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After years of post-pandemic recalibration, the Brisbane office market has entered a new phase; one defined by rising rents, contracting vacancy, and a forward demand pipeline that stretches well into the 2032 Olympic cycle. For property investors, the signals are increasingly clear: this is a market entering a landlord favourable phase.
According to the latest market intelligence from Aegis Property Group, business confidence has strengthened materially heading into Q2, with enquiry levels rising across all size brackets. The fundamentals are now pointing to a market that is tightening faster than many participants anticipated.
What the Data Shows
Aegis Property Group is currently tracking over 10,000 sqm of active tenant requirements across the Brisbane fringe office market, a volume that reflects the breadth of occupier demand now moving through the system.
Smaller to mid-sized tenants are showing limited resistance to rental increases, responding pragmatically to constrained availability. It is the larger occupiers, those seeking above 1,000 sqm, who face the more complex negotiating environment, with greater exposure to rising occupancy costs and longer lease commitments amplifying the pressure.
At the premium end, the pricing shift is pronounced. A-grade assets above 1,000 sqm are now transacting in the mid to high $800/sqm gross range, with forward deals into late 2026 and early 2027 approaching $900/sqm. The most significant data point, however, is a recently completed 4,000 sqm transaction at an upcoming fringe new build development, which achieved circa $1,200/sqm gross. This sets a new benchmark and critically, signals that the market is now pricing at levels sufficient to underwrite new development feasibility.
That is an important inflection point for investors and developers alike.
“The market is now aligning with the rental levels required to support new development feasibility — an important inflection point.”
– Aegis Property Group, Q3 FY25/26 Market Update
The Olympic Tailwind: 2032 and Beyond
Overlaying the immediate market dynamics is a structural demand driver that is unique to Brisbane: the 2032 Olympic and Paralympic Games. As project delivery timelines accelerate and professional services firms scale up operations, the competition for quality office space is expected to intensify progressively.
Engineering, infrastructure advisory, and project delivery sectors are already exhibiting strong demand, and these are precisely the occupier types seeking longer term, fit for purpose accommodation. For investors holding well located fringe assets, the asset repositioning opportunity is real and the window to act is narrowing.
The contraction of incentives, now trending toward approximately 30%, is a further indicator that the balance of power is shifting. As landlord leverage increases, the era of generous tenant inducements is giving way to a market that rewards quality assets and proactive asset management.
What this Means for Investors
The current market dynamics create a compelling environment for owners of well positioned commercial office assets:
• Rental growth is real and accelerating. With forward deals approaching $900/sqm and new build benchmarks at $1,200/sqm, income upside for quality assets is no longer theoretical.
• Lease structuring matters. Securing tenants on terms that extend beyond 2032 locks in occupancy through the Olympic demand cycle, a key consideration for investment returns and asset exit strategy.
• Tightening supply is an asset. With vacancy continuing to contract and limited new supply in the near term, scarcity is working in favour of investors holding quality stock in the right locations.
The Bottom Line
Brisbane’s office market is entering a landlord favourable cycle. Tightening supply, rising rents, and 2032 Olympic demand are converging to create a market that rewards decisive, well structured investment. For trust investors, the question is not whether to be positioned in Brisbane office, it is whether your current exposure is optimised for what comes next.
Now Open For Investment: Brisbane Office Trust No. 2
Acure Asset Management is pleased to confirm that the Brisbane Office Trust No. 2 is open for investors.
The fund provides exposure to a high quality A Grade office asset located at 144 Montague Road, South Brisbane, comprising 13,811 sqm of lettable area across six levels and supported by a stable, diversified tenant mix of corporate and government occupiers, delivering reliable income from day one and positioning the fund to benefit from strong demand ahead of Brisbane’s major infrastructure rollout and the 2032 Olympic Games.
Please see below a short video showcasing the property, including its location, interior, and surrounding area:
Key Investment Highlights
15.2% p.a. forecast IRR (after all fees and costs)
87.5% occupancy with a WALE of 2.6 years
Purchase price: $83 million ($6,010 per sqm), representing:
9.8% fully leased yield
40% discount to replacement cost
Monthly distributions commencing at 9.0% p.a.
Market Overview
The asset is located within the Brisbane CBD‑fringe office market, where vacancy is currently around 10.5% and tightening. The broader Brisbane office outlook remains highly favourable, supported by strong population growth, a resilient local economy, and constrained new office supply, particularly as major infrastructure projects accelerate in the lead‑up to the Olympic Games.
How to Apply
The offer will close on 15 June 2026, or earlier if fully subscribed.
You’re welcome to invest via either of the following options:
Manual application, refer to the below Information Memorandum (pages 40+)
Online investor portal, To access the portal, click the button below:
– James Del Borrello [email protected]