2024-11-07-莱坊-Adelaide_Office_Market_September_2024_9页_1mb

报告摘要

Rental Growth & Absorption: Gross effective rents grew marginally in the first half of 2024 ($0.71% for prime, -$0.49% for secondary), but overall strong demand led to record net absorption of 29,041 sqm in H1 2024, the largest in 15 years.
Vacancy Rates Decline: Prime vacancy decreased from 22.0% to 20.0%, secondary from 16.9% to 15.2%, both below their 10-year averages. Over 50,000 sqm of new and refurbished space is expected by H2 2024.
Seeking Quality & Experiences: Tenants are shifting from basic aesthetics to higher-quality spaces with sustainability and amenities, particularly for post-2006 (newer) stock, which attracts highest demand (vacancy: 11.08% vs. older 37.17%).

Current Supply: Absorption between prime/secondary was balanced at ~29,000 sqm. New developments minimal (no completions in H1 2024), with no supply added in first six months of 2024.
Future Supply (2025–2027): Key projects include 42–56 Franklin Street (21,000 sqm), Victoria Tower (2,324 sqm), Market Square (12,000 sqm), and Walker Tower 2 (50,000 sqm), forecasting increased supply and potential upward pressure on incentives, especially secondary.

Yields: Prime average effective yield rose to 7.03%, the lowest in six months. Primary yields have softened continuously since 2021, suggesting a potential peak in this softening cycle.
Rental Rates: Prime gross rents at $656/sqm (+1%), secondary $458/sqm (+0.6%) in H1 2024. Yields and incentives remain stable overall, pointing to market resilience.
Transactions: Limited high-value sales ($10m+), but significant metro/healthcare properties like Keswick’s 1 Richmond Road (7.78% CMY) show continued investor interest and yield benchmarks.

Grade Movement: Prime net absorption reached new highs, indicating a turn to higher-quality spaces. New stock dominates demand.
Fringe: Negative absorption (-1,954 sqm H1 2024) due to lack of supply and increased vacancy, though still attractive for some (e.g., leasing deal at $390/sqm).
Outlook: Metropolitan alternatives are emerging, but fringe remains the secondary choice for businesses not tied to the CBD.

Strong demand and limited supply support office market growth, especially in prime & new stock.
Market sentiment leans towards "flight to experience," integrating sustainability and amenities in property demand.
Future supply risks pressuring yields/incentives, particularly secondary assets, unless current demand trends persist.

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