ASIA PACIFIC OUTLOOK 2025

BRISBANE

KEY MESSAGES

Supply

Demand

Rents

Key Outlook

The redevelopment of the Eagle Street area, together with the ongoing flight to quality, will reinforce the “Golden Triangle” as the destination precinct within Brisbane’s CBD, bringing together high-quality office buildings with amenity and transport infrastructure.

In 2025, Brisbane CBD is set to receive 89,000 sqm of new supply in the second half of the year, following a two-year drought. Beyond 2025, only one project is expected to be completed in 2028, delivering 81,500 sqm with 38% pre committed.

The Brisbane CBD experienced three years of strong prime net absorption from 2022 to 2024, averaging 59,000 sqm per year.

Prime gross effective rents rose by over 16% in 2024, driven primarily by strong demand and rising face rents.

As demand eases, more modest growth is expected in 2025 and 2026 before the market rebounds in 2027.

Rental growth is expected to moderate to 4% in 2025 as new supply entering the market tempers face rent increases.

Steady demand and limited supply are anticipated to keep vacancy low, reaching 8% in 2027.

Supported by strong fundamentals, the Brisbane office market is expected to remain resilient over the long term, with gross effective rent growth averaging above 3% between 2027 and 2029.

Further afield, the likelihood of other projects proceeding as scheduled remains uncertain.

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025