Adelaide CBD Office Figures Q1 2026

Key Points:

• Total enquiry volume (sqm) of c.72,000 sqm was recorded across Adelaide’s office market during 1Q26, easing 5% from 1Q25, though rebounding from the soft volume seen last quarter.
• For 2H25 net absorption was 10,697 sqm, down from 22,606 sqm in the same period in 2024. Net absorption for CY2025 reached 33,023 sqm, significantly above the 10-year annual average of c.15,500 sqm.
• The Adelaide CBD overall vacancy rate sat at 15.5% as of January 2026, increasing slightly from the 15.0% rate in July 2025.
• Walker Corporation’s Festival Tower Two development has commencement construction during 1Q26, adding c.50,000 sqm to the supply pipeline.  
• Prime gross rents have increased around 2% y-o-y to an average $654 per sqm. Prime incentive rates remained stable q-o-q averaging 35% and are down 0.5 percentage points y-o-y.
• 1Q26 investment transaction volumes totalled c.$110 million across Adelaide’s office market and there is a healthy investment pipeline.
• Midpoint yields remained stable q-o-q with prime yields sitting at 7.75% and secondary at 9.5%.