• Industrial vacancy: 4.8 per cent at the end of September, up from 4.5 per cent (JLL, buildings over 3,000 sqm)
• Industrial take-up: 298,700 sqm in the September quarter, the best result since Q3 2023
• Pre-leasing: about 64 per cent of that leasing was pre-committed space
• Industrial rents: up 1.5 per cent over the quarter, second only to Adelaide
• CBD office vacancy: 10.2 per cent in the Property Council's July count, the lowest of the big three east coast CBDs
• Biggest deal: Charter Hall buying Garda Property Group's Brisbane industrial portfolio for $300 million
• Interest rates: cash rate 4.60 per cent, September CPI 4.3 per cent, a rise to 4.85 per cent widely expected on 3 November

Brisbane went against the national trend in the September quarter. JLL's Q3 report shows vacancy lifting from 4.5 to 4.8 per cent even though take-up of 298,700 sqm was the city's strongest quarter since 2023. The rise came from new estates reaching completion rather than tenants walking away. JLL's industrial head Nathan Bingham expects it to be a short-term effect as the market builds towards the 2032 Olympics.

Rents kept climbing. Brisbane recorded 1.5 per cent rental growth for the quarter, ahead of Melbourne and Sydney. Pre-leasing made up close to two thirds of all leasing, which says big occupiers are still committing early to new space along the Logan Motorway, the Ipswich corridor and the Australia TradeCoast.

Garda Brisbane industrial portfolio – $300 million. A Charter Hall fund has agreed to buy Garda Property Group's portfolio of about 90,600 sqm across Acacia Ridge, Wacol, Richlands, Berrinba and Morningside. It includes 38 and 69 Peterkin Street, 41 Bivouac Place, the Pinnacle West estate and 326–340 Thynne Road, with tenants including Volvo, O'Brien Glass, CNW and Ausdeck. The WALE is about 4.5 years with average annual reviews of 3.4 per cent. Most assets settle on 20 November, with Morningside around March 2027. The sale completes Garda's exit from owning property as it turns to lending.

410 Ann Street, Brisbane City – about $124 million. Alceon Group bought the twin-tower office complex on the CBD's northern edge, plus the Cathedral Square car park, from a Mirvac-managed fund at an 11 per cent fully leased yield. At around $6,000 per sqm, the price is about half the rate paid for prime Brisbane towers this year. Alceon is betting on the gap between older office pricing and what the fringe could become.

10 Browning Street, South Brisbane – $81 million. Daiken Investment Australia, part of a Taiwan-listed health supplements group, bought the fully leased A-grade office building from Forza Capital at an 8.4 per cent yield. It has about 11,181 sqm of offices and ground-floor retail, 372 basement car parks and a WALE of 4.8 years. MP Commercial acted for the seller and Colliers for the buyer.

44–56 Potassium Street, Narangba – $17.4 million. Local private investors bought a manufacturing plant on 2.4 hectares at a sharp 4.13 per cent net passing yield. The 9,555 sqm building failed to sell five years ago. Since then the rent has risen by about 27 per cent and buyers have priced in the land value in a growing northern corridor.

Regional Queensland. Journey Beyond agreed to buy Kelsian's K'gari resorts (including Kingfisher Bay Resort) and tourism businesses for $145.8 million. In Dalby, the Ochre Medical Centre at 37–41 North Street sold for $10.8 million at a 7.3 per cent yield.

On 23 October the Queensland Government and South Bank Corporation opened an Invitation for Prequalification for private partners to renew a 4.8-hectare section of South Bank Parklands centred on the leaking Streets Beach lagoon. A new lagoon and better public space are non-negotiable, with integrated commercial development part of the mix. It is one of the most visible inner-city development opportunities Brisbane has offered in years.

Further south, the Greater Flagstone and North Maclean growth area kept moving, with logistics, residential and the priority development area all expanding as the population moves along the Mount Lindesay Highway corridor.

Brisbane's data centre story is moving to the edges. In Ipswich, a proposed 10-storey data centre at Six Leaf Street, Swanbank, has drawn questions from council, while Arvica Cloud is planning an edge facility in the same area. Swanbank's appeal is its existing heavy industrial land and power infrastructure.

Out west, the Western Downs Digital Park at 1933 Dalby-Kogan Road, Kogan, is still on track. Dexus confirmed on 28 October that its data centre platform is still finalising lease documents with an Australian subsidiary of Anthropic for stage one, subject to approvals. The 725-hectare site sits in a special industry area close to generation and transmission, which is exactly what large AI campuses need.

Brisbane CBD vacancy was 10.2 per cent in the Property Council's July count, the lowest of the major east coast CBDs. Prime space is tight and new supply is limited until the next wave of towers lands later this decade.

October's deals show the split. Older fringe buildings like 410 Ann Street are trading at double-digit yields because buyers are pricing in refurbishment and leasing risk. Well-leased, practical buildings like 10 Browning Street in South Brisbane drew strong offshore interest at 8.4 per cent.

With September CPI at 4.3 per cent and the trimmed mean beating the RBA's forecast, most economists expect the cash rate to rise to 4.85 per cent on 3 November. For Brisbane that mostly affects leveraged private buyers and developers holding land. Funds like Charter Hall and offshore buyers with low gearing are still active, as this month showed. Owners with CPI-linked leases benefit from bigger rent reviews this year.

• South-west (Acacia Ridge, Wacol, Richlands, Berrinba): the core of the Garda portfolio and still the deepest investor market for mid-sized sheds.
• Australia TradeCoast (Morningside, Pinkenba, Hemmant): port and airport access keeps demand steady from transport and freight users.
• North (Narangba, Brendale, Burpengary): owner-occupiers and private investors paying sharp yields for land with long-term upside.
• Logan and Flagstone corridor: where much of Brisbane's new logistics supply is landing.
• CBD fringe and South Brisbane: value buyers taking on older offices while South Bank's renewal puts the precinct in focus.

• New estates need tenants signed early. Vacancy rose because buildings finished before they were leased. Developers who can show tenants the finished estate during construction give themselves a head start.
• Present the lease clearly. Garda's portfolio sold on WALE and 3.4 per cent reviews. Buyers want income facts up front.
• Land value counts. Narangba showed that buyers will accept a low yield when a site has clear future upside. Explain that upside visually.
• Fringe office needs a plan. Older towers trade cheaply unless the owner can show a refurbishment or conversion path.

The RBA decision on 3 November comes first, then settlement of most of the Garda portfolio on 20 November. Watch the South Bank prequalification process for who puts their hand up, any decision on the Swanbank data centre and whether Brisbane industrial vacancy settles back below 4.5 per cent as this year's new estates lease up.