Brisbane Commercial & Industrial Property Market Review - September 2024
“There is good news in Brisbane as our CBD is now the best performing in the country...”
Brisbane Office Market Update
There is some good news in Brisbane as our CBD is now the best performing in the country when it comes to prime vacancy rates, now sitting at around only 7%.
It highlights the flight to quality that occurred over the last few years. It is however a different story with secondary properties and less glamourous properties around the fringe of the city where it is still difficult to find new tenants.
Demand is low, and unless an owner is ready to spend on a speculative fitout, the rest of the vacancies remain unoccupied.
Brisbane Industrial Market Update
Like most markets around the country, the Brisbane market’s rental growth has slowed and is currently stable. The dream run may not be over, but it does offer some relief to tenants with market reviews coming up or tenants on the lookout for new premises.
Prime rentals differ slightly per precinct; Trade Coast being the highest reaching averages of just over $200/sqm net, and the West being the lowest sitting around a $140/sqm average. This difference is also driven by a higher vacancy rate in the West than the Trade Coast.
Vacancy rates across the greater Brisbane area currently sits 3.3%; much better than the sub 1% seen in recent years which was a catalyst for the double-digit rental growth we’ve experienced year on year.
Phil Levesque, FAL Property Group