Adelaide CBD Office Figures Q3 2025

Key Points:

• Tenant enquiry volumes totalling c.90,000 sqm was recorded in Adelaide during Q3 2025, down 2% y-o-y. Enquiry volumes received over the past 12 months is 30% higher than the 10-year average.
• 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 July 2025 was at 15.0% decreasing from 16.4% in January 2025, driven entirely by the strong net absorption.
• Prime gross rents ended Q3 2025 at an average of $652 per sqm, increasing by 0.3% q-o-q  and 3.7% y-o-y. Prime incentive rates decreased by 45 bps q-o-q and now average 35%.
• 50 Franklin Street (c.21,000 sqm) has effectively reached practical completion during Q3 2025 and will be added to the stock level this half – weighing on market vacancy.
• Year to date c.$170 million of investment transaction volumes recorded across Adelaide office, running below the 10-year annual average of c.$570 million.
• Midpoint yields remained largely stable q-o-q with prime currently at 7.7% and secondary at 9.5%.