【莱坊-2026研究报告】Brisbane CBD Office State of the Market Q4 2025.pdfVIP

BrisbaneCBD

StateoftheMarket

SalesliftinQ4astenantdemandandrentalgrowthremainfirmQ42025

•Primegrossfacerentsgrew6.7%in2025withthespeedofgrowthmoderatingfromearlierhighsbutstill

abovethe10-yearaverageof4.2%.Averageprimeincentivesfell15bpsinthequartertositat37.75%.

Secondaryrentsgrew5.1%in2025,withmodestquarterlyuptickof0.6%.Incentiveswerestableq/qat39.5%.

•With360QueenStnowcomplete,thevacancyhasincreasedslightly,particularlyintheprimemarkets,but

thisisexpectedtoworkthroughquickly.Withonlyonerefurbishmentunderwayfor2027andanewbuilding

in2028thereremainsadroughtofnewproductintheinterim,concentratingdemandintoexistingassets.

•PrimeandsecondaryyieldswerestableinQ4.Almostthree-quartersofthetotalCY2025transactionswerein

Q4,reflectingtheliftinpurchaserengagementandcompetitioninlate2025.Thispointedtoatighteningbias

foryields,howeverthechanginginterestrateenvironmenthassincelimitedthatinfluenceinto2026.

BrisbaneCBDprimerentsandincentivesBrisbaneCBDVacancyRatebyGrade

$/sqmgrossrent(LHS),%incentive(RHS)%vacancyrate

IncentiveGrossEffectiveRentGrossFaceRentJan-25Jul-25Jan-26

120050%25.0

21.3

100040%20.0