2026-03-04-莱坊-North_Shore_Office_Market_February_2026_9页_1mb

报告摘要

North Shore Office Market Summary (H1-2026)

Core Content Overview

The North Shore office market, particularly in North Sydney, St Leonards, Chatswood, and Macquarie Park, is showing a mix of positive and negative trends in 2025 and early 2026. The market is characterised by a clear divide in occupier and investor preferences, with a strong focus on premium assets. The report highlights the impact of new supply, rental growth, vacancy rates, and incentive levels on market dynamics.

Main Market Indicators

Market	Grade	Total Stock (sqm)	Vacancy Rate (%)	6 Mths Net Absorption (sqm)	6 Mths Net Additions (sqm)	Average Net Face Rent ($/sqm)	Average Incentive (%)	Core Market Yield (%)
North Sydney	Prime	448,463	25.2	5,648	56,926	945	37.5 - 42.5	6.75 - 7.75
North Sydney	Secondary	519,179	26.6	-4,134	-1,974	746	37.5 - 42.5	7.75 - 8.75
North Sydney	Total	967,642	25.9	1,514	54,952	-	-	-
St Leonards	Prime	137,256	22.5	-678	0	671	40.0 - 45.0	7.75 - 8.75
St Leonards	Secondary	217,548	32.8	2,532	0	573	40.0 - 45.0	8.50 - 9.50
St Leonards	Total	354,804	29.1	1,854	0	-	-	-
Chatswood	Prime	129,730	28.3	3,459	0	647	40.0 - 45.0	7.50 - 8.50
Chatswood	Secondary	137,274	9.2	1,203	0	530	40.0 - 45.0	8.00 - 9.00
Chatswood	Total	267,004	18.5	4,662	0	-	-	-
Macquarie Park	Prime	683,835	23.4	-11,461	10,035	480	37.5 - 42.5	7.50 - 8.50
Macquarie Park	Secondary	272,783	25.5	2,370	1,234	400	37.5 - 42.5	8.00 - 9.00
Macquarie Park	Total	956,618	24.0	-9,091	11,269	-	-	-

Key Insights

North Sydney

Prime Market Outperformance: The prime market saw positive net absorption of 13,717 sqm in 2025, while the secondary market recorded negative absorption of 15,716 sqm.
New Supply: The completion of Victoria Cross OSD added 56,926 sqm of premium office space, increasing the total stock to 967,642 sqm.
Rental Growth: Prime net face rents rose by 1.8% to $945/sqm, while secondary rents increased by 0.6% to $746/sqm.
Incentives: Prime incentives averaged $40.2%$, leading to a $2%$ decline in net effective rents to $495/sqm.
Development Pipeline: Limited development is expected before 2030, with 15 Khartoum Road (M_Park) set for completion in H1 2026.

Macquarie Park

Vacancy Rise: Vacancy reached a new high of 24.0% in January 2026, with negative net absorption of 9,091 sqm.
Rental Growth: Prime net face rents increased by 2.1% to $480/sqm, and secondary rents by 1.9% to $400/sqm.
Incentives: Incentives rose to $41%$, leading to a $8.5%$ decline in prime net effective rents to $312/sqm.
Development: 15 Khartoum Road (M_Park) is expected to add 10,082 sqm in H1 2026.

St Leonards

Positive Absorption: Only North Shore market with positive net absorption in 2025, at 2,942 sqm.
Vacancy Decline: Overall vacancy dropped from 30.5% to 29.1%, led by prime market improvements.
Rental Growth: Prime face rents rose slightly by 0.4% to $671/sqm, while secondary rents remained flat.
Incentives: Incentives increased to $42%$, further reducing effective rents.
Development: Five Ways, Crows Nest mixed-use development is underway, with 8,000 sqm of commercial space expected upon completion.

Chatswood

Lowest Vacancy: Vacancy dropped to 18.5%, the lowest among Sydney's suburban markets.
Absorption: Positive net absorption of 4,662 sqm, with prime and secondary markets both showing improvement.
Rental Trends: Face rents remained flat, with prime at $647/sqm and secondary at $530/sqm.
Incentives: Incentives increased to $42%$, leading to a significant decline in effective rents.
Development: No new developments are expected in the near term.

Investment Trends

Transaction Volumes: Reached $927 million in 2025, with a pickup expected in 2026.
Yields: Softening yields, with North Sydney prime yields at $7.5%$, and a yield spread against the Sydney CBD of 180 bps, the highest on record.
Major Transactions:
- 100 Pacific Highway, North Sydney: Sold for $226.5 million at an 8.1% yield.
- 77 Berry St, North Sydney: Sold for $65 million at a 7.4% yield.
- 78 Waterloo Rd, Macquarie Park: Sold for $101.25 million at a 7.7% yield.

Future Outlook

Supply Outlook: Limited supply additions in the short term, with most developments not expected before 2030.
Rental Trends: Expected return to growth in net effective rents as incentives stabilise and occupier demand improves.
Investment Appeal: North Sydney's market remains attractive due to yield discounts, improved connectivity, and strong leasing fundamentals.
Occupier Demand: Strong demand for premium assets, with occupiers prioritising high-quality, well-connected spaces.

Conclusion

The North Shore office market is marked by a clear divide in occupier and investor demand, with prime assets performing significantly better than secondary ones. While new supply has added to the market, particularly in North Sydney, limited development pipelines are expected to support absorption and gradually reduce vacancy. Incentives have risen, offsetting face rent growth and affecting net effective rents. Investment activity is expected to increase in 2026, driven by attractive yields and the market's long-term fundamentals.

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