> **来源：[研报客](https://pc.yanbaoke.cn)** # Sydney CBD Office Market Summary – Q2 2026 ## Core Content The Sydney CBD office market has shown strong and sustained rental growth in Q2 2026, continuing the trend observed in Q1. Prime net face rents in the Sydney CBD rose by 1.4% over the quarter, reaching an average of \$1,470/sqm. On an annual basis, prime rents have increased by 9.5%, with the Core precinct experiencing the highest growth at 11.2%. ## Main Points - **Rental Growth**: - Prime net face rents in Sydney CBD increased by 1.4% in Q2. - Annual growth in prime rents is 9.5%, with the Core precinct leading at 11.2%. - The Core precinct continues to attract the majority of tenant demand, widening the net face rental spread between Core and other areas. - **Yield Trends**: - Investor sentiment remains robust for high-quality assets. - Yields remained flat in Q2, averaging 5.7% for the Core market. - **Transaction Activity**: - Several significant transactions in H1 2026 have reinforced investor confidence. - Notable transactions include: - 50% stake in the O Block Precinct - A portion of 180 George Street - Over \$500 million in assets are currently under due diligence, indicating potential for increased transaction volumes and clearer pricing metrics. ## Precinct Performance | Precinct | Net Face Rent ($/sqm) | Qtr Change (%) | Annual Change (%) | Net Effective Rent ($/sqm) | Qtr Change (%) | Annual Change (%) | Incentive (%) | Core Market Yield (%) | Vacancy Rate (%) | Stock (sqm) | |-------------|----------------------|----------------|-------------------|---------------------------|----------------|-------------------|---------------|------------------------|------------------|----------------| | Core | 1,687 | 1.6 | 11.2 | 1,063 | 3.2 | 14.8 | 31.6 | 5.70 | 11.6 | 2,214,676 | | Western | 1,131 | 1.7 | 8.3 | 598 | 3.2 | 9.1 | 40.2 | 6.94 | 15.0 | 1,197,361 | | Barangaroo | 1,592 | 1.6 | 9.1 | 985 | 3.8 | 14.2 | 32.0 | 6.00 | 9.5 | 335,011 | | Midtown | 1,294 | 0.4 | 6.3 | 717 | 0.3 | 7.0 | 37.7 | 6.33 | 17.9 | 1,252,016 | | Southern | 908 | 0.0 | 0.0 | 455 | -0.3 | -4.8 | 42.0 | 7.42 | 11.9 | 350,047 | | CBD Avg. | 1,470 | 1.4 | 9.5 | 868 | 2.7 | 12.2 | 34.9 | 6.14 | 13.8 | 5,385,115 | ## Recent Significant Sales | Property | Price ($m) | NLA (sqm) | $/sqm | Core Market Yield (%) | WALE | Purchaser | Vendor | Sale Date | |---------------------------|-----------|----------|------|------------------------|-----|------------------|----------------------|-----------| | O Block Precinct (50%) | 529.5 | 59,167 | 17,890 | 5.8 | 2.3 | Charter Hall | ADIA | Q1-26 | | 180 George St (19.9%) | 357.2 | 61,914 | 28,992 | 5.5 | 4.6 | OUE REIT | Mitsubishi Estate | Q1-26 | | 32-36 York St | 166.4 | 8,202 | 20,286 | 6.2 | 5.5 | DWS Group | Milligan Group / Phoenix Property Investors | Q1-26 | | 35 Tumbalong Blvd. | 360.0 | 27,749 | 12,973 | 6.7 | 3.3 | Barings | Lendlease / Aware Super | Q4-25 | ## Major Developments | Property | Precinct | NLA (sqm) | Pre-commit (%) | Status | Completion Date | |----------------------|------------|----------|----------------|-------------------|-----------------| | Atlassian Central | Southern | 58,000 | 100* | Under Construction | H1 2027 | | 55 Pitt St | Core | 63,000 | 43 | Under Construction | H1 2027 | | 2 Chifley South | Core | 56,500 | 50 | Under Construction | H2 2027 | *Sub-lease space available of 21,000sqm* ## Key Information - **Tenant Demand**: Strong tenant demand is concentrated in the Core precinct, leading to a significant rental spread and a 46% discount in the Southern precinct. - **Investor Confidence**: Transactions and due diligence activity indicate strong investor confidence in the market. - **Future Supply**: Major developments are expected to add to the market supply, with several projects under construction and set for completion in 2026 and 2027. - **Contact Information**: - **Capital Markets**: Michael Kwok, Rob Sewell - **Occupier Services**: Katherine Moss - **Valuations & Advisory**: James Marks - **Research & Consulting**: Marco Mascitelli, Naki Dai ## Conclusion The Sydney CBD office market is experiencing robust rental growth, particularly in the Core precinct, driven by strong tenant demand and investor confidence. While yields remain stable, the widening rental spread highlights the premium placed on Core assets. Significant transactions and ongoing developments suggest a positive outlook for the market, with potential for increased activity and clearer pricing trends in the coming months.