Brisbane CBD absorption remains strong as flight-to-quality drives rents

Net absorption reached 16,900 sqm in Q4 2025.

Brisbane’s office market recorded strong net absorption in Q4 2025, with the CBD achieving 16,900 square meters of positive take-up, supported by 21 tenant moves exceeding 1,000 square meters, according to JLL. In contrast, Brisbane’s Near City submarket recorded negative net absorption of 42,500 square meters, with centralisation accounting for approximately 25% of this contraction, highlighting ongoing tenant consolidation in the city.

One new project reached completion in the Brisbane CBD during the quarter, with 360 Queen delivering 45,000 square meters of office space. No project completions were recorded in the Near City. JLL reports that two additional projects are currently under construction in the CBD, totaling 89,500 square meters, while a further 4,600 square meters is being added in the Near City. Headline vacancy increased to 11.5% in the CBD and 13.3% in the Near City.

Prime net effective rents (PNER) demonstrated sustained growth across both submarkets. In the CBD, PNER rose 4.7% quarter-on-quarter to AUD 398 per square meter per annum, representing 15.7% year-on-year growth. The Near City PNER increased 4.6% quarter-on-quarter to AUD 268 per square meter per annum, a 13.6% rise from the previous year. Prime office yields remained stable in the CBD, ranging between 6.13% and 8.25%, while yields in the Near City held steady between 7.00% and 8.75%.

Looking ahead, JLL expects demand to remain elevated in Brisbane’s CBD, driven by a continued flight-to-quality trend and constrained supply. Centralisation and high-quality space requirements are likely to remain the dominant themes underpinning absorption in the near term. Strong macroeconomic fundamentals are expected to sustain Brisbane’s market value, attracting investment from both domestic and international investors.

JLL noted that Brisbane’s office market continues to demonstrate resilience, with high-quality assets in prime locations commanding strong tenant interest and supporting robust rental growth, even as overall vacancy levels fluctuate.