> **来源：[研报客](https://pc.yanbaoke.cn)** # Sydney CBD Office State of the Market - Prime net face rents in Sydney CBD rose $5.5\%$ in 2025 to average $\$1,397/\mathrm{sqm}$ , led by Core $(+8.2\%)$ and Midtown $(+4.8\%)$ precincts. Incentives edged down from $36.1\%$ in Q4 2024 to $35.6\%$ in Q4 2025, lifting prime effective rents by $7.1\%$ over the same period. - The continued weighting of tenant demand towards the Core precinct has widened the net face rental spread between Core and other precincts, of note is the $43\%$ discount to the Southern precinct. - Prime yields tightened in premium locations, compressing by 33bps to $5.7\%$ in the Core and by 14bps to $6.3\%$ in Midtown over 2025. - Investment volumes reached $3.3 billion in 2025, this was headlined by the acquisition of Grosvenor place by GPT and Commonwealth Super Corporation in Q4. Sydney CBD prime rents and incentives $/sqm,% Sydney CBD prime office rental growth Annual rental growth rate Sydney CBD core precinct office yield spread Prime v secondary Sydney CBD office lease deals 2025, % share of total market (sqm) Sydney CBD Office Market Indicators - Q4 2025 <table><tr><td rowspan="2">Precinct</td><td colspan="8">Prime</td><td colspan="2">Total Market Figures*</td></tr><tr><td>Net face rent ($/sqm)</td><td>Qtr change (%)</td><td>Annual change (%)</td><td>Net effective rent ($/sqm)</td><td>Qtr change (%)</td><td>Annual change (%)</td><td>Incentive (gross, %)</td><td>Core market yield (%) ^</td><td>Vacancy Rate (%)</td><td>Stock (sqm)</td></tr><tr><td>Core</td><td>1,680</td><td>3.1</td><td>8.2</td><td>995</td><td>4.5</td><td>11.8</td><td>32.4</td><td>5.70</td><td>11.6</td><td>2,214,676</td></tr><tr><td>Western</td><td>1,046</td><td>0.0</td><td>0.8</td><td>536</td><td>0.8</td><td>-1.5</td><td>41.2</td><td>6.94</td><td>15.0</td><td>1,197,361</td></tr><tr><td>Barangaroo</td><td>1,467</td><td>0.6</td><td>1.7</td><td>882</td><td>2.7</td><td>3.6</td><td>33.0</td><td>6.00</td><td>9.5</td><td>335,011</td></tr><tr><td>Midtown</td><td>1,272</td><td>1.3</td><td>4.8</td><td>701</td><td>1.5</td><td>5.2</td><td>37.9</td><td>6.33</td><td>17.9</td><td>1,252,016</td></tr><tr><td>Southern</td><td>908</td><td>0.0</td><td>0.0</td><td>456</td><td>-4.5</td><td>-4.9</td><td>42.0</td><td>7.42</td><td>11.9</td><td>350,047</td></tr><tr><td>CBD Avg.</td><td>1,397</td><td>1.9</td><td>5.5</td><td>809</td><td>3.1</td><td>7.1</td><td>35.6</td><td>6.14</td><td>13.8</td><td>5,385,115</td></tr></table> Sydney CBD office transactions By purchaser location, $ millions, $10m+ Sydney CBD development completions By commitment type, '000sqm Recent Significant Tenant Commitments <table><tr><td>Tenant</td><td>Property</td><td>Precinct</td><td>Lease type</td><td>Size (sqm)</td><td>Net face rent ($/sqm)</td><td>Incentive (%)</td><td>Term (yrs)</td><td>Start date</td></tr><tr><td>Zembi</td><td>347 Kent St</td><td>Western</td><td>Direct</td><td>1,334</td><td>1,045</td><td>48</td><td>7</td><td>Q2-26</td></tr><tr><td>HWL Ebsworth Lawyers</td><td>5 Martin Pl</td><td>Core</td><td>Direct</td><td>11,023</td><td>1,360</td><td>36</td><td>11</td><td>Q2-26</td></tr><tr><td>Snowy Hydro</td><td>225 George St</td><td>Core</td><td>Direct</td><td>1,856</td><td>1,565 (gross)</td><td>39</td><td>10</td><td>Q2-26</td></tr><tr><td>Sedgwick</td><td>35 Clarence St</td><td>Western</td><td>Renewal</td><td>1,089</td><td>1,175</td><td>37 (gross)</td><td>4</td><td>Q1-26</td></tr><tr><td>NSW Government</td><td>252 Pitt St</td><td>Midtown</td><td>Direct</td><td>4,400</td><td>1,255</td><td>37</td><td>10</td><td>Q3-25</td></tr><tr><td>Fin Design & Effects</td><td>477 Pitt St</td><td>Southern</td><td>Direct</td><td>1,497</td><td>950</td><td>40</td><td>7</td><td>Q3-25</td></tr></table> Recent Significant Sales <table><tr><td>Property</td><td>Price ($m)</td><td>NLA (sqm)</td><td>$/sqm</td><td>Core market yield (%)</td><td>WALE</td><td>Purchaser</td><td>Vendor</td><td>Sale date</td></tr><tr><td>35 Tumbalong Blvd.</td><td>360.0</td><td>27,749</td><td>12,973</td><td>U/D</td><td>U/D</td><td>Barings</td><td>Lendlease / Aware Super</td><td>Q4-25</td></tr><tr><td>225 George St (50%)</td><td>860.0</td><td>85,509</td><td>20,115</td><td>~6.0</td><td>3.4</td><td>GPT</td><td>CSC</td><td>Q4-25</td></tr><tr><td>75 Elizabeth St</td><td>101.8</td><td>6,104</td><td>16,678</td><td>5.4</td><td>2.3</td><td>Sydney Catholic Archdiocese</td><td>Kingold</td><td>Q3-25</td></tr><tr><td>135 King St</td><td>631.5</td><td>32,695</td><td>19,315</td><td>6.2*</td><td>4.0</td><td>Daibiru Corporation</td><td>Investa (ICPF)</td><td>Q1-25</td></tr></table> * Blended core market yield including office and retail component Major Developments <table><tr><td>Property</td><td>Precinct</td><td>NLA (sqm)</td><td>Pre-commit (%)</td><td>Status</td><td>Completion date</td></tr><tr><td>Atlassian Central</td><td>Southern</td><td>58,000</td><td>100*</td><td>Under Construction</td><td>H1 2027</td></tr><tr><td>55 Pitt St</td><td>Core</td><td>63,000</td><td>43</td><td>Under Construction</td><td>H1 2027</td></tr><tr><td>2 Chifley South</td><td>Core</td><td>42,000</td><td>50</td><td>Under Construction</td><td>H2 2027</td></tr></table> * Sub-lease space available of 21,000sqm Office Leasing Andrea Roberts +61290366703 andrea.roberts@au.knightfrank.com Capital Markets Michael Kwok +61290366620 michael.kwok@au.knightfrank.com Occupier Services Katherine Moss +61290366647 katherine.moss@au.knightfrank.com Valuations & Advisory James Marks +61290366684 james~- marks@au.knightfrank.com Research & Consulting Marco Mascitelli +612 9036 6656 marco.mascitelli@au.knightfrank.com Research & Consulting Naki Dai +61290366673 naki.dai@au.knightfrank.com