BRISBANE TOPS ASIA-PACIFIC FOR PRIME OFFICE RENTAL GROWTH
Knight Frank reports 14.1% annual increase as demand for high-grade space surges.
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Brisbane has recorded the highest prime office rental growth in the Asia-Pacific region, with a year-on-year increase of 14.1%, according to new data from Knight Frank’s Q2 2025 Office Highlights report.
The report shows Brisbane’s growth outpaced all 23 tracked cities, ahead of Seoul (8.2%) and Bengaluru (7.9%). Quarterly, Brisbane rents rose 3.2%, trailing only Mumbai (3.5%) and Bengaluru (3.2%).
Knight Frank Partner Research and Consulting Jennelle Wilson said a lack of supply would continue to underpin prime rental growth in Brisbane’s CBD.
“The two new buildings entering the market this year will leave backfill space for lease, but little new space remains available, and no additional new supply is expected before late 2028,” Wilson said.
“Refreshed stock such as 140 Elizabeth St (9,908sqm) and 70 Eagle St (11,467sqm, 50% committed) will be available from mid-year.”
Wilson said no refurbishment projects would complete in 2026, with 450 Queen St (17,265sqm), a full building refurbishment, expected back online in H1 2027.
“The five-year forecast effective annual growth rate for Brisbane rents is 6.5%,” she said.
Knight Frank Head of Office Leasing Queensland Mark McCann noted a potential uplift in tenant movement.
“In Q2, lease volumes for tenant relocations remained low, with the exception being the sub 500sqm band, where tenants still have a large range of new and recycled fitted options to consider,” he said.
“However, we expect renewed focus from large corporate occupiers considering pre-commitments to new developments over the next six months as occupiers contemplate their new workplace environments and future needs from 2028 onwards.”
Knight Frank also forecast that Brisbane, Perth and Sydney would see further rental increases over the next year, while Melbourne rents were expected to remain stable.
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More than half of Stage One was exchanged on opening day as buyers chase harbour views, amenity and metro connectivity at 177 Walker Street.
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North Sydney’s apartment market notched another milestone with the launch of The Walden, where 55 per cent of the Stage One release exchanged contracts totalling $103 million within three hours of sales opening. The project is by ALAND, a gold star iCIRT rated developer and builder.
Positioned at 177 Walker Street on the eastern edge of the CBD, The Walden fronts uninterrupted harbour views from the Sydney Harbour Bridge to Sydney Heads.
Limited local housing supply, strong demand from affluent downsizers and a growing population are cited as drivers of both interest and pricing in the suburb.
Data referenced in the release notes North Sydney apartment prices rose nearly 10 per cent in the 12 months to August 2025, compared with an average year to date gain of 0.7 per cent across wider Sydney. The precinct continues to benefit from public and private investment as it evolves into an 18 hour destination.
“It’s clear that North Sydney’s changing rapidly, and property buyers are excited both by what’s on offer in the suburb now, as well as what’s yet to come,” ALAND Founder Andrew Hrsto said.
“Against this backdrop, The Walden is set to become a benchmark for luxury living in North Sydney, and it’s perfectly poised for buyers to capitalise on the continued growth and transformation in the local area. With its unrivalled amenities, refined design, and rare balance of sophistication and community connection, The Walden delivers a lifestyle unlike anything else on the market.”
Planned resident facilities include a fully equipped gym, wellness and treatment room, spa, wine cellar, residents’ lounge, private dining room, pool, dedicated work from home and meeting spaces, plus concierge services.
“Apartment sales in North Sydney have remained robust throughout 2025, and today’s opening sales at The Walden reflect strong buyer confidence in the area’s ongoing revitalisation,” said Ben Stewart, Partner at SRM Residential, which is overseeing sales.
He added that purchasers are responding to apartment scale and amenity, along with metro connectivity that places Barangaroo three minutes away and Martin Place five minutes away.
“The Walden has the best views in this part of the North Shore which can never be built out, with 70% of apartments enjoying front row views of the harbour.”
Stewart also pointed to confidence in delivery and quality. “The design and sizing of apartments at The Walden is a level above the majority of other projects on the market, and we’re seeing buyers prioritise well designed apartments that offer both lifestyle appeal and long term investment potential.
“ALAND’s 23 years of delivery success, backed its Gold Star iCIRT rating and Latent Defect Insurance (LDI) have been embraced by this market.”
Construction is scheduled to commence in early 2026, with completion targeted for 2028.
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