墨尔本CBD写字楼市场2025年8月

Has the worm turned? The first fall in vacancy rates infive years, positive net absorption for the first time inthree years and even a slight drop in incentives. knightfrank.com.au/research Melbourne’s CBD was the only East Coast capital to record adecline in vacancy; combined with positive net absorption inH1 2025 it's a promising sign for the market. Marco MascitelliAssociate Director, RESEARCH & CONSULTINGDr Tony McGoughPartner, Research & Consulting 6-month net absorption Sqm of net supply in 2026 Latest vacancy-CBD Net absorption was positive for thefirst time since H1 2022. A strong15,031 sqm of demand in grade B spacemade the difference, with Premiumgrade also showing positive demand of4,520 sqm. Net supply in 2026 is forecast to comein at 116,000 sqm below the 10-yearaverage of 137,681 sqm. It is mostly thetwo premium developments underconstruction in the CBD, 435 BourkeStreet and 51 Flinders Lane. The vacancy rate in Melbourne’s CBDfell for the first time since H2 2019down marginally to 17.9% from 18.0%in H1 2025. Eastern Core Prime RentalGrowth Yield Q4’24–prime basket Prime Incentives Prime incentives fell 0.1%, the first fallin over two years. Following a commontheme, the improvement in incentiveswas based around a few selectbuildings in the Eastern Core. Prime yields have softened 12 bps q/qand 31 y/y to sit at 6.70% whilstsecondary yields have softened 21 bpsq/q and 36 bps y/y to sit at 7.67%. Prime net face rents in the Eastern Corehave increased 6.9% over the last year,the next strongest growing precinct wasNorth Eastern at 1.3%. Melbourne’s CBD recorded net absorption of +1,446 sqmin H1 2025, the first positive figure in three years. While theresult is only marginally positive, it marks a notable shift inleasing activity, particularly when viewed against the 5-yearaverage of-42,190 sqm per annum. In contrast to thenational trend of flight to quality, secondary office space inMelbourne significantly outperformed prime, recording netabsorption of +11,379 sqm compared to-9,933 sqm for prime.Despite this trend, demand for prime assets remains robust,evidenced by major transactions over the past year—including Coles, CBA, Parks Victoria, and Clayton Utz—thatare yet to flow through to absorption figures. Consistent with the ongoing flight-to-quality trend, thereis a clear divergence in net absorption across the precincts.The Eastern Core led the market in H1 2025 with the highestabsorption at +9,865 sqm. In contrast, precincts facinglocational challenges and characterised by a higherproportion of non-Collins Street stock recorded the weakestresults, including Docklands (-12,333 sqm), and Civic (-6,816sqm). In fact, excluding Docklands Melbourne’s CBDachieved a positive net absorption of +13,779 sqm. Leasing briefsremain steady in the CBD with 56 recordedover Q2 25 at an average size of 1,227 sqm, five less than Q125. Requirements of 500sqm or less represent 49% of briefs.Some of the largest briefs currently active in the market areMyer, Pitcher Partners, AFL, Telstra, and Maddocks. TheState Government is also in the process of consolidating itsreal estate portfolio and has demand for up to 90,000 sqm ofoffice accommodation in the CBD. Melbourne CBD’s total market vacancy rate fell 0.1% to17.9% over H1 2025. Although marginal, this marks the firstdecline in the vacancy rate since H2 2019. Melbourne wasalso the only major city outside Adelaide to record a vacancydecrease over this period. Secondary vacancy dropped from17.9% to 16.8%, while prime vacancy rose from 18.0% to18.3%. Vacancy is lowest in the Eastern Core at 12.3%, wellbelow the CBD average of 17.9%. In contrast, Flagstaff sitssignificantly higher at 26.7%, while the Western Core, theCBD’s largest precinct, sits in line with the CBD average at17.9%. Over H1 2025 no new supply reached completion inMelbourne’s CBD, but several developments andrefurbishments are expected by year-end. Key completionsinclude 7 Spencer Street, adding 43,500 sqm with highprospective vacancy, having only secured two pre-commitments from AECOM and Work Club (7,500 sqm). 51Flinders Lane and 435 Bourke Street remain on track for a2026 completion, with 435 Bourke Street securing major pre-commitments from CBA, UniSuper and Baker McKenzie. In2027, Lendlease’s OSD Town Hall will deliver 17,000 sqm—already pre-committed by CBRE—while Scape’s mixed-useState Library Exchange will contribute a further 10,000 sqmof office space to the market. New supply will slow sharplyafter 2027, with no new supply forecast for 2028–29 and 600Collins Street by Hines tentatively set for 2029. Despiteleasing conditions improving, high incentives andvacancies, combined with rising construction costs,continue to challenge project feasibility. Prime net face rents across Melbourne’s CBD now average$735/sqm following a 2.1% increase q/q, the strongestquarterly growth recorded in the last year. This uplift wasdriven by the Eastern Core where prime rents surged from$915/sqm t