Property Council CBD Update


According to data from the Property Council, Brisbane's CBD vacancy rate increased from 11.6% to 11.7% in the six months leading up to January 2024. Prime segment vacancies, including Premium and A-grade spaces, stood at 10 per cent and are anticipated to drop to 8% by year-end. However, heightened construction costs have dampened the feasibility of new office developments, extending construction timelines from three to four years. Only a few projects, such as the A-grade office tower at 205 North Quay and the Premium North Tower of Waterfront Brisbane, are slated for completion by 2028, with no new constructions expected until the end of the decade.


Source: Courier Mail