Office rents are surging in Perth and Brisbane, rising 6 per cent in the 2032 Olympic city in the December quarter, thanks partly to a robust resources sector.
Brisbane’s CBD office market has booked its largest quarterly rental increase in over a decade – rents jumped 6 per cent in the final quarter of 2022 – as demand for prime space outstripped supply.
Over last year’s final quarter, Brisbane CBD premium gross effective rents – which factor in incentives and building costs – increased 6 per cent to average $585 per sq m, as face rents rose 6 per cent quarter-on-quarter and incentives tracked steady at 39.5 per cent. Premium gross effective rents gained 8.2 per cent year-on-year.In the Perth CBD, quarterly prime net effective rents increased by 0.9 per cent to average $318 per sq m.
Looking ahead, Mr Mann said there were strong drivers for the Brisbane commercial office space market, including a robust outlook for business growth across all sectors, not only resources, and the prospect of possible rationalisation by the state government, one of the city’s biggest single tenants.
The Midtown Centre was created from two former government buildings, yoked them together into a single 46,000 sq m office tower. The innovative redevelopment has won recognition for its sustainability achievements. The centre isUnderpinning Brisbane’s improving office market, the CBD vacancy rate dropped further during the final quarter to 13.9 per cent, the second-lowest rate in the country after Canberra at 7 per cent, according to figures compiled by JLL.
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