2026-02-18-莱坊-Sydney_CBD_Office_Market_February_2026_8页_1mb
报告摘要
Sydney CBD Office Market Summary (H1-2026)
Core Content Overview
The Sydney CBD office market has shown signs of strengthening, driven by robust demand for quality assets in amenity-rich locations. Key indicators highlight a positive trend in rental growth, absorption, and capital values, with the premium market leading the way.
Key Market Indicators
| Metric | Value |
|---|---|
| Premium vacancy rate (Jan 2026) | 8.9% |
| Five-year premium grade net absorption | 314,000 sqm |
| Total premium office supply under construction | 163,000 sqm |
| Total occupier briefs (12 months) | 450,000 sqm |
| Core market rental growth (y/y) | 8.2% |
| 2025 transaction volumes | $3.3bn |
| Prime capital value growth (y/y) | 11.6% |
| Secondary capital value growth (y/y) | 7.8% |
Market Trends
Strengthening Occupier Demand
- 2025 saw positive net absorption of 21,657 sqm, marking the second consecutive year of positive absorption.
- The premium market was the main driver, with 59,330 sqm absorbed, while the secondary market recorded negative absorption of 68,898 sqm.
- Tenant enquiry remains elevated, with over 450,000 sqm of active requirements tracked in the past 12 months.
- Major tenant commitments include:
- John Holland (5,000 sqm at 210 Sussex Street)
- M&C Saatchi (1,148 sqm at 25 Martin Place)
- NSW Government (4,400 sqm at 252 Pitt Street)
Rental Growth and Incentives
- Core and Midtown led rental growth, with the Core recording an 8.2% y/y increase.
- Prime net face rents reached $1,651/sqm, up 5.6% from the previous year.
- Secondary net face rents rose to $1,196/sqm, up 3.9%.
- The rental differential between prime and secondary widened to a 10-year high of 29%.
- Incentives for prime assets decreased slightly to 35.6%, while Western and Southern saw increases to 41.2% and 42.0% respectively.
Yield Tightening and Capital Value Growth
- Yields in the Core and Midtown tightened, contributing to capital value growth.
- Prime yields closed 2025 at 5.70%, up 33bps.
- Secondary yields reached 6.25%, up 25bps.
- Capital values for both prime and secondary markets grew significantly, with prime seeing 11.6% and secondary 7.8% annual growth.
Supply Dynamics
Current Supply
- Total office stock in Sydney CBD reached 5,385,115 sqm, the highest on record.
- Occupied stock increased by 0.5%, reflecting strong demand.
Development Pipeline
- New developments in 2025 were limited, with only 121 Castlereagh St completed, adding 11,500 sqm.
- Refurbishments added 93,964 sqm to the market, including:
- 33 Alfred Street (31,657 sqm)
- One Shelly Street (29,772 sqm)
- Withdrawals totaled 20,911 sqm, including:
- 105 & 107 Pitt St (5,647 sqm)
- 189 Kent St (15,264 sqm)
Under Construction (2026-2029)
- Three projects are currently under construction, all set for completion by H1 2027:
- Atlassian Central (58,000 sqm)
- 55 Pitt Street (62,800 sqm)
- Chifley South (42,000 sqm)
Approved and Mooted Developments
- Halo Tower (42,400 sqm) is the most likely project to proceed in the next five years.
- Other approved and mooted projects include:
- Toga Central (22,000 sqm, 2031)
- Hunter Connection West Tower (58,000 sqm, 2032)
- Hunter Connection East Tower (72,000 sqm, 2034)
- Central Place 1 & 2, O Block, 133 Castlereagh St, and Darling Park Tower 4 (all mooted for 2032+)
Investor Activity
- Domestic capital accounted for 43% of total investment in 2025, up from 25% in 2022.
- Offshore capital remained active but contributed less than domestic.
- Major sales in 2025 included:
- Grosvenor Place (75% stake sold for $1.3bn)
- 135 King St (sold for $631.5m)
- 35 Tumbalong Boulevard (sold for $360m)
- 75 Elizabeth Street (sold for $101.8m)
- 20 Bridge Street (sold for $270m)
Outlook
- The market is expected to continue its flight to quality, with a preference for prime, well-located assets.
- Limited new supply and positive rental growth are expected to support targeted acquisition opportunities.
- Yield compression and rental growth are likely to drive capital value appreciation through 2030.
- Investor confidence is reinforced by strong fundamentals and improved market transparency.
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