2026-07-02-莱坊-Melbourne_CBD_Office_State_of_the_Market_Q2_2026_2页_785kb
报告摘要
Melbourne CBD Office Market Summary - Q2 2026
Core Market Overview
The Melbourne CBD office market has shown a continued softening in prime yields, reaching their highest level since 2013. In Q2 2026, prime net face rents averaged $773/sqm, reflecting a 5.2% year-over-year (y/y) increase and a 0.8% quarter-over-quarter (q/q) rise. Incentives also increased slightly, averaging 48.1% across the CBD, with a range of 36–55%.
Prime yields softened further by 13 basis points (bps) in Q1-2026, now averaging 7.02%, while secondary yields softened by 1 bps to 7.92%. Investment volumes in the Melbourne CBD office market remain subdued, with only $286 million in office sales recorded year-to-date (YTD).
Market Indicators by Precinct
| Precinct | Net Face Rent ($/sqm) | Qtr Change (%) | Annual Change (%) | Net Effective Rent ($/sqm) | Qtr Change (%) | Annual Change (%) | Net Incentive (%) | Core Market Yield (%) | Vacancy Rate (%) | Stock (sqm) |
|---|---|---|---|---|---|---|---|---|---|---|
| Eastern Core | 1066 | 1.4% | 9.7% | 643 | 1.1% | 9.7% | 39.7% | 6.6% | 18.0% | 694,069 |
| Western Core | 752 | 0.3% | 4.2% | 393 | -1.1% | 3.7% | 47.8% | 7.1% | 18.6% | 1,751,343 |
| Civic | 685 | 0.7% | 0.7% | 345 | -0.6% | -0.6% | 49.7% | 7.2% | 15.5% | 525,523 |
| Docklands | 676 | 0.0% | 4.7% | 313 | 0.0% | 0.4% | 53.8% | 6.9% | 20.1% | 1,273,187 |
| Flagstaff | 508 | 1.0% | 1.0% | 228 | -2.3% | -2.3% | 55.0% | 7.9% | 29.9% | 281,416 |
| Spencer | 758 | 1.7% | 2.4% | 379 | 1.7% | 2.4% | 50.0% | 6.8% | 24.2% | 301,173 |
| North Eastern | 648 | 0.9% | 0.9% | 317 | 0.9% | 2.3% | 51.0% | 7.2% | 12.2% | 452,511 |
| CBD | 773 | 0.8% | 5.2% | 401 | 0.0% | 4.3% | 48.1% | 7.0% | 19.0% | 5,279,222 |
Recent Significant Tenant Commitments
- MasterCard – New Lease at Rialto Tower (Western Core), 950 sqm, 3 years, H2 2026
- Iress – New Lease at 555 Collins Street (Spencer), 2,750 sqm, 10 years, H2 2026
- Court Services Victoria – Renewal at 181 William Street (Western Core), 10,000 sqm, 7 years, H2 2026
- Hostplus – Pre-Commitment at 435 Bourke Street (Western Core), 3,600 sqm, 10 years, H2 2027
- Insignia Financial – New Lease at 8 Exhibition Street (Eastern Core), 8,400 sqm, 5 years, H2 2027
Recent Significant Institutional Sales
| Property | Interest (%) | Price ($m) | NLA (sqm) | Cap Value ($/sqm) | Yield (%) | WALE (years) | Purchaser | Vendor | Sale Date |
|---|---|---|---|---|---|---|---|---|---|
| 470 Collins Street | 100.0 | 60.4 | 11,009 | 5,982 | 7.4 | 1.2 | Fortis | Private Investor | Oct-25 |
| Flinders Gate^ | 100.0 | 265.5 | 20,400 | 13,044 | 7.1 | 5.0 | PAG | Dexus | Oct-25 |
| 750 Collins Street | 100.0 | 383.0 | 41,399 | 9,316 | 6.3 | 9.3 | TCA Capital | GPT Group | Nov-25 |
| 31 Queen Street | 100.0 | 167.1 | 19,132 | 8,736 | 7.2 | 2.5 | Bayley Stuart | AEW | Mar-26 |
^Includes the sale of an annexed car-park.
Development Pipeline
| Property | Grade | Type | NLA (sqm) | Pre-commit (%) | Main Tenant | Status | Completion |
|---|---|---|---|---|---|---|---|
| 7 Spencer Street | A-Grade | New Development | 44,000 | 25.0 | AECOM | U/C | H1 2026 |
| 51 Flinders Street | Premium | New Development | 29,000 | 34.0 | WPP / AirTrunk | U/C | H1 2026 |
| 435 Bourke Street | Premium | New Development | 60,000 | 74.0 | CBA / UniSuper | U/C | H2 2026 |
| 600 Collins Street | Premium | New Development | 60,000 | 0.0 | None | DA Approved | H2 2030 |
Contact Information
-
Laurence Panozzo – Research & Consulting, VIC
+61 401 251 876
laurence.panozzo@au.knightfrank.com -
Tony McGough – Research & Consulting, VIC
tony.mcgough@au.knightfrank.com -
Simon Hale – Office Leasing, VIC
+61 417 147 785
simon.hale@au.knightfrank.com -
Trent Preece – Institutional Sales, VIC
trent.preece@au.knightfrank.com -
Michael Schuh & Craig Carr – Valuations & Advisory, VIC
michael.schuh@vic.knightfrank.com
craig.carr@au.knightfrank.com
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