State government in deal for Education Dept to lease QIC planned Rainforest office tower

A major state government department is earmarked to move into the new $750m Rainforest tower on top of the Cross River Rail station with a deal done with QIC.

An artist's impression of the ground floor of QIC's 101 Albert St tower.

With a lack of new office tower supply in the Brisbane CBD squeezing vacancy rates, we hear that the state government and its investment offshoot QIC have done a deal.

We understand an agreement to lease has been signed for the $750m Rainforest Tower on top of the Cross River Rail station at 101 Albert St in the CBD.

It’s very early days yet but we hear that the Education Department, which is at 54 Mary St, has been earmarked to move into about 33,000 sqm to 35,000 sqm when the tower gets built – potentially by 2029-30. Tenders have gone out to builders.
It’s very much a QIC deal with the government-owned investment company owning 54 Mary St and 101 Albert St. It will also be the developer of the tower.

And any new office tower can’t come quick enough with those in the know saying vacancy rates in the CBD could be as low as 6-7 per cent by the end of the year.

An artist's impression of The Rainforest tower at 101 Albert St.

Brisbane has the tightest vacancy rates in Australia and there are forecasts that the Property Council’s Office Market Mid Year Report in August will show a rate of about 8.4 per cent – down from 10.2 per cent in January

Added to the squeeze is the 17,000 sqm of total office space absorption in the CBD by the end of the year in just two deals.

Construction giant CIMIC is near to signing off on a deal to leave its fringe offices and take up 9500 sqm in the BDO space in the Blue tower.

The accountants will move into the Charter Hall/Investa developed $800m premium tower at 360 Queen St when its finished at the end of the year.

Also, the Bank of Queensland, which is currently in Newstead, will take up the balance of space left at the tower ensuring 360 Queen is totally full.

Dropping anchor

We know it's a cheesy pun but it seems that apprentices at Riviera want to drop anchor at the luxury boat builders Gold Coast manufacturing base.

According to the National Centre for Vocational Education Research, 71 per cent of all Australian apprentices who completed their training in 2024, did so with the same employer.

But Riviera’s retention rate outpaces that with a whopping 95 per cent of its apprentices remaining with the boat builder, even after they become qualified tradespeople.

Riviera owner Rodney Longhurst has long championed their apprenticeship scheme and the company currently have almost 130 enrolled in its Academy of Excellence.

Family succession

Fourth generation of the renowned property family Matt White has become the new chief executive of Ray White Rural and Livestock.

He takes over from Stephen Nell who was at the helm for eight years and has moved into his new role of executive director.

White, who has been working closely with Stephen for several years, says he’s looking forward to embracing the challenges that come with the role.

“The opportunity to lead a company that my father Paul White started 30 years ago is a great privilege and one I don’t take on lightly,” he says.

Originally published as State government in deal for Education Dept to lease QIC planned Rainforest office tower