Asia Pacific Office Outlook 2024

BRISBANE

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

70,000

18.0%

60,000

16.0%

 Following three consecutive years of contracting office demand, net absorption spiked to 63,000 sqm in 2022.  Demand remained positive in 2023, with net absorption expected to reach 14,000 sqm.  Robust interstate migration has led to an upward revision in short-term employment forecasts for the Brisbane CBD.  As a result, net absorption is

50,000

14.0%

40,000

12.0%

30,000

10.0%

20,000

8.0%

10,000

6.0%

0

4.0%

-10,000

2.0%

-20,000

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

expected to reach 42,000 sqm in 2024 and 55,000 sqm in 2025.

Source: Cushman & Wakefield