堪培拉写字楼市场2026年3月

Key Insights Resilient occupier demand, low vacancy and stable yieldsunderpin market performance. Naki DaiSenior Analyst, RESEARCH & CONSULTING 10.1k64.5k 10.2% Overall vacancy Net absorption in H2 2025 Sqm of new supply in 2026 Lowest vacancy rate amongst allcapital cities sincemid-2021. Sustained tenant demand drives Development pipeline to increase 5.1% 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 averaged Domestic capital drives investment Solid demand supportsrental growth SOLID DEMAND KEEPS VACANCY AT THE LOWESTAMONG CAPITAL CITIES 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 the 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 70,000 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 (19,703 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 already The forward pipeline is expected to provide occupierswith increased access to prime office space in the core 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 period Transactional activityimproving DOMESTIC CAPITAL DRIVING TRANSACTIONALACTIVITY 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 LDR These transactions highlight the preference of domesticcapital for assets underpinned by public administration 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% 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 Civic We like questions, if you’ve got one about ourresearch, or would like some property advice,we would love to hear from you. Click here tosubscribe Capital MarketsNathan Dunn+61 488 216 406Nathan.Dunn@au.knightfrank.com Valuations & AdvisoryMartin Elliott+61407 660 375Martin.Elliott@au.knightfrank.com Research & ConsultingMarco Mascitelli+61 2 9036 6656Marco.Mascitelli@au.knightfrank.com Asset ManagementRebeccaJakubaszek+61411 407 141Rebecca.Jakubaszek@au.knightfrank.com Research & ConsultingNakiDai+61 2 9036 6673Naki.Dai@au.knightfrank.com Research & ConsultingBen Burston+61 2 9036 6756Ben.Burston@au.knightfrank.com Important Notice © Knight Frank Australia Pty Ltd 2026–This report is published for general information only and not to be relied upon in any way. Although high standards have beenused in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank AustraliaPty Ltd for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent theview of Knight Frank Australia Pty Ltd in relation toparticular propertiesor projects. Reproduction of this report in whole or in part is not allowed without prior written approval of KnightFrank Australia Pty Ltd to the form and content within which it appears.