Joseph Grasso of Commercial Brisbane Southside says demand for industrial assets among owner occupiers currently outweighs supply. “We are starting to see leasing enquiries decrease slightly, and investors are now looking for higher yields due to interest rate rises,” explains Joseph. Developers are now having to look further out from traditional industrial areas to find land, a factor which contributed to the market appeal of 106 Medway Street, Rocklea, a multi-tenanted, fully leased warehouse/office complex situated 11 kilometres from the Brisbane CBD. The property offers 7,447 square metres of land and a lettable area of 5,634 square metres, and generates gross rent of $690,807 per annum plus GST. According to Joseph, smaller industrial units continue to command strong interest in both sales and leasing. He adds that in the office market, suburban properties are seeing limited demand from tenants though rents and vacancy rates are expected to hold steady through 2024. Longer term Brisbane is set to benefit from its role as host city of the 2032 Olympic games. Nick Comino nick@rnhcommercial.com.au Brisbane Southside Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $200-$275 $115-$150 $450-$600 Vacancy 15% 3% 10% Yields 5.75-6.75% 5.8-6.75% 5.5-6.5% Rates p/m² $3,500-$4,500 $1,800-$3,000 $6,000-$8,000 Current market conditions $7,520,000 106 Medway Street, Rocklea Recent Notable Transactions SOLD Price Confidential 3269-3271 Logan Road, Underwood LEASED For more information, contact: Joseph Grasso joseph@rnhcommercial.com.au Queensland | 27
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