As on any grand final day, the scoreboard and the percentage tell different stories. Brisbane leads on volume, with 48,792 sqm absorbed over 12 months against Perth's 38,556 sqm, and its vacancy rate of 10.2 per cent is the lowest of any mainland CBD. Perth grew occupied stock by 2.5 per cent over the year, the fastest of any CBD, and its vacancy fell 1.6 percentage points to 15.4 per cent, the biggest drop in the country.
The real difference is in the midfield. Brisbane's premium towers absorbed 31,840 sqm over 12 months, close to two thirds of the market total, cutting premium vacancy to 6.5 per cent, the lowest of any major CBD. A grade vacancy sits at 8.3 per cent, around half the 15.9 per cent average across all CBDs. Perth's result has been more of a team effort. A grade did the heavy lifting with 24,134 sqm absorbed, premium contributed just 2,993 sqm, and secondary grades provided 30 per cent of total absorption compared with 8 per cent in Brisbane. That leaves Perth with more upper grade space still available, with A grade vacancy at 16.3 per cent and premium at 10.2 per cent.
The sublease market, the office equivalent of players sitting on the trade table, has been cleared out in both cities. Brisbane's sublease vacancy has more than halved over 12 months to 10,160 sqm, with A grade sublease space falling from 12,289 sqm to 2,701 sqm. Perth's fell from 18,487 sqm to 11,220 sqm. Occupiers are no longer shedding surplus space, and in many cases they are taking it back.
Both teams are well supported off the field. Unemployment sits at 4.2 per cent in Queensland and 4.4 per cent in Western Australia, both below the national rate of 4.5 per cent. Western Australia also has the highest participation rate in the country at 68.0 per cent.
The leasing strength is already showing up in Brisbane's pricing. MSCI returns data for June 2026 highlight CBD office in Brisbane delivering a total return of 10.75 per cent over the year, the highest of any CBD market, with capital growth of 4.61 per cent and cap rates firming to 6.36 per cent. Perth returned 4.94 per cent, but capital value returns fell 0.69 per cent and cap rates softened 27 basis points to 6.53 per cent.
Our expectation: Brisbane takes the premiership. It has the tightest quality space of any major CBD, the strongest returns in the country and valuations that are already rising. With premium and A grade vacancy this low, tenants will be forced to compete for the best floors or move down a tier, pushing rents higher and keeping Brisbane in front over the next year. Perth finishes as the most improved side of the season. Its leasing gains have yet to flow into pricing, which makes it the CBD with the most upside for investors prepared to move before values catch up.
