Old Buildings, New Appeal: Heritage Office Interest is Surging in Brisbane

On the streets of Brisbane’s CBD a quiet revolution is under way. While gleaming glass towers and modern office blocks have long dominated the skyline, a wave of heritage building refurbishments is now reshaping the city’s office market—and attracting tenants in droves. Patona Property director Joshua Poiani says heritage renovations are no longer just a niche play but rather are emerging as a compelling alternative to traditional A-grade office space. Architectural charm, modern functionality “We are seeing increased interest for the architectural elements of heritage buildings. They provide occupiers with a unique environment compared to the modern workspace,” Poiani says. “Staircases, archways, open-air windows ... modern workspaces simply can’t replicate [that].” Beyond aesthetics, Brisbane’s growing “cultural maturity” and appreciation for design are helping heritage assets stand out. For tenants seeking a workspace with personality, history and texture, these buildings are increasingly irresistible. Poiani points to the success of 33 Queen Street as a case in point. Following a thoughtful refurbishment, the building quickly attracted eight new occupiers. Key to this turnaround was the involvement of Spillane Design, whose team had prior experience revitalising the heritage-listed Tattersalls building. “Spillane delivered a cohesive design approach, ensuring seamless continuity while reinvigorating tired internal finishes,” Poiani says. The combination of creative direction and careful refurbishment turned a “tired and outdated asset” into a sought-after address. Premium rents reflect changing perceptions Perhaps the most striking evidence of the trend is in pricing. Gross face rents for heritage-grade buildings now range from $850 to $875 per square metre—on par with higher-grade office towers. “Refurbished heritage buildings offer a real alternative to traditional office space,” Poiani says. “There’s a combination of limited supply, rising demand and a major shift in how businesses are thinking about attracting staff back to the office.” Knight Frank partner of research Jennelle Wilson reports a rise in new supply in Brisbane in 2025 with about 43,700sq m added to the market in the first half of 2025 and a further 46,700sq m to be delivered before the end of the year. Wilson is forecasting a moderate uptick in office vacancy to 11.3 per cent in January 2026, up from 10.7 per cent in July 2025. ▲ The Spillane Studio-designed refurbishment of 33 Queen Street was a successful reinvigoration of a heritage building in Brisbane. She also notes that B-grade building rents are accelerating strongly as they continue to absorb tenants priced out of the A-grade market, providing cost-effective and well-located assets. But heritage offices offer more than just a roof and four walls—they offer an experience. Natural light, varied finishes and a sense of history resonate with modern tenants and their teams. “These buildings have stood for well over 100 years,” Poiani says. “They symbolise establishment, legacy and longevity. People respect what these beautiful old buildings stand for.” Balancing preservation with modern amenity From a development perspective, achieving commercial success in heritage assets requires a delicate balance. “It all comes back to good design,” Poiani says. Capital must be deployed strategically to preserve the character of the building while ensuring modern amenities—like lifts, foyers and building services—meet contemporary expectations. This approach has led to two distinct categories in Brisbane: Existing Heritage, which requires further investment and Premium Heritage, which combines history with high-quality finishes on par with those of A-grade towers. Broad appeal across sectors The tenant profile for heritage buildings is evolving. While architects and design-focused firms were the early adopters, today’s demand comes from a more balanced cross-section of industries. “Tenants are drawn by the personal taste of decision-makers as well as broader business considerations,” Poiani says. Heritage offices can have mass appeal beyond creative sectors. Mirvac’s Heritage Lanes is one example. The development in Brisbane’s CBD reused and refurbished an existing two-storey heritage building, reinstated a heritage market shed and was the first to be recognised with a 6 Star Green Star Buildings certified rating. ▲ Heritage Lanes at 80 Ann St in Brisbane City was completed in early 2022. The recently approved Blight-Rayner designed Brisbane Place is another heritage building precinct being preserved and built upon. The 38-storey mixed-use development, which includes the resurrection of several heritage buildings, is earmarked for a 5070sq m site spanning nine lots fronting Edward and Charlotte streets, owned by the Catholic archdiocese. Growing sub-sector in Brisbane’s office market Patona Property now sees heritage as a standalone office sub-sector within the CBD. With the coming 2032 Olympics and continued infrastructure investment, the opportunity for heritage repositioning is forecast to grow. “As the supply of Premium Heritage space remains limited while overall CBD office space expands, we expect these assets to command a greater premium in the future,” Poiani says. ▲ The building at 450 Queen Street will be transformed into one of Australia’s most sustainable commercial buildings. It also addresses long-term issues with both building capacity and capturing embodied carbon in existing buildings. Major refurbishments of 70 Eagle Street and 450 Queen Street are under way and due for completion by 2027. The future of heritage offices In Brisbane, heritage buildings are no longer relics of the past—they are active drivers of the city’s office market. With their combination of historical character, modern amenity and cultural resonance, they are attracting tenants and investors. For those willing to invest in thoughtful refurbishments, heritage buildings are proving that sometimes, the old ways are the most forward-thinking.

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Taryn Paris
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