Canberra Office Market Q3 2023

October 12, 2023 5 Minute Read

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Key Points:


  • Overall net absorption in Canberra totalled 17,251 sqm in H1 2023, bringing trailing-year net absorption to 12,523 sqm.
  • 15,394 sqm of new supply was delivered over the first half of 2023. Current projections also show that an additional 103,814 sqm of office supply will be delivered over Q4 2023, bringing the full-year total to 119,208sqm.
  • Canberra’s overall office vacancy rate ended H1 2023 at 8.2%. This figure represented a decline of -64 bps from year-end 2022.
  • Gross rental rates and incentives both either held stable or increased in the Civic and Non-Civic submarkets over 2023.
  • Canberra office sales totalled AUD 325.1 million over the first three quarters of 2023. Indicative yields have continued to rise over the year. Prime Civic and Non-Civic yields ended Q3 2023 at 6.4% and 6.6%, respectively.