Market Snapshot
The Brisbane CBD commercial property market demonstrated stability through Q1 2026, underpinned by improving occupier demand and limited near-term supply.[cite: 4] While broader macroeconomic conditions have tempered financial markets globally, Brisbane has remained robust, benefiting from long-term population growth, interstate business migration, and ongoing public infrastructure investment.[cite: 4]
Key Points
- Office vacancy rates have trended modestly higher, driven by recent completions creating short-term backfill opportunities.[cite: 4]
- Year-to-date CBD Transaction volumes have reached $568m.[cite: 4]
- Elevated construction costs and extended delivery timeframes are constraining new developments.[cite: 4]
- There is approximately 90,265m² office NLA under construction.[cite: 4]
- Investors are monitoring outcomes from the Federal Budget (12 May 2026).[cite: 4]
Brisbane Office Vacancy
- Vacancy lifted slightly due to significant backfill opportunities after the completion of 205 North Quay and 360 Queen Street.[cite: 4]
- Vacancy is expected to compress with no office supply until completion of:[cite: 4]
- 450 Queen Street Refurbishment (2027)[cite: 4]
- Waterfront Brisbane North Tower (2028)[cite: 4]
- Post the completion of these projects, there are no committed developments placing more downwards pressure on vacancy as demand absorbs existing stock.[cite: 4]
Brisbane CBD Buyer Origin
CBD Freehold Transactions
Notable Brisbane CBD Transactions[cite: 4]
| Property[cite: 4] |
Asset Type[cite: 4] |
Price[cite: 4] |
Sale Date[cite: 4] |
NLA(m²)[cite: 4] |
$/m²[cite: 4] |
Yield[cite: 4] |
Vendor[cite: 4] |
Purchaser[cite: 4] |
| 60 Albert Street[cite: 4] |
Office[cite: 4] |
$208m[cite: 4] |
Mar-26[cite: 4] |
21,263[cite: 4] |
9,782[cite: 4] |
7.58%[cite: 4] |
Dexus[cite: 4] |
Ashe Morgan[cite: 4] |
| 26 Wharf Street[cite: 4] |
Office[cite: 4] |
$21m[cite: 4] |
Mar-26[cite: 4] |
2,965[cite: 4] |
7,104[cite: 4] |
6.40%[cite: 4] |
Private[cite: 4] |
Precept Property[cite: 4] |
| 545 Queen Street[cite: 4] |
Office[cite: 4] |
$86.50m[cite: 4] |
Feb-26[cite: 4] |
13,367[cite: 4] |
6,471[cite: 4] |
9.20%[cite: 4] |
Cromwell[cite: 4] |
RF Corval[cite: 4] |
| 126 Margaret Street[cite: 4] |
Office[cite: 4] |
$27.43m[cite: 4] |
Jan-26[cite: 4] |
5,544[cite: 4] |
4,948[cite: 4] |
8.46%[cite: 4] |
Capital Property Fund[cite: 4] |
Arcana[cite: 4] |
| 181 George Street[cite: 4] |
Retail[cite: 4] |
$4.9m[cite: 4] |
Jan-26[cite: 4] |
292[cite: 4] |
16,780[cite: 4] |
3.48%[cite: 4] |
Private[cite: 4] |
Private[cite: 4] |
| Uptown (75%)[cite: 4] |
Retail[cite: 4] |
$212m[cite: 4] |
Feb-26[cite: 4] |
62,974[cite: 4] |
4,488[cite: 4] |
n/a[cite: 4] |
IFM (ISPT)[cite: 4] |
Vicinity Centres[cite: 4] |
Brisbane CBD Office Supply
- Beyond the current cycle, the development outlook in the office sector appears extremely thin.[cite: 4]
- It is likely mooted projects will be deferred, materially downsized or repositioned towards residential use, largely due to elevated construction costs and elongated delivery timeframes.[cite: 4]
Brisbane CBD New Office Supply[cite: 4]
| Property[cite: 4] |
NLA(m²)[cite: 4] |
Status[cite: 4] |
Developer[cite: 4] |
Completion Date[cite: 4] |
| 360 Queen Street[cite: 4] |
45,430[cite: 4] |
Completed[cite: 4] |
Charter Hall / Investa[cite: 4] |
Q4-2025[cite: 4] |
| 450 Queen Street (Adaptive Re-use)[cite: 4] |
17,265[cite: 4] |
Under Construction[cite: 4] |
PGIM[cite: 4] |
2027[cite: 4] |
| Waterfront Brisbane North Tower[cite: 4] |
73,000[cite: 4] |
Under Construction[cite: 4] |
Dexus[cite: 4] |
2028[cite: 4] |
Brisbane CBD Living Sector Supply[cite: 4]
| Property[cite: 4] |
Asset Type[cite: 4] |
Beds/Apartments[cite: 4] |
Status[cite: 4] |
Developer[cite: 4] |
Completion Date[cite: 4] |
| 41 George Street (Adaptive Re-use)[cite: 4] |
PBSA[cite: 4] |
1,200 beds[cite: 4] |
Under Construction[cite: 4] |
Marquette/Dexus[cite: 4] |
2026[cite: 4] |
| 240 Margaret Street[cite: 4] |
PBSA[cite: 4] |
952 beds[cite: 4] |
Under Construction[cite: 4] |
Brookfield[cite: 4] |
2027[cite: 4] |
| 50 Quay Street[cite: 4] |
BTR[cite: 4] |
475 apartments[cite: 4] |
Under Construction[cite: 4] |
Cedar Pacific[cite: 4] |
2027[cite: 4] |
| Queen’s Wharf Tower[cite: 4] |
BTS[cite: 4] |
819 Apartments[cite: 4] |
Under Construction[cite: 4] |
Queen’s Wharf Consortium[cite: 4] |
2027[cite: 4] |
| 204 Alice Street[cite: 4] |
BTS[cite: 4] |
1057 apartments[cite: 4] |
Under Construction[cite: 4] |
Meriton[cite: 4] |
2029[cite: 4] |
| 25 Mary Street[cite: 4] |
BTS[cite: 4] |
527 apartments[cite: 4] |
Demolition Started[cite: 4] |
KS Property[cite: 4] |
2031[cite: 4] |
| 309 North Quay[cite: 4] |
BTS[cite: 4] |
1,122 apartments[cite: 4] |
Demolition Completed[cite: 4] |
Shayher Group[cite: 4] |
2032[cite: 4] |