堪培拉写字楼市场2026年3月

Lowest vacancy rate amongst all capital cities since mid-2021. March 2026 Click here tosubscribe Key Insights Resilient occupier demand, low vacancy and stable yieldsunderpin market performance. Naki DaiSenior Analyst, RESEARCH & CONSULTING 10.2% 10.1k 64.5k Net absorption in H2 2025 Sqm of new supply in 2026 Overall vacancy Lowest vacancy rate amongst allcapital cities sincemid-2021. Development pipeline to increaseavailability of prime space. Sustained tenant demand drivespositive absorption levels. 5.1% $396m 7.1% Annual face rental growth 2025 deal volumes Yields hold firm Prime net face rents average $485/sqmin Civic and Parliamentaryprecincts. Prime yields in Civic andParliamentary precincts averaged7.1%. Domestic capital drives investmentactivity. Solid demand supportsrental growth SOLID DEMAND KEEPS VACANCY AT THE LOWESTAMONG CAPITAL CITIES Canberra vacancy major precincts *Per six month period (%), by grade Overall vacancy in Canberra declined in the second half of2025, to 10.2% in January 2026. This was supported bypositive net absorption of 10,129 sqm in H2 2025, bringingthe annual net absorption to 16,923 sqm. Vacancy remains inline with the market’s 10-year average and represents thelowest vacancy rate among capital cities since mid-2021. Prime vacancy inCivicdeclined from 16.2% to 13.0% overthe six months to January 2026, supported by positive netabsorption of 16,796 sqm. While this vacancy is well-aboveits long-term average, it is notable given the substantialsupply influx since 2024, which added more than 70,000sqm of new space to the market. The Parliamentary precinctremained extremely tight, with prime vacancy holding at1.7% in January 2026. Secondary vacancy levels measured9.9% in Civic and 2.0% in the Parliamentary precinct. HEALTHY DEVELOPMENT PIPELINE AHEAD Totaloffice stock stood at 2,549,064 sqm, with 53,789 sqm ofnew supply delivered to the market in 2025. Two projectsreached practical completion during the year: CapitalAirport Group’s 9–11MolongloDr, Canberra Airport (19,703sqm), and Morris Property Group’s 1 City Hill, Civic (34,086sqm). Looking ahead, the development pipeline remains active.62 Constitution Ave, Campbell (16,000 sqm) and 15 SydneyAve, Barton (37,000 sqm) are both scheduled for completionin H1 2026. Construction is also well advanced at 1AConstitution Place, Civic (15,500 sqm), which has alreadyreached over 90% pre-commitment and is expected tocomplete in H2 2026. Additionally, 19 National Circuit,Barton (19,817 sqm), fully committed by the Commonwealth,is forecast for completion in 2027. The forward pipeline is expected to provide occupierswith increased access to prime office space in the corelocations that have historically experienced limitedavailability. SOLID RENTAL GROWTH Solid rental growth in the Civic and Parliamentary precinctscontinued over the year to January 2026, with prime net facerents increasing by 5.1% to average $485/sqm ($602/sqm, up5.0% y/y). Similarly, secondary net face rents in Civic andParliamentary precincts rose by 4.0% over the same periodto $379/sqm ($495/sqm gross face, up 3.6% y/y). Incentivesedged up slightly to 28.1% for prime space, while secondaryincentive measure 30.0%. Transactional activityimproving DOMESTIC CAPITAL DRIVING TRANSACTIONALACTIVITY Canberra office sales $10m+By purchaser ($m), domestic v offshore Investment activity totalled $396 million in 2025 acrossthree buildings. In H2 2025, Amalgamated Property Groupacquired Anzac Park West (50 Constitution Ave, Parkes)from EG Funds for $72.5 million. The building is fully leasedto the Department of Defence on a 10-year term expiring Dec2027. The acquisition consolidated APG’s ownership of boththe Anzac Park West and East blocks. In addition, SiriusBuilding(23FurzerSt, Phillip) was sold by Mirvac to LDRCapital for $305 million, transacting at a 7.8% core marketyield. The building is fully leased to the Department ofHealth, Disability and Ageing, with a WALE of 9.1 years toprovide long-term income certainty. These transactions highlight the preference of domesticcapital for assets underpinned by public administrationtenants, reflecting a focus of income secure assets. FIRM YIELDS TO SUPPORT CAPITAL VALUE RECOVERY The average office yields in the Civic and Parliamentaryprecincts have remained stable since mid-2024, averaging7.1% for prime and 8.4% for secondary. As yields remainfirm, positive rental growth has led to a renewed capitalvalue uplift, with prime capital values increasing by 6.1%over the year and secondary values rising by 5.6%. Thismarks a return to capital value growth, following therecovery from the valuation declines experienced during theyield softening cycle from 2022 to early 2024. Across Town Centres, yields have similarly remainedunchanged since 2024, averaging 8.7% for prime and 9.9%for secondary. The current prime yield spread between Civicand Parliamentary and Town Centres stands at 164 bps. Recent significant