Adelaide CBD Office Figures Q2 2025

Key Points: 

• Tenant enquiry volumes totalling c.66,000 sqm was recorded in Adelaide during Q2 2025, up 21% y-o-y.
• Net absorption remained strong totalling 22,326 sqm for H1 2025. Net absorption in the past 12 months has been 44,932 sqm, significantly above the 10-year annual average of c.12,500 sqm.
• The Adelaide CBD overall vacancy rate as of H1 2025 decreased to 15.0% from 16.4% last half, driven entirely by the strong net absorption. 
• Prime gross rental rates ended Q2 2025 at an average of $650 per sqm, increasing by 1.1% q-o-q  and 3.6% y-o-y. Prime incentive rates remained stable q-o-q averaging 35.5%. 
• Supply was muted during 1H25 with a net 9 sqm of stock withdrawn. The supply of 50 Franklin Street (c.21,000 sqm) is expected to come to market during H2 2025.
• Both prime and secondary grade office yields remained stable q-o-q at an average of 7.70% and 9.48%, respectively.