2026年2月北岸写字楼市场

H1-2026 Clear divide in demand as occupiers and investors favour best inclass assets Key Insights Positive outlook as investors seek value beyond the core. Marco MascitelliDirector, RESEARCH & CONSULTING 56K 13.7K 40% New supply Prime net absorption Elevated incentive levels The completion of Victoria Cross OSDadded over 56,000 of premium officespace to north Sydney. Positive net absorption over2025 inthe North Sydney prime market. Prime grade incentives averaging 40%across the North shore markets. $927m 1.8% 65bps Annual face rental growth Transaction volumes Yields softening Prime net face rents average $945/sqmin North Sydney, an increase of 1.8%y/y. Yields continue to soften across theNorth Shore markets, in particularNorth Sydney yields have softened65bps over 2025. Transaction volumes across the NorthShore markets hit $927 million in 2025.Transaction activity is expected to pickup further throughout 2026. 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 secondarymarket, where occupier demand is more subdued, recordednegative absorption of 15,716 sqm over 2025. 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 assetsincluding 100 Mount Street, 1 Denison Street and 118 MountStreet continue to outperform, maintaining strongoccupancy levels relative to the broader market. The SydneyMetro and Victoria Cross Station has enhanced connectivity,further underpinning North Sydney’s long-termattractiveness to occupiers. 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 967,642sqm. As the second-largest metropolitan office market inNew South Wales, North Sydney continues to evolve, withprime-grade assets now accounting for 46% of total stock—up significantly from 27% a decade ago. Looking ahead,the proposedAffinity Placeofficedevelopment by Stockland looks unlikely in the near term,as they were seeking to alter the development to amixed usescheme.Beyond this,the remaining development pipeline islargely in early planning stages and is not expected tomaterially add to supply before 2030. This limited supplyoutlook is expected to support ongoing absorption ofexisting spaceeover the medium term. 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 beenlimited to 0.6% over the year, with current rates measuring$746/sqm ($900/sqm gross face).Prime incentives edged higher over the year to now average 40.2%, resulting in a 2% decline in net effective rents, whichnow average $495/sqm. Incentives have likely peaked andare expected to stabilise over the near term, paving the wayfor net effective rents to return to growth. Macquarie Park VACANCY RISES Overall vacancy in Macquarie Park rose to a new high of24.0% in January 2026, whilst still below the vacancy levelsrecorded in North Sydney and StLeonards. Negativeabsorption of 9,091 sqm in the second half of 2025 broughttotal annual net absorption to negative 39,981 sqm. During2025, a continued trend of occupiers relocating fromMacquarie Park to North Sydney was observed, includingmoves by Nielsen Connect and Epson. 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 recordednegative absorption of 19,313 sqm over the same period, withvacancy reported at 25.5%. 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 fullycommitted by Johnson & Johnson. 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 limitedforward supply is expected to support the absorption ofexisting availability and gradually ease vacancy levels overthe next couple of years. RISING INCENTIVES OFFSET FACE RENTAL GROWTH The average