A boxy office tower in a historic corner of Brisbane’s CBD is undergoing a complete makeover, which is on track to be completed by the beginning of next year.
The building at 450 Queen Street – directly opposite Customs House – was built in 1974. Since 2024 it’s been completely gutted, with its dark concrete exterior removed.
Plans lodged with Brisbane City Council show glass panels on the front and sides, with several sandstone-coloured floors at its base.
The completed building will have more than 28,000 square metres of floor space across 24 storeys, and food outlets on the ground floor.
But the redevelopment comes as the office vacancy rate ticks up in the CBD following the opening of a major new building less than two minutes away by foot.
New design plans for 450 Queen Street were lodged in January with minor alterations to the facade and floor layouts, while earlier plans for a rooftop garden have been scrapped. Timber will also now be used extensively across the upper levels.
“In response to the existing building constraints, some elements have been removed and replaced with enhanced landscaping to create greener podium terraces,” a spokesperson for designer FK said.
Construction is well under way, with the footpath along Queen Street covered with protective barriers.
The building – owned by PGIM Real Estate – was formerly known as 444 Queen Street, but the address has been officially changed to 450.
It’s one of several major new office projects in the centre of Brisbane. Just 150 metres away, 360 Queen Street was completed in 2025 at an estimated cost of $800 million.
Vacancy rates in the CBD rose from 10.7 per cent last July to 11.8 per cent at the start of 2026, with analysts citing the increase in supply. Despite the uptick, the office vacancy rate in Brisbane’s CBD remains lower than any other major Australian city.
The Property Council of Australia predicted the number of new projects would fall significantly over the next three years, by which time the first tower in the Waterfront Brisbane complex on Eagle Street is expected to be completed.
“We have consistently raised concerns about the lack of a viable office pipeline beyond 2027,” property council executive director Jess Caire said.
“Office developments of this scale are complex and capital intensive, often taking many years to progress from concept to completion … without greater certainty, projects simply do not stack up and the consequence is a constrained supply pipeline when demand fundamentals remain strong.”
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