2026年2月北岸写字楼市场

Key Insights Positive outlook as investors seek value beyond the core. Marco MascitelliDirector, RESEARCH & CONSULTING 56K Elevated incentive levels New supply Prime net absorption The completion of Victoria Cross OSDadded over 56,000 of premium officespace to north Sydney. Positive net absorption over2025 in Prime grade incentives averaging 40% $927m 1.8% 65bpsYields softening Annual face rental growth Transaction volumes Prime net face rents average $945/sqmin North Sydney, an increase of 1.8%y/y. Transaction volumes across the NorthShore markets hit $927 million in 2025.Transaction activity is expected to pick Yields continue to soften across theNorth Shore markets, in particularNorth Sydney yields have softened65bps over 2025. North Sydney PRIME MARKET OUTPERFORMING There is a clear divergence in occupier demand across NorthSydney between differing grades. With positive deal flowand enquiry across the prime market, positive absorption of13,717 sqm was recorded in 2025. In contrast, the secondary Analysing demand even further, premium-grade stock is inhigh demand, with absorption at 6,348sqm over the year,underscoring a clear divergence in market performance.Occupiers are prioritising high-quality office environmentsthat offer superior amenity and connectivity, reinforcing theappeal of best-in-class buildings. Notably, leading assets LIMITED DEVELOPMENT ON THE HORIZON After a period of limited development activity, NorthSydney’s office market expandedinlate2025with thecompletion of one significant development,Lendlease’sVictoria Cross Over Station Development (56,926 sqm).North Sydney’s total office stock currently stands at 967,642 Looking ahead,the proposedAffinity Placeofficedevelopment by Stockland looks unlikely in the near term, as they were seeking to alter the development to amixed use scheme.Beyond this,the remaining development pipeline islargely in early planning stages and is not expected to FACE RENTS AND INCENTIVES RISE Therehas been moderate growth in face rents in NorthSydney, with average prime net face rents increasing by 1.8%over the year to reach $945/sqm ($1,121/sqm gross) as ofJanuary 2026. In the secondary market, growth has been Prime incentives edged higher over the year to now average 40.2%, resulting in a 2% decline in net effective rents, which now average $495/sqm. Incentives have likely peaked andare expected to stabilise over the near term, paving the way Macquarie Park VACANCY RISES Overall vacancy in Macquarie Park rose to a new high of24.0% in January 2026, whilst still below the vacancy levels recorded in North Sydney and StLeonards. Negative absorption of 9,091 sqm in the second half of 2025 broughttotal annual net absorption to negative 39,981 sqm. During By grade, prime vacancy closed the year at 23.4%, withnegative net absorption of 20,688 sqm over the 12 months toJanuary 2026. Similarly, the secondary market recorded LIMITED DEVELOPMENT PIPELINE The office stock in Macquarie Park ended 2025 at 956,618sqm, following the delivery of 11,269sqm of new supply inthe second half of the year. This is primarily driven by thecompletion of Stockland’s 17 Khartoum Road (M_Park),which added 10,035 sqm to the market and was fully Looking ahead, 15 Khartoum Road (M_Park) is scheduledfor completion in H1 2026, delivering a further 10,082 sqm ofoffice space. Beyond this, no additional development iscurrently scheduled for delivery before 2030. The limited RISING INCENTIVES OFFSET FACE RENTAL GROWTH The average prime net face rents in Macquarie Parkmeasured $480/sqm ($610 gross face), representing a 2.1%increase over the 12 months to January 2026. This markedthe strongest face rental growth among suburban markets inSydney. Secondary net face rents reported 1.9% growth over However, reflecting the subdued occupier demand andelevated vacancy, incentives continued to rise, increasingfrom 40% in January 2025 to 41% in January 2026. As aresult, the uplift in face rents was more than offset at the StLeonards ONLY NORTH SHORE MARKET WITH POSITIVEOVERALL NET ABSORPTION IN 2025 St Leonards is the only market to record positive overall netabsorption in 2025. Positive net absorption of 2,942 sqmcontributed to the ease in overall vacancy, which declinedfrom 30.5% in January 2025 to 29.1% in January 2026. By grade, performance was led by the prime market,where vacancy declined from 26.1% to 23.4% over the year,supported by positive net absorption of 3,802 sqm. NEW DEVELOPMENT UNDERWAY AS METRO STATIONIMPROVES CONNECTIVITY Source: Knight Frank Research, PCA The opening of the Crows Nest Metro station has improvedconnectivity and accessibility within the precinct,enhancing its overall appeal to occupiers. Combined withthe availability of multiple prime office options, theimproved transport amenity is expected to encourage Looking ahead,Deicorphas commenced site preparationfor Five Ways, Crows Nest mixed-use development,following approval in Decemb