New $750m Tower Over Cross River Rail Station Secures Key Government Tenant

It is understood that a significant state government tenancy deal is progressing for the proposed Rainforest Tower development at 101 Albert Street in Brisbane’s CBD, with the Department of Education expected to take up to 35,000 square metres in the future commercial building.

The $750 million office tower, which would sit directly above the new Albert Street Cross River Rail station, is being developed by QIC, the state owned investment corporation that also owns the Department’s current premises at 54 Mary Street. It is understood that an agreement to lease has been signed, paving the way for one of Brisbane’s largest public sector relocations in the second half of this decade.

Targeted for completion around 2029 to 2030, Rainforest Tower is part of a broader state strategy to revitalise inner city employment hubs, improve integration with transport infrastructure, and respond to growing pressure on Brisbane’s tight premium grade office market.

QIC’s development proposes a 37 storey commercial building that would deliver approximately 60,000 square metres of office space in total. The project would integrate directly with the new underground Cross River Rail station below, creating a rare transit oriented commercial offering. According to project plans, the building would feature a subtropical “rainforest arrival” experience at the ground plane, activated retail tenancies along Albert and Mary Streets, and multiple elevated landscaped terraces accessible to office tenants.

The tower’s design, led by architecture firms Architectus and Henning Larsen draws heavily on subtropical design principles, with deep shading, planting integrated into facades, and cross ventilated terraces designed to break down the scale of the podium and improve thermal performance.

If the proposed tenancy by the Department of Education proceeds as expected, it would account for more than half the building’s net lettable area, providing QIC with a significant pre commitment to support the project’s commercial viability. The government backed lease also reflects a broader trend of public sector consolidation into state owned or co owned property assets in central locations.

The need for new office supply in Brisbane is becoming increasingly urgent, with vacancy rates continuing to trend downward. Property Council data from January reported a CBD vacancy rate of 10.2 percent, but this is projected to fall to 8.4 percent by August, with insiders predicting it could drop as low as 6 to 7 percent by year’s end.

Brisbane now has the tightest CBD office vacancy rate of any Australian capital. Recent large scale leases have contributed to this compression, including CIMIC Group’s impending move from fringe locations into 9,500 square metres in the Blue Tower on Eagle Street. That space is being vacated by BDO, which is relocating into the $800 million 360 Queen Street tower developed by Charter Hall and Investa. The balance of available space in that tower will be filled by the Bank of Queensland, which is shifting its headquarters from Newstead, ensuring the new tower opens fully tenanted.

These deals alone have absorbed over 17,000 square metres of inner city space in a matter of months, underscoring the demand for high quality, well located office stock. Rainforest Tower is expected to help meet this demand while also capitalising on the increasing appeal of transit integrated workplaces.

Construction procurement is now underway, with builder tenders reportedly issued for the project. If the delivery timeframe remains on track, the tower could be complete in time to meet the next cycle of government and corporate tenant demand aligned with Cross River Rail’s full operation and Brisbane’s broader infrastructure led growth.