The leasing momentum at Dexus’s $2.5 billion Waterfront Brisbane development offers an insight into Brisbane’s office market trajectory. With the first of the two towers already 71% committed and due for completion in 2029, this level of long-term commitment reflects a convergence of several dynamics shaping the city’s market: confidence in Brisbane’s growth outlook, increasing competition for premium office accommodation and growing recognition of the limited opportunity to secure space within a landmark riverfront precinct.

Demand for Waterfront Brisbane is unfolding alongside a market where future premium office supply is becoming increasingly constrained. Brisbane continues to benefit from strong population growth, business investment and tightening vacancy rates recording the nation’s strongest net absorption in Q2 2026 at 21,000sqm¹, with occupier demand consistent across grades. Vacancy stood at 10.6% and prime net effective rents grew 10.9% over the year².

At the same time, the economics of delivering new office developments have changed significantly. Rising construction costs and feasibility pressures have increased the economic rents required to justify new projects, narrowing the pipeline of future premium supply. For occupiers, particularly those seeking large floorplates in central CBD locations, that dynamic is bringing greater urgency to workplace decisions. As the pool of comparable opportunities reduce, organisations are looking beyond their immediate requirements and securing space within developments that can support their long-term growth ambitions. And at present, Waterfront is the only new premium office product that will complete and be brought to Brisbane market ahead of 2030.

The power of precinct

Market conditions only tell part of the story. Waterfront Brisbane is transforming the former Eagle Street Pier precinct into a global-standard business and leisure destination, bringing together premium office accommodation with end-of-trip, retail, hospitality and public realm on a scale rarely seen in the local market - one of the single biggest private-sector urban renewal developments undertaken in the city’s history.

The precinct proposition has featured prominently in leasing conversations, with organisations increasingly weighing the experience around their workplace - the amenity, connectivity and spaces that support both staff and clients. An early sign of that appeal is the recently completed 250-metre Brisbane Riverwalk extension, which has already drawn more than 200,000 visitors and points to the role the precinct will play in the city. The same focus carries into the workplace, where Dexus’s ‘Forever Fitout’ product is offered to customers as a ready-made specification.

The calibre of firms committing to Waterfront Brisbane provides a strong indication of how the market is assessing the opportunity. Deloitte, DLA Piper, Allens, MinterEllison, Gadens and Colliers are among the occupiers to have secured space, creating a concentration of professional services occupiers and positioning Waterfront as a future business destination within Brisbane's premium office market and one of the city's most significant regeneration projects.

For more information, visit the Waterfront Brisbane website: https://www.waterfrontbrisbane.com.au  

[1] Dexus Australian Real Asset Review, Q2 2026

[2] Dexus Australian Real Asset Review, Q2 2026