Brisbane office vacancy slips to 9.9% in Q2

And prime net face rents increase by 3.3%.

According to a report recently released by Dexus Research, Brisbane’s office market fundamentals remain healthy, with overall vacancy edging down to 9.9% and premium grade vacancy tightening further to 6.8%, reflecting continued flight to quality.

“Tenant movement is largely driven by expansion and consolidation, particularly among government occupiers,” the report said.

Here’s more from Dexus Research:

While the upcoming completion of 205 North Quay in Q3 2025, anchored by Services Australia, is expected to deliver a significant boost to net absorption, future government-led activity may moderate due to budget constraints.

Prime net face rents rose 3.3% over the quarter, marking a 9.7% annual increase, resulting in market yields softened slightly by 6.5bps to average 7.2%. Well-positioned secondary assets may benefit from spillover demand, with further rental uplift anticipated.