand for prime space has kept upwardpressure on rents as vacancy falls in climate of no new supply.Investment volumes are lifting. JENNELLE WILSONPARTNER, RESEARCH & CONSULTING 10.5% 15,963 -4,518 Sqm net absorption FY-25 Total vacancy falling Total vacancy decreased from 10.7% inJanuary 25 to 10.5% in July 2025, witha period of strong positive netabsorption coupled with no newsupply in over 18 months. Net absorption remained positive, dueto steady prime absorption of9,462sqm in the 6-months to July-25.The whole fringe market is up by15,963sqm over the year. FY 2025 supply was negative with thewithdrawal of obsolete stock. This isexpected to continue into 2026,keeping net additions modestlynegative. There are no new buildingsunder construction. 4.8% 7.95% 8.8% Prime gross face rentgrowth forecast CY2026 Prime gross face effectivegrowthp.ato Oct-25 Prime median yield Prime yields have been stable now fora year. Recent lift in transactionactivity and greater competitionbetween buyers puts yields on afirming bias into 2026, despite lesssupport from the money market. While the top buildings are expectedto continue to show good growth, therelatively higher amount of contiguousvacancy next year is expected to limitthe market as a whole. Limited availability in good qualityassets and the differential to the CBDhas continued to drive prime rents. Absorption remains positivefor prime space POSITIVE DEMAND, BUT SLOWER MOMENTUM The Brisbane Fringe market recorded positive netabsorption of 1,409sqm in the six months to July 2025, witha total of 15,963 sqm absorbed over the year. While the firsthalf of 2025 delivered a softer result, with steady primeabsorption being negated by falls in secondary, overallperformance remains resilient. Over the past four years, theFringe has consistently outperformed other majorAustralian office markets, highlighted by a peak annualabsorption of 63,625 sqm in CY-2022. However, with no newcompletions since late 2023, tenants have increasingly facedfewer options, particularly contiguous A-grade floors. CURRENT LEASING LANDSCAPE IS BIFURCATED Market activity has amplified the differing fortunes ofprime and secondary stock, with demand continuing tofocus on high-quality, well-located assets. Prime netabsorption was solid in H1-25, with 9,462sqm recorded,21,031sqm over the year. In contrast, secondary absorptionhas weakened, with-8,053sqm in H1-25 and-5,068sqm overthe year, with tenantsprioritisingquality assets. The result is a market that remains positive overall butfollows a similar flight to quality trend as recently seen inthe CBD with a clear preference for quality, amenity, andESG. Location remains a key driver of demand, with assets inthe Urban Renewal precinct recording positive absorption of5,119 sqm in H1 2025 and 10,003 sqm over the year. TheInner South also posted gains, with 173 sqm in H1 2025 and4,603 sqm over the year. These increases across the twolargest precincts were sufficient to offset negativeabsorption in Milton, Spring Hill andToowong, whichcollectively accounted for–3,883 sqm in H1 2025. TENANT BRIEFS CONFIRM QUALITY FRINGE SPACEREMAINS IN DEMAND Supporting demand for the Fringe precinct, andpotentially awakening development proposals, there areseveral large occupiers active in the market. These includeYoui, seeking 15,000-20,000 sqm of A-grade space withinthe Fringe by 2026, with a preference for owner occupation.Additionally, Energy Queensland, already a major Fringetenant, has released a brief for 16,000-18,000sqm ofpremium or A-grade accommodation in either the CBD orFringe for occupancy 2030. The AFP, currently located inNewstead, also have a brief for 8,000–10,000sqm of A or Bgrade high security facility across Brisbane for occupancyfrom 2029. Low supply to continue NO NEW OFFICE COMPLETIONS AS SUPPLYCONTRACTS Significant Supply The completion of 895 Ann Street, Fortitude Valley, in H22023 was the last major new addition to the Brisbane Fringeoffice market. Since then, there have been no newsignificant completions, with a small amount of space addedas part of an aged care development. The most significantchanges to stock has been driven by ongoing smallerwithdrawals of older space. The largest recent withdrawalwas 30 Little Cribb Street, Milton, an 8,700sqm A-gradeoffice asset, which was withdrawn for conversion into short-term accommodation in H1 2024. As a result, total Fringeoffice stock has declined by around 1.2% over the past twoyears. With no significant new space currently underconstruction, or with the reasonable expectation ofimminent commencement, total stock is expected to remainstatic to contracting in the short term. FEASIBILITY CHALLENGES CONTINUE TO STALL NEWPROJECTS While several sites across the Urban Renewal corridorhold existing