布里斯班中央商务区写字楼市场2026年5月

May 2026 Prime vacancy lifted as new stock was delivered in 2025, howeverwith nothing new to comeon linethis year this is expected to recoverquickly knightfrank.com.au/research Key Insights Prime tenant demand and rental growth remains strong; nonew supply this year means demand is concentrated into JENNELLE WILSONPARTNER, RESEARCH & CONSULTING 11.8% 37,480 Zero Total vacancy Sqm net absorption CY 25 Sqm supply until 2027 H2 2025 net absorption totaled 10,007sqm, driven by 11,571 sqm of primetake-up following new supply,marginally offset by a 1,564 sqm New supply of c90,000sqm enteredthe market during 2025, the firstsignificant supply since early 2022.This will also be the only major new Total vacancy rose to 11.8% in January2026, up from 10.7% in July 2025.Prime vacancy lifted to 10% due tonew supply entering the market which 7.25% 10.4% 5.7% P.A average prime grosseffective rent growth 5 yrs Total vacancy forecastJanuary 2027 Average prime yield Yields have remained stable sincemid-2024 across both prime andsecondary assets. Investor interest issteady, with a widening pool of buyers Fundamental demand at the upperlevel of the market, coupled withlimited completions in the next five No new supply and ongoing netabsorption will see the vacancy ratefall over the course of 2026 and fall Inflation back in focus Sentiment impacted by global events RBA MOVED TO RAISE RATES EVEN BEFORE THEMIDDLE EAST CONFLICT EMERGED The Australian economy had a strong finish to 2025 withannual GDP growth of 2.6% assisted by a strong Q4 at 0.8%.This boost to activity resulted in the return of inflationaryfears with the economy judged to have limited additionalcapacity. The headline CPI for March was 4.6%, up from The ongoing Middle East conflict consequently emergedlate February, putting additional inflationary pressure into the market due to lower crude oil and petroleum product exports from the region, causing shortages and lifting petrolprices. While the Brent crude oil price has since retreatedfrom a high of US$110 in early May back down to US$105 this POPULATION GROWTH MODERATES BUT CONTINUESTO SUPPORT ECONOMIC ACTIVITY Although slowing, the Australian economy continues tobe supported by strong population growth, with around 423,595 new residents added over the year ending Sep-25.After peaking at an annual rate of 2.5% in Q3 2023, nationalpopulation growth eased to 1.6% in Q3 2025, as Federalmigration targets were lowered and policy tightened.Queensland recorded annual population growth of 1.7% over BRISBANE WORKFORCE GROWTH IS FORECAST TOREMAIN HIGHER THAN SOUTHERN CITIES As at Apr-26, Australia’s unemployment rate had lifted to4.5%, but still representing a relatively tight labor market.Brisbane had a strong rebound in office workforce numberspost 2020 with 4%+ annual growth 2021-2023, 3.8% in 2024,re-accelerating to 4.4% in 2025. Forecasts are for softer officeworkforce growth across all markets in the next five years, Quality space in demand TAKE-UP IN PRIME SPACE REMAINS STRONG Brisbane CBD Tenant Activity2025 & Q1 2026 Recent tenant demand in the CBD has remained anchoredby the Professional Services sector, which accounted for 32%of total leasing activity through 2025 and into 2026. Withinthis, the legal sector dominated, followed by architects and management and consulting services. Government leasingactivity was slower in 2025 after a very strong 2024 but stillaccounted for 18% of total take-up with active briefs Tenant renewal has remained an ongoing trend, assuitable alternatives are difficult to secure within required timeframes and the cost of newfitoutsremains a disincentive if the existing space remains functional.Occupiers have opted to renew leases rather than relocate,deferring larger accommodation decisions through to 2030- NET ABSORPTION VOLATILE BUT POSITIVE Net absorption in 2025 reached +37,480sqm, the strongestamongst Australia’s major office markets and a substantialincrease from the 13,906sqm recorded in 2024. Prime spacerecorded +53,476sqm in 2025, supported by tenant demandand upgrading relocations. Within prime space, Premiumrecorded the strongest net absorption, lifting from+13,900sqm in H1 2025 to +24,084sqm in the second half. Incontrast, the A Grade sector weakened over the course of The secondary market recorded negative net absorptionof 1,564sqm in H2 2025, largely due to a 1,312sqm contraction Net absorption is expected to remain positive through theforecast horizon, with steady demand, albeit concentratedin the upper grades for the time being. Over the course of Vacancy lifted due to supply THE SUPPLY OF 2025 PUSHED VACANCY HIGHER The drought of new space within the Brisbane CBD wasbroken in 2025 with the completion of two major assetstotaling some 86,000sqm. Both buildings were substantiallypre-committed with 205 North Quay fully committed to theFederal Government and 360 Queen St delivered 95+% pre-committed to a range of private sector t