2026年3月阿德莱德写字楼市场报告

Adelaide's CBD continues to rank among Australia's most resilient officemarkets, underpinned by sustained positive net absorption and strongrental growth. Notwithstanding broader market headwinds, yields havebegun to compress, a reflection of the market's outperformance. Key Insights Adelaide’s CBD office market delivers one of Australia'sstrongest performances in 2025, with robust tenant demand Amanda AzariahProperty Analyst, RESEARCH & CONSULTINGLaurence PanozzoResearch & Consulting +33k+25k 15.5% Total market vacancy rate Annual net absorption Supply additions 2025(sqm) Net absorption in Adelaide's CBDtotalled 33k sqm over 2025. Whilebelow the exceptional 54k sqmrecorded in 2024, this figureunderscores the sustained tenant Net supply in Adelaide’s CBD totaled25k over 2025 which was mostly madeup of the completion of 50 FranklinStreet which has opened with c80%vacancy. Adelaide's CBD total vacancy rate rosehalf apercentto 15.5% over H2-2025,with prime vacancy up 0.4% to 16.5%.Secondary vacancy moved in theopposite direction, falling 0.3% to $195m 7.3% 7.3% Investment volumesPrime CBD office yield Annual face rental growth CBD office investment volumes inAdelaide totalled $195m in 2025, withapproximately 68% of transactionsoccurring in the CBD Core and the Prime CBD office yields firmed 8 bpsy/y to average 7.26%, while secondaryyields softened 10 bps to 8.22%. Prime gross face rents in Adelaide'sCBD rose 7.3% y/y to average $723 persqm, while secondary rents increased4.2% to average $480 per sqm. Demand ROBUST OFFICE DEMAND ACROSS ADELAIDE’S CBD Adelaide’s CBD office market has experienced a sustainedperiod of strong demand, particularly over the past 24 months, with 85k sqm of positive net absorption recorded. In2025 alone, the market delivered 33k sqm of positive netabsorption,second only to Brisbane nationally. Thisdemand has been overwhelmingly concentrated in prime-grade assets, with secondary space accounting for only 97 Adelaide’s office market has recorded total net absorption exceeding 115k sqm since 2020, underpinning its position asone of the strongest performing office markets nationally.Over this period, Adelaide has comfortably outperformed GROWTH FORECASTS REVISED DOWN SLIGHTLY Recent downward revisions to growth forecasts by theRBA driven by persistent inflation, contractionary monetarypolicy and global economic uncertainty may weigh on officedemand over the next 12-24 months. Adelaide is nonethelesswell-positioned to weather such headwinds, with its office Supply NEW SUPPLY DRIVES THE VACANCY RATE UPWARDS Despite strong tenant demand across Adelaide's CBD, thetotal market vacancy rate increased half a precent to 15.5% over H2 2025. The rise in vacancy was supply-driven, caused by the completion of Kyren Group's 50 Franklin Street,which added 21k sqm to the market, approximately 80% ofwhich is vacant. This new development pushed the primevacancy rate up 1.4% to 16.5% over H2-2025. Secondary Adelaide's CBD vacancy rate of 15.5% sits marginallyabove the national CBD average of 14.8%. More importantly,the vacancy rate is trending downwards despite rising over SUPPLY TO INCREASE IN 2028 OFF THE BACK OF FESTIVALTOWER 2 New supply in Adelaide's CBD is forecast to remainsubdued over the next 2 years, with only one completionexpected, Market Square (22k sqm). Supply will increaseagain in 2028 with two developments, Lot 14 (17k sqm) andFestival Tower 2 (50k sqm). Walker Corporation commencedconstruction on Festival Tower 2 in February 2026 and upon Adelaide CBD office additionsper annum compared to5-year averages, 000's sqm Major CBD office supply Rents and deals STRONGRENTAL GROWTH ACROSS THE CBD Adelaide CBD office gross face rents Prime gross face rents in Adelaide's CBD have increased 7.3% y/y toanaverageof $723/sqm, whilst secondary grossface rents have grown 4.2% over the same period to$480/sqm. Over a 3-year period, prime gross rents havegrown at approximately twice the rate of secondary rents, up21.0% compared to 10.6%, underpinning the sustaineddemand for quality office space within Adelaide’s CBD.Prime incentives currently sit at 34.1%, marginally below the The resilience of Adelaide's CBD office market is furtherevidenced by its 3-year net face rental growth relative toother major Australian cities. Adelaide has recorded growthof 20.4% over this period, surpassing all major CBDs nationally except for Brisbane. Despite this strongperformance, Adelaide remains the most affordable CBDoffice market in Australia on a net face rent basis. Adelaide STEADY LEASING ACTIVITY IN ADELAIDE’S CBD Several significant occupiers commenced new leases inlate 2025 and early 2026, following a strong period of leasingactivity. Most notably, RAA committed to 9k sqm at the newdevelopment at 150 Grenfell Street. Other key commitmentsinclude Elders taking (c)3k sqm at 80 Grenfell Street and Investment market INVESTMENT SUBDUED BUT EXPECTED TO RISE IN 2026 Investment