26/03/2024

CBD Retail Market Byte March 26 2024

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The Brisbane CBD retail vacancy rate is currently around 19%, with greater vacancy in fringe locations away from core pedestrian thoroughfares.  Local real estate agents are indicating when tenants want to lease premises, they desire prime locations with high pedestrian foot traffic passing.  While the number of people in the CBD continues to slowly increase, stagnating gross effective rental rates continue to illustrate the ongoing challenges retailers have in the post Covid-19 business environment.

Below are a sample of recent CBD retail leasing transactions.

Address

Tenant

Area
(m²)

Approx. Gross Rental ($/m²)

Date

Annual Reviews

Shop 4
81 Elizabeth Street
Brisbane City

TSG

171

530

Early-23

4.0%

Shop A&B
21 Mary Street
Brisbane City

Ezymart

150

770

Mid-23

3.0%

Lot 5, 198 Adelaide Street
Brisbane City

Saku Knives

26

850

Early-24

4.0%

33 Adelaide Street
Brisbane City

Elite Supplements

90

1,280

Late-23

4.0%

Shop 1
63 Adelaide Street
Brisbane City

Banh My Pate

41

1,600

Mid-23

4.0%

195 Adelaide Street
Brisbane City

Japanese Takeaway

71

1,400

Early-23

4%

Liquorland

135

1,850

Early-23

3.5%

 

Written by McGees Property Brisbane Valuations

Scott Campbell and Owen Thorn

 

McGees Property specialises in market value assessments for acquisitions, disposals, financial reporting, SMSF audit and decision making purposes.

Should you need any valuation services, please contact:

Scott Campbell 0403 165 355 or Owen Thorn 0405 415 645.