2021-09-14-莱坊-Canberra_Office_Market_September_2021_6页_3mb
报告摘要
Canberra Office Market Summary - September 2021
Core Content Overview
The Canberra office market has demonstrated resilience and strong fundamentals, recording the highest level of office demand nationally and the lowest vacancy rate on the east coast in July 2021. Despite the challenges posed by the pandemic and lockdown restrictions, the market has shown sustained growth in demand, investment, and rental rates, driven by both government and private sector activity.
Key Market Indicators (July 2021)
| Grade | Total Stock (sqm) | Vacancy Rate (%) | Annual Net Absorption (sqm) | Annual Net Additions (sqm) | Average Gross Face Rent ($/sqm) | Average Incentive (%) | Effective Rental Growth % YoY (gross) | Average Core Market Yield (%) |
|---|---|---|---|---|---|---|---|---|
| A Grade | - | - | - | - | $514 /sqm (Civic), $497 /sqm (Parliamentary) | 22.0 (Civic), 20.0 (Parliamentary) | -0.1 (Civic), +0.4 (Parliamentary) | 5.80-5.90 (Civic), 5.70-6.20 (Parliamentary) |
| Secondary | - | - | - | - | $437 /sqm (Civic), $432 /sqm (Parliamentary) | 26.7 (Civic), 25.0 (Parliamentary) | +3.0 (Civic), -1.3 (Parliamentary) | 6.50-7.35 (Civic), 8.75-10.50 (Town Centres) |
Market Trends
- High Demand and Low Vacancy: Canberra has recorded the lowest vacancy rate on the east coast and the highest office demand nationally in July 2021, with a 7.7% vacancy rate, down from 10.1% in January 2021.
- Net Absorption: The market recorded a net absorption of 83,548sqm over the six months to July 2021, with a significant contribution from A-grade spaces, particularly in the Civic and Parliamentary precincts.
- Rental Growth: Gross face rents in A-grade spaces increased by 5.1% and 3.1% quarter-over-quarter in Civic and Parliamentary precincts respectively, while secondary rents also showed growth.
- Investment Volumes: Total investment volumes reached $933.7 million for the year to August 2021, a significant rebound from $80.6 million in 2020, indicating strong investor confidence.
Yield Compression
- A-Grade Yields: A-grade yields in Civic and Parliamentary precincts compressed by 43-50bps to an average of 5.44% and 5.38% respectively, reflecting strong buyer interest in prime assets.
- Secondary Yields: Secondary yields also showed compression of 26-38bps, indicating increased willingness among buyers to invest in value-add or reversionary assets.
- Investor Appeal: The market's long-term resilience and stable income streams from government tenancies make it attractive to investors, especially when compared to Sydney and Melbourne, where yields are 100-150bps higher.
Supply and Demand Dynamics
- New Supply: Limited new supply is expected in the Civic precinct until 2022, with projects like Civic Quarter Stage 2 (33,000sqm) and 27 Scherger Drive (8,200sqm) under construction.
- Withdrawals: Over 25,602sqm of stock was withdrawn in the six months to July 2021, including Nara Centre and Allara House, which are expected to return to the market later in 2021 and 2022.
- Refurbishments: Several major refurbishments have been completed, contributing to the recent supply influx and supporting rental growth.
Recent Significant Sales
| Property | Price ($M) | Core Market Yield (%) | NLA (sqm) | NLA Rent ($/sqm) | WALE | Purchaser | Vendor | Sale Date |
|---|---|---|---|---|---|---|---|---|
| 18 Canberra Avenue, Forrest | 97.93 | 5.04 | 9,646 | 10,152 | 6.3 | Charter Hall | DOMA Group | Aug-21 |
| 25 Cowlishaw Street, Greenway | 306.0 | 4.38 | 26,052 | 11,746 | 10.1 | Charter Hall | AIP Asset Management | Jul-21 |
| 38 Sydney Avenue, Forrest | 73.8 | 5.05 | 8,900 | 8,286 | 8.3 | Irongate Group | Blackstone | Jun-21 |
| 121 Marcus Clarke Street, Civic | 107.5 | 5.73 | 25,760 | 8,346 | 3.1 | 121 MCS Pty Ltd | MTAA Super Fund | Mar-21 |
| 14 Mort St, Civic | 53.5 | 6.40 | 9,383 | 5,701 | 4.0 | Blackstone | Soilbuild Business Space REIT | Mar-21 |
| 9 Brisbane Avenue, Barton | 60.5 | 5.98 | 8,692 | 6,960 | 6.3 | Marprop Pty Ltd | Private | Mar-21 |
Recent Tenant Commitments
| Occupier | Property | Size (sqm) | Face Rent ($/sqm) | Term (Yrs) | Start Date |
|---|---|---|---|---|---|
| NACCHO | 2 Constitution Avenue | 358 | 480 | 3 | Jul-21 |
| APPEA | 60 Marcus Clarke Street | 240 | 430 | 6 | Mar-21 |
| The Hub Australia | 68 Northbourne Avenue | 1,600 | 585 | 12 | Mar-21 |
| DFK Everalls | 224 Bunda Street | 614 | 445 | 7 | Jan-21 |
Investor and Market Outlook
- Continued Growth: The strong demand for A-grade space, combined with limited supply, is expected to support rental growth until new supply comes online in 2022.
- Yield Compression: Further yield compression is anticipated in the short-term due to heightened investor competition and sustained demand for prime assets.
- Market Resilience: Canberra's office market is positioned for continued resilience, with its unique appeal stemming from government-led demand and stable income streams.
Contact Information
- Research: Katy Dean, +61290366612, Katy.Dean@au.knightfrank.com
- Office Leasing: Daniel McGrath, +61262217882, Daniel McGrath@au.knightfrank.com
- Valuations: Steven Flannery, +61262217881, Steven.Flannery@au.knightfrank.com
- Research: Marco Mascitelli, +61290366656, Marco.Mascitell@au.knightfrank.com
- Capital Markets: Sean North, +61262217868, Sean.North@au.knightfrank.com
Additional Information
- Knight Frank Research Reports: Available at knightfrank.com/research
- Disclaimer: This report is for general information only and should not be relied upon. Knight Frank Australia Pty Ltd accepts no responsibility for any loss or damage resulting from its use.
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