Brisbane's CBD retail vacancy reverses course as café strip tightens, luxury jewellery precinct consolidates on Edward Street

Brisbane's prime retail core has moved in the opposite direction to the broader national trend, with vacancy climbing back to 13.1 per cent in 2026 after improving to 10.9 per cent in 2025, sitting above the 13.0 per cent recorded in 2024. This reversal is notable given it runs counter to Brisbane's office market, where vacancy has continued to ease and representing some of the best occupancy results in the country, improving to 10.2 per cent from 10.7 per cent in 2025. The divergence marks Brisbane as the outlier among major capitals, a market where the nation's tightest office fundamentals have not translated into a corresponding retail recovery, suggesting supply and tenant churn in the core are currently running ahead of underlying demand.

The tenant mix tells a more encouraging story beneath the headline number. Cafés and restaurants have been the standout performer, climbing from 14.8 per cent of tenancies in 2024 to 18.0 per cent in 2026, confirming food and beverage as the clear growth category in the Brisbane core. Specialised food retailing has also grown steadily, up to 7.8 per cent from 6.9 per cent. Services, historically Brisbane's largest tenancy category, continues to retreat, falling to 17.3 per cent from 20.9 per cent in 2024, ceding ground to hospitality and food based activation. Clothing and soft goods eased slightly to 17.7 per cent after peaking at 18.7 per cent in 2025, while other personal and household goods, largely jewellery, softened marginally to 15.2 per cent.