2026-04-23-莱坊-Sydney_CBD_Office_State_of_the_Market_Q1_2026_2页_856kb

Sydney CBD Office Market Summary - Q1 2026

核心内容

Sydney CBD office market has shown strong rental growth in Q1 2026, with prime net face rents rising by 3.3% over the quarter and 8.6% annually. The Core precinct has seen the highest annual growth at 11.2%, highlighting its continued appeal to tenants. Despite macroeconomic uncertainty and geopolitical tensions, investor activity has remained robust, with notable transactions such as 180 George Street and 32-36 York Street.

主要观点

• 租金增长：

  • Prime net face rents in Sydney CBD rose by 3.3% in Q1 2026, averaging $1,443/sqm.
  • Annual net face rent growth reached 8.6%, with the Core precinct leading at 11.2%.
  • The Core precinct continues to dominate tenant demand, widening the rental spread with other areas.

• 租金差异：

  • The Core precinct is 45% more expensive than the Southern precinct, indicating a strong preference for prime locations.
  • The Southern precinct has the lowest prime net face rent at $908/sqm, with minimal quarterly and annual changes.

• 市场指标：

  • Yields in the Sydney CBD office market remained flat in Q1 2026 at 5.7%.
  • The Core market yield is 5.70%, compared to 6.14% for the CBD average.
  • Vacancy rates are 13.8% for the CBD average, with the Core precinct at 11.6% and the Southern precinct at 11.9%.

• 交易活动：

  • There was strong investor activity in Q1 2026, with transactions in 180 George Street and 32-36 York Street.
  • Notable sales included 35 Tumbalong Blvd and 225 George St, with prices per sqm ranging from $12,973 to $29,000.

• 市场机会：

  • The current geopolitical and macroeconomic environment has not dampened investor interest.
  • Opportunities for more assets to trade are expected in the coming quarter.

关键信息

• 租金趋势：

  • Core precinct rents are growing significantly faster than other areas.
  • Southern precinct rents remain relatively stable, with no change in Q1 2026.

• 市场动态：

  • The Core remains the most sought-after area for tenants, with a strong rental spread.
  • Midtown and Western precincts also show positive growth, albeit at a slower pace.
  • Barangaroo has seen the highest quarterly rental growth at 6.8%.

• 交易与销售：

  • 180 George St transacted for $357.2m, with a $29,000/sqm price and 5.5% yield.
  • 32-36 York St sold for $166.4m, with a $19,045/sqm price and 6.3% yield.
  • 35 Tumbalong Blvd and 225 George St also saw significant sales in Q1 2026.

• 重大发展：

  • Atlassian Central in the Southern precinct is under construction and expected to complete in 2027.
  • 55 Pitt St and 2 Chifley South in the Core precinct are also under construction, with completion dates in H1 2027 and H2 2027, respectively.

• 市场指标对比：

  • The Core has the highest net effective rent at $1,031/sqm, compared to $840/sqm for the CBD average.
  • Incentives are higher in the Core and Midtown precincts, with 32.4% and 37.7% gross incentives respectively.

联系信息

• Office Leasing: Al Dunlop | +612 9036 6765 | al.dunlop@au.knightfrank.com
• Capital Markets: Rob Sewell | +612 9036 6847 | rob.sewell@au.knightfrank.com
• Occupier Services: Katherine Moss | +612 9036 6647 | katherine.moss@au.knightfrank.com
• Valuations & Advisory: James Marks | +612 9036 6684 | james.marks@au.knightfrank.com
• Research & Consulting: Marco Mascitelli | +612 9036 6656 | marco.mascitelli@au.knightfrank.com
• Research & Consulting: Naki Dai | +612 9036 6673 | naki.dai@au.knightfrank.com