A short window of opportunity has emerged for office tenants seeking large, high-quality contiguous space in the Brisbane CBD, following the completion of two major developments and the release of backfill space, according to Knight Frank’s latest Brisbane CBD Full Floors report.
Knight Frank’s analysis shows 148 full and contiguous office floors are currently vacant, up from 112 a year ago, largely driven by tenant movement into newly completed towers during 2025. However, more than 60% of this availability sits within secondary stock, with only 58 prime floors available.
The lift in availability follows the completion of 205 North Quay and 360 Queen Street during 2025, both of which were fully or substantially pre-committed prior to completion. While these buildings have limited to zero direct opportunities, the resulting backfill space created by tenants relocating into these assets has temporarily eased pressure in the CBD’s full-floor market.
Knight Frank Partner, Research and Consulting Queensland, Jennelle Wilson, said the increase in availability should be viewed as a brief release valve ahead of another period of limited supply.
“This is effectively a short window of opportunity for tenants, particularly those seeking prime-grade contiguous space,” Ms Wilson said.
“However, the scarce premium and A-grade options are expected to tighten quickly beyond the near term.
“Following the recent supply, the market will be limited to refurbishment projects until late in 2028, when the next major addition – Waterfront North – is expected to be completed.”
The research shows that only 32% of full-floor vacancy between now and 2028 will be premium-grade space, with A-grade accounting for 40%.
Tenant demand continues to be shaped by evolving workplace requirements, with larger occupiers increasingly seeking floorplates above 1,600 square metres to support collaborative, activity-based working environments. However, only 23% of full floors available to 2028 – in all grades of stock – exceed 1,500 square metres, highlighting an emerging mismatch between supply and occupier needs.
Looking just at the prime market, floors between 1,000 and 1,500 square metres dominate, making up 47% of the total, while a further 33% are above 1,500sq m, boosted by Waterfront North.
Knight Frank Partner Office Leasing Jamie Nason said timing and certainty of availability remain key challenges for larger tenants.
“Many larger occupiers working through lease expiries over the past two years have struggled to align their requirements with what is actually available in the market,” he said.
“That misalignment has driven elevated renewal activity, as tenants opt to extend in place and reset their relocation strategies around 2030 and beyond.”
The analysis also highlights the growing importance of sustainability and fitted space in leasing decisions. Eighty-one per cent of full-floor availability between now and 2028 has a NABERS Energy rating of 5 stars or higher, while 55% of full floors leased in 2025 were fitted, reflecting cost pressures and accelerating fit-out expenses.
Precinct-level data shows current availability concentrated in Brisbane’s Financial Triangle and North Quarter, although the composition varies markedly. The Financial Triangle is skewed toward prime product, while the North Quarter carries a heavier weighting toward secondary stock, providing options for project-based and value-driven occupiers.
Looking ahead, Knight Frank expects competition for high-quality contiguous space to intensify once the current backfill is absorbed, notably 66 Eagle Street, 140 Elizabeth Street & 480 Queen Street.
“For tenants that need quality space with scale, the message is clear — opportunities exist today, but they won’t linger,” Mr Nason said.
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