2025-04-11-莱坊-Brisbane_CBD_Office_State_of_the_Market_Q1_2025_2页_413kb

报告摘要

Brisbane CBD State of the Market Summary

Core Content Overview

The Brisbane CBD commercial real estate market is experiencing a gradual stabilization with signs of increased investor activity and new supply coming online in 2025. Prime and secondary markets are showing modest rent growth, while incentives and yields remain relatively stable. The market is expected to see more successful investment campaigns this year, supported by transaction activity and ongoing development projects.

Key Market Trends

Prime Market

Gross Face Rent: Increased by 0.6% in Q1-25, reflecting a slowdown from the 3.1% quarterly growth in Q4. Annual growth remains strong at 11.8%.
Gross Incentive: Slightly reduced to 38.5%, with a -25bps quarterly change and a -50bps six-month change.
Gross Effective Rent: Rose by 1.0% in Q1, driven by the face rent growth, with an annual increase of 12.7%.
Median Yield: Stabilized at 7.25%, with a +20bps annual increase. Yields remain stable, supported by transaction activity.

Secondary Market

Gross Face Rent: Increased by 2.0% in Q1, with a 4.2% annual growth. Small fitted suites are showing higher rent growth.
Gross Incentive: Remained stable at 39.5%, with a -25bps quarterly change and a -150bps annual change.
Gross Effective Rent: Rose by 2.4% in Q1, with a +6.8% annual increase.
Median Yield: Stabilized at 8.50%, with a +27bps annual increase. Private investors and syndicates are active in the market.

New Supply in 2025

205 North Quay: The first new supply since 2022 will be occupied in tranches during 2025.
360 Queen St: Expected to complete in late 2025, with 74% pre-committed.
Other Developments:
- 140 Elizabeth St (refurbishment): Under construction, expected to complete in H1 2025.
- 70 Eagle St (refurbishment): Under construction, with 50% pre-commitment.
- 205 North Quay: Under construction, with 100% pre-commitment.

Investor Activity

Investor interest is growing, with a broadening range of buyers actively analyzing the market.
The expectation is for more successful investment campaigns this year.
Yields are stable across both prime and secondary markets, suggesting a balanced market environment.

Recent Tenant Commitments

Tenant	Property	Precinct	Lease Type	Size (sqm)	Gross Face Rent ($/sqm)	Incentive (%)	Term (yrs)	Start Date
HWL Ebsworth	360 Queen St	Financial	Pre-com	4,777	u/d	u/d	10	2026
DWF	71 Eagle St	Financial	Direct	1,207	u/d	u/d	8	Nov 25
Dentons	111 Eagle St	Financial	Direct	1,433	1,350	35-40	10	Sep 25
QBCC	80 Ann St	Legal	Direct	4,501	c960	35-40	10	Aug 25
Federal Govt.	80 Ann St	Legal	Direct	2,213	c900	35-40	10	Apr 25

Recent Sales

Property	Price ($m)	NLA (sqm)	$/sqm	Yield (%)	WALE	Purchaser	Vendor	Sale Date
53 Albert St (50%)	c110.0	19,059	11,534	tbc	3.5	NTT/Realmont	JP Morgan	Jan 25
145 Ann Street	215.50	27,552	7,822	7.80	3.0	Aware Super	Dexus REIT	Dec 24
247 Adelaide St	19.0	2,941	6,460	7.63	n/a	Qld Country Bank	BWC Properties	Nov 24
60 Edward St	72.0	10,634	6,773	8.29	2.3	Sentinel Property Gp	RACQ	Oct 24
41 George Street	123.0	29,463	4,175	n/a	VP	Dexus/Marquette JV	AEPIM	Oct 24

Outlook

Prime Market: Resistance is emerging to further rent uplift, indicating a potential plateau in growth.
Secondary Market: Expected to catch up with the prime market, with continued demand for small spec suites.
New Supply: Expected to increase in 2025, particularly with the completion of 205 North Quay and 360 Queen St, which are likely to influence market dynamics and rental rates.

Contact Information

Office Leasing: Mark McCann, +61732468853, Mark.mccann@au.knightfrank.com
Capital Markets: Justin Bond, +61732468872, Justin.bond@au.knightfrank.com
Investment Sales: Matt Barker, +61732468810, Matthew.barker@au.knightfrank.com
Blake Goddard, +61732468848, Blake.goddard@au.knightfrank.com
Valuations & Advisory: Peter Zischke, +61731936811, Peter.Zischke@qld.knightfrankval.com
Research & Consulting: Jennelle Wilson, +61732468830, Jennelle.wilson@au.knightfrank.com