The supply picture
New office supply in Brisbane has fallen sharply — approvals are down sharply (-28% year-on-year). A shrinking pipeline puts a floor under well-located, well-let stock even where headline vacancy looks high: little new product is coming to compete.
Precinct by precinct
Across 98 Brisbane office precincts, the current tilt is 33 tightening · 17 demand-led · 26 quiet · 22 oversupply risk (median supply change -18% year-on-year). This is a stock-picker's market: the pressure is uneven, not uniform.
Tightening / demand-led: Enoggera Reservoir, Newstead - Bowen Hills, Paddington - Milton, Wilston
Watch (oversupply risk): Annerley, Moorooka, Wynnum West - Hemmant, Pallara - Willawong
The sector backdrop
Valuations lag rates — capital softening still to come; income cushions it. Office cap rates sit around 6.32% on our national read. Conditions are neutral / transitional on our macro read.
Cap rate = the yearly income as a share of price (a higher number is cheaper). The number above is a market read; where our model puts fair value, and the five-year return forecast, are in the report.
The full Brisbane office read
Fair-value cap rate, the five-year total-return forecast and the downside range — plus the precinct data in full — sit in the Brisbane Office report, refreshed every edition.
See the report →Source: ABS building approvals (supply), MPLC precinct model to SA2 (demand tilt), RBA (rates, yields) and the MPLC valuation model. As at September 2026. Information & forecasts only — not advice.