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Brisbane CBD Office Vacancy Falls to Lowest Level in More Than Three Decades - Brisbane, QLD
Smart summary
Strong business demand and limited new developments tighten Brisbane's commercial property market.
Brisbane's central business district has recorded its lowest office vacancy rate in more than 30 years, highlighting the city's continued economic growth and increasing demand for premium commercial space. According to the latest market data, the CBD vacancy rate has fallen to 10.2 per cent, the lowest level recorded since official records began in 1990. The improvement reflects strong leasing activity by businesses expanding or relocating into Brisbane's city centre.
Property analysts said demand has been driven by companies seeking modern, energy-efficient office buildings with improved workplace facilities. Major developments, including 205 North Quay and 360 Queen Street, have attracted significant tenant interest, with thousands of square metres of office space leased during the first half of 2026. Despite the completion of new office towers, available space has continued to decline as businesses secure long-term leases.
Industry leaders believe Brisbane's growing economy, population growth and relatively low unemployment have contributed to the strong commercial property market. Businesses in sectors such as technology, professional services, engineering and finance continue expanding their presence in Queensland's capital. The city's preparations for the Brisbane 2032 Olympic and Paralympic Games have also increased confidence among investors and developers.
While the market remains strong, property experts have warned that Brisbane could face a shortage of premium office space unless additional developments are approved. Only a limited number of major office projects are expected to be completed before 2028, raising concerns that future demand may exceed supply. Business groups have encouraged continued investment in commercial infrastructure to support economic growth and maintain Brisbane's competitiveness with other Australian capital cities.
The strong performance of Brisbane's office market contrasts with higher vacancy rates in several other major Australian cities. Industry analysts say the trend demonstrates growing confidence in Brisbane as a destination for business investment and employment. As more companies establish operations in the city, commercial activity is expected to remain strong, supporting local jobs, retail businesses and the broader Queensland economy. Further market updates are anticipated later this year as new developments progress and leasing activity continues.
BrisbaneOfficeMarketStrongBusinesses
Brisbane's central business district has recorded its lowest office vacancy rate in more than 30 years, highlighting the city's continued economic growth and increasing demand for premium commercial space. According to the latest market data, the CBD vacancy rate has fallen to 10.2 per cent, the lowest level recorded since official records began in 1990. The improvement reflects strong leasing activity by businesses expanding or relocating into Brisbane's city centre.
Property analysts said demand has been driven by companies seeking modern, energy-efficient office buildings with improved workplace facilities. Major developments, including 205 North Quay and 360 Queen Street, have attracted significant tenant interest, with thousands of square metres of office space leased during the first half of 2026. Despite the completion of new office towers, available space has continued to decline as businesses secure long-term leases.
Industry leaders believe Brisbane's growing economy, population growth and relatively low unemployment have contributed to the strong commercial property market. Businesses in sectors such as technology, professional services, engineering and finance continue expanding their presence in Queensland's capital. The city's preparations for the Brisbane 2032 Olympic and Paralympic Games have also increased confidence among investors and developers.
While the market remains strong, property experts have warned that Brisbane could face a shortage of premium office space unless additional developments are approved. Only a limited number of major office projects are expected to be completed before 2028, raising concerns that future demand may exceed supply. Business groups have encouraged continued investment in commercial infrastructure to support economic growth and maintain Brisbane's competitiveness with other Australian capital cities.
The strong performance of Brisbane's office market contrasts with higher vacancy rates in several other major Australian cities. Industry analysts say the trend demonstrates growing confidence in Brisbane as a destination for business investment and employment. As more companies establish operations in the city, commercial activity is expected to remain strong, supporting local jobs, retail businesses and the broader Queensland economy. Further market updates are anticipated later this year as new developments progress and leasing activity continues.
