2022-03-30-莱坊-Canberra_Office_Market_March_2022_6页_2mb

报告摘要

Canberra Office Market Summary

Core Content

The March 2022 Canberra Office Market report highlights the city's resilience and strong performance in the Australian office market, driven by sustained demand from both government and private sectors, and supported by a robust investment environment.

Key Insights

Vacancy Rate: Canberra's office vacancy rate dropped to 6.2% in January 2022, the lowest since July 2008 and half the national average. This is the lowest on the eastern seaboard.
A Grade Vacancy: A Grade vacancy in Canberra is at 2.4%, well below the 10-year average of 9.6% and the national average of 11.6%, indicating strong demand for prime office space.
Rental Growth: Gross face rents in Civic and Parliamentary areas rose by 4.3% year-on-year (y/y), with Civic at $524/sqm and Parliamentary at $504/sqm.
Net Absorption: Annual net absorption in the total market was 66,568 sqm, with the Civic area absorbing the most at 36,458 sqm.
Investment Volumes: Total investment volumes in 2021 reached a record $1.59 billion, up from $80.6 million in 2020 and triple the historical annual average of $500 million.
Yield Compression: A Grade yields in the Civic and Parliamentary areas compressed by 55bps over the year, reaching 5.32% on average, while Town Centres yields averaged 6.9%. This reflects strong buyer interest and limited supply.
New Supply: New development completions (including refurbs) are expected to reach ~117,527 sqm in 2022, with >70% pre-committed to Commonwealth Government agencies.

Key Trends

Government Tenancy: Sustained demand from government tenants has kept A Grade vacancy low and driven rental growth.
Private Sector Demand: There has been a growing momentum in private sector demand for smaller suites and sub 500 sqm spaces, contributing to reduced secondary vacancy.
Investor Interest: Investor appetite for Canberra office assets is high, with capital flows reaching a record level. The $50–$100 million price bracket is the most active.
Capital Deployment: Strong leasing activity has attracted significant capital, with notable sales such as 50 Marcus Clarke Street sold for $335 million at a core market yield of 5.30%.
Election Impact: With the federal election due by May 2022, the market is expected to transition into a caretaker period, which may slow transaction activity but is unlikely to impact the low vacancy rate significantly due to strong private sector demand.

Market Indicators (January 2022)

Grade	Total Stock (sqm)	Vacancy Rate (%)	Annual Net Absorption (sqm)	Annual Net Additions (sqm)	Avg Gross Face Rent ($/sqm)	Avg Incentive (%)	Effective Rental Growth % YOY (gross)	Core Market Yield (%)
A Grade	-	-	-	-	-	-	-	-
Civic (City)	437,975	2.7	36,458	9,045	524	22.0	+1.9	5.80–5.90
Parliamentary	283,389	2.0	2,874	0	504	20.0	+1.8	5.70–6.20
Town Centres	258,547	3.2	-615	0	428	26.8	+0.7	7.20–7.70
Other	328,652	1.9	23,985	2,400	-	-	-	-
Secondary	-	-	-	-	-	-	-	-
Civic (City)	240,280	12.2	-8,042	-28,560	439	26.7	+3.4	6.50–7.35
Parliamentary	166,539	3.8	3,858	0	437	25.0	-0.2	6.25–6.75
Town Centres	188,798	17.8	7,809	-3,941	347	29.6	+3.2	8.75–10.50
Other	408,070	10.2	241	-4,500	-	-	-	-
Total Market	2,312,250	6.2	66,568	-25,556	-	-	-	-

Recent Sales (2021)

Property	Price (M)	Core Market Yield (%)	NLA (sqm)	Face Rent ($/sqm)	WALE	Purchaser	Vendor	Sale Date
40 Bunda Street, Canberra Civic	76.0	5.07	8,074	9,413	7.9	Charter Hall	Canberra Theatres Limited	Dec-21
2-6 Bowes Street, Phillip	84.6	5.27	12,376	6,832	9.3	Growthpoint Properties Aust	Altis Property	Dec-21
24 Wormald Street, Symonston	36.0	5.64	4,720	7,627	6.8	Charter Hall	Irongate	Nov-21
West Block, 21 Queen Victoria Terrace, Parkes	24.5	5.50	3,054	8,082	VP#	Oceania Property Group	Geocon	Nov-21
50 Marcus Clarke Street, Canberra Civic	335.0	5.30	40,201	8,333	3.7	GIC JV Charter Hall	Mirae Asset Global Investments	Sep-21

Major Office Supply (2022–2024)

Address	Area (sqm)	Developer	Major Tenants	Commitment Level (%)	Stage	Est. Date of Completion
12 Moore Street, City	7,000	AMP Capital	Spec / Commonwealth	30%	Complete	H2 2021
48-56 Allara Street, City (Allara House)	9,004	SC Capital Partners	ACT Govt	100%	Complete	H2 2021
3 Constitution Avenue, City (Nara Centre)	7,124	SC Capital Partners	ACT Govt	63%	Complete	H1 2022
35 Hibberson Street, Gungahlin	4,263	Krnc Group	Commonwealth DHA	100%	Complete	H1 2022
6 Brindabella Drive, Airport	20,296	Capital Property Group	Spec	-	Under Construction	H1 2022
27 Scherger Drive, Airport	8,500	Canberra Airport Group	Commonwealth TGA	100%	Under Construction	H1 2022
90 Denison Street, Deakin	8,000	Private	Commonwealth NDIA	80%	Under Construction	H2 2022
25 Catalina Drive, Airport	25,000	Capital Property Group	Spec	-	Under Construction	H2 2022
5-11 Constitution Avenue, City (Customs House)	12,144	SC Capital Partners	Spec	-	Under Construction	H2 2022
Civic Quarter Stage 2	33,000	Amalgamated Property Group	Commonwealth Agriculture	100%	Under Construction	H2 2022
2 Faulding Street, Symonston	6,000	Evri Group	-	-	Under Construction	H1 2023
23 National Circuit, Barton	4,610	Doma Group	Doma Group	-	Under Construction	H1 2023
Blocks 10&11, Section 100	38,000	Morris Property Group	Spec	-	Early Feasibility	H2 2023
7 London Circuit, City	8,500	ISPT	Spec	-	Early Feasibility	H2 2023
19 National Circuit, City	18,128	Cromwell Corporation	-	-	Under Construction	H2 2024
18 Marcus Clarke Street, City	26,000	ISPT	Spec	-	Under Construction	H2 2024
50 Kent Street, Deakin	8,500	-	-	-	Early Feasibility	H2 2024

Recent Tenant Commitments

Occupier	Property	Size (sqm)	Face Rent ($/sqm)	Term (Yrs)	Start Date
Infradebt	64 Northbourne Avenue, Civic	163	430	5	Mar-22
CPSU	224 Bunda Street, Civic	584	430	5	Jan-22
Konica Minolta	42 Macquarie Street, Barton	329	430	5	Dec-21
Australian Unity	120 Giles Street, Kingston	366	500	7	Nov-21
Australian Computer Society	64 Northbourne Avenue, Civic	240	430	5	Nov-21
FECCA	54 Marcus Clarke Street, Civic	322	440	6	Oct-21

Conclusion

Canberra continues to outperform other Australian capitals in terms of resilience, demand, and yield compression. The market is supported by a strong government tenant base and increasing private sector activity, with limited new supply and high precommitment rates contributing to sustained rental growth. Investor interest remains high, with a focus on A Grade assets and a growing appetite for opportunistic acquisitions. The market is expected to remain attractive in the short to medium term, with further yield compression anticipated post-election.

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