Asia Pacific Office Outlook 2024

BRISBANE

RENT GROWTH

R E N T ( AU D / S QM / Y R ) A N D R E N T G R OWT H ( % P E R A N N U M )

 Growth in prime gross effective rents rose 11% in 2023, supported by limited new supply, a robust labour market, and inflationary pressures pushing up face rents.  With no new supply entering the market and declining vacancy, momentum should continue into 2024 with prime gross effective rents forecast to increase by 4% to reach AUD 540 sqm/yr.  With little new supply forecast to hit the market and a persistently strong labour market, prime gross effective rental growth is expected to average in excess of 5% between 2025 to 2027.

FORECAST

12.0%

700

10.0%

600

8.0%

500

6.0%

4.0%

400

2.0%

300

0.0%

-2.0%

200

-4.0%

100

-6.0%

0

-8.0%

2021

2022

2023F

2024F

2025F

2026F

2027F

AUD/SQM/YR

Rent growth (%)

Source: Cushman & Wakefield