Brisbane’s office market remains strong

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Thursday 3 August 2023


Brisbane’s office market remains strong

Brisbane’s office market has defied national headwinds as one of only two capital cities to record a vacancy decrease, according to the latest data from the Property Council’s mid-year Office Market Report.

Over the six months to July 2023, Brisbane’s CBD vacancy rate fell from 12.9 per cent to 11.6 per cent, due to continual strong demand from businesses looking to invest in Brisbane and Queensland more broadly.

Queensland Executive Director of the Property Council Jen Williams said with nearly 30,000 square metres of net absorption over six months, Brisbane’s office market had defied the downturns being experienced in other capital cities, highlighting the confidence of companies to invest in Brisbane despite current economic headwinds.

““Brisbane’s CBD has experienced a third consecutive vacancy decrease according to our data,” Ms Williams explained.

“This really underpins the positive sentiment from businesses who are buoyant about Brisbane’s future and want to buy in to the momentum our state is experiencing.

“The demand for space is not isolated to the CBD, with Brisbane’s fringe market recording a decrease in vacancy, albeit a marginal one.

“While the interest in Brisbane is welcome, servicing demand will be problematic.

“As we know, developments are being challenged by construction constraints and labour pressures and the office sector is especially susceptible to this.

“Brisbane has the lowest level of future supply of all cities, with no new supply set to come online in the CBD until 2025 when 360 Queen Street and 205 North Quay are expected to be complete.

“Following that there is another two years until Waterfront Brisbane is completed in 2027.

“As such, supply will likely remain limited for the foreseeable future.

“This latest set of data clearly shows that businesses and investors are very interested in Brisbane, however, if we wish to maximise this and ensure our economy benefits from the companies looking to move here, we need to have space for them to actually move to,” Ms Williams said.


Office vacancies are calculated on whether a lease is in place for office space, not whether the tenant’s employees are occupying the space or working from home. See the July 2023 Office Market Report here.

Media contact: Bryn Moffatt | 0421 766 613 | [email protected]