2025年9月阿德莱德写字楼市场报告

Adelaide’s CBD continues to perform well, particularly in contrast toother cities nationally, evidenced by robust rental growth, fallingvacancy and strong net absorption over the last 18-months. knightfrank.com.au/research Adelaide’s CBD Office market growth story continues, drivenby a fall in vacancy rates, increasing prime rents and Amanda AzariahProperty Analyst, RESEARCH & CONSULTING Total vacancyrate Newsupply 2025-27 (sqm) Net absorption (sqm) Adelaide’s CBD recorded22,326 sqmofpositive net absorption overH1 2025,significantly higher than the 10-yearaverage of 6,985 sqm–this is the thirdlargest sum of 6-month net absorption The total vacancy rate fell from 16.4%to 15.0% over H1 2025. Prime vacancycame in at 15.1% whilst secondaryvacancy was marginally lower at Approximately100,000 sqm of newsupply is expected to be deliveredfrom 2025 to 2027, Festival Tower 2alone is expected to add 50,000 sqm of H1 2025 transactionvolumes ($10m+) Rental growth in H1 2025 Average CBD prime yield Gross face prime rents rosesignificantly over H1 2025, up 6.4% to$717/sqm. Gross face secondaryrentsgrewby alesser extent, up 2.7% to The average prime yield for Adelaide’sCBD remained flat for the second thirdquarter in a row at 7.3%. It is softer than Sydney (6.0%) and Melbourne at(6.7%) but is in line with Brisbane. Two office buildings transacted inAdelaide’s CBD over H1 2025 (>$10m),totalling $76.02m. Expectations arethat several buildings will transactover H2 2025 pushing investment Adelaide’s CBD office market has recorded 22,326 sqm ofpositive net absorption over H1 2025. In the last 18 monthsalone, net absorption has totalled +73,973 sqm, the highestof any CBD in the entire country–Sydney is the next best Leasing activity in Adelaide’s CBD during H1 2025 washeavily concentrated across prime office stock. Netabsorption for A-Grade assets reached +22,683 sqm, whilesecondary-grade assets recorded a contraction of-357 sqm.This continues to reinforce the national trend that demand There was also a notable improvement in vacancy in H1 2025as the total vacancy rate fell from 16.4% to 15.0% on the backof stronger leasing demand and robust net absorption. This Within the CBD core, which accounts for 80% of total stock,vacancy fell from 18.5% to 16.6%. In contrast, the Framemarket remained significantly tighter at 8.5%, though it rose0.7% over H1 2025. Prime vacancy fell sharply, down from 20.0% to 15.1% whilst secondary vacancy eased moderately,edging down from 15.2% to 14.9%. Prime vacancy is now Tenant expectations have shifted from a simple “flight toquality” towards an experience-driven workplace. Beyondaesthetics, demand is focused on sustainability, naturallight, flexibility, and access to surrounding services.Attractive locations now emphasise lifestyle amenities such as gyms, cafés, and retail, alongside transport connectivity. While cost efficiency remains important, tenant’s prioritisespaces that support staff retention and brand image. The Net supply in Adelaide’s CBD reached historically highlevels in 2023 and 2024, with 78,109 sqm and 61,669 sqmdelivered, respectively. These strong additions were drivenby a combination of major refurbishments and newcompletions, including 150 Grenfell Street (9,485 sqm), 45Pirie Street (19,580 sqm), 30 Pirie Street (24,000 sqm) and100 King William Street (15,112 sqm). In contrast, netadditions in H1 2025 were minimal, with just-9 sqm Looking ahead, supply will moderate. In 2026, only one project is scheduled for completion—Market Square by ICD, which will deliver 22,000 sqm and is already more than 50%pre-committed. No new developments are expected in 2027,while 2028 will see the delivery of Festival Tower (50,000 Office completions in Adelaide’s CBD are forecast to remainbelow the 10-year average of 28,665 sqm from 2025 to 2027,before comfortably surpassing it in 2028. This slowdownfollows a record 92,314 sqm delivered in 2023, with themarket still absorbing the unprecedented influx of new Prime gross face rents in Adelaide’s CBD currently average$717/sqm, up 1.8% q/q and 9.4% y/y. Gross effective rentshave recorded even stronger growth, supported by a slightdecline in incentives. Gross effective rents rose from$431/sqm to $474/sqm, up 1.8% q/q and 10.0% y/y. Growth across secondary assets have been more subdued,with gross face rents increasing just $2/sqm over Q2-25 to$473/sqm, rising 0.4% q/q and 3.2% y/y. This highlights thepresence of a two-tiered market in Adelaide, consistent withtrends across much of Australia where rental growth is Expectations are that incentives will settle at 35% across prime assets in Adelaide’s CBD, and the city will see averageprime effective rental growth of 4.5% per annum over the Several major lease agreements have been finalised inAdelaide’s CBD over the past 6 to 18 months, reflected inrobust net absorption figures and pointing towards strongleasing activity. The largest of these lease agreements isRAA, which w