Prime yields hold near record lows, but the softening has begunQ2 2026 •Adelaide prime rental growth has slowed but remains moderate, with rents up 0.9% q/q and 3.1% y/y to average $149/sqm.•Prime rents vary by precinct, most expensive in the Inner West at $170/sqm, cheapest in the Outer South at $116/sqm.•Incentives have risen from 8.9% to 10.2%, moderating net effective rental growth, now $134/sqm, up 1.5% y/y.•Land values continue to rise strongly, up 10.5% y/y for small lots (<5,000 sqm) and 13.9% for medium lots (1–5 ha).•Industrial investment volumes started the year strongly, with 24 sales YTD totalling $404 million in Adelaide. Valuation & AdvisoryTom Walker+61 438 716 787tom.walker@au.knightfrank.com Capital MarketsRyan Mills+61 400 876 747ryan.mills@au.knightfrank.com Capital MarketsMax Frohlich+61 423 933 702max.frohlich@au.knightfrank.com Research & ConsultingLaurence Panozzo+61 401 251 876laurence.panozzo@au.knightfrank.com Valuation & AdvisoryNick Bell+61 422 003 511nick.bell@au.knightfrank.com Research & ConsultingTony McGough+61 406 928 820tony.mcgough@au.knightfrank.com