悉尼中央商务区写字楼市场2026年2月

Strengthening occupier market in the core CBD has drivensignificant rental growth. H1-2026 Click here tosubscribe Key Insights Investors and occupiers continue to prioritise quality assets inamenity rich locations. Marco MascitelliDirector, RESEARCH & CONSULTING 163k 314K 8.9% Five yearpremium gradenet absorption Sqm of premium supplyunder construction Premium vacancy Premium vacancyhasdeclinedfrom13% to 8.9%over the last two years. Premium grade stock hasoutperformed over the last five years,specifically in the core precinct,driving overall absorption levels acrossthe CBD. Total premium office space underconstruction between 2026-29 inSydney CBD, with limited availablespace to lease. $3.3bn 8.2% 450k Rental growth in the core Sqm occupier briefs 2025 transaction volumes Occupier enquiry has been healthywith over 450,000sqm of active tenantbriefs tracked over the last 12 months,underpinning strengthening demand. Prime net face rents have grown by8.2% in the core over the year, thestrongest level of growth across allprecincts. Transactional activity over 2025 wasdriven by both offshore and domesticcapital. Core premium drivesdemand STRENGTHENING DEMAND IN THE OCCUPIER MARKET Sydney CBD lease deals by industry sector2025, % share of total market (sqm) There has been solid signs of strengthening demand in theoccupier market with overall absorption levels for 2025positive, with 21,657 sqm recorded. This was the secondconsecutive year of positive absorption recorded, highlighting the improved leasing momentum andstrengthening demand environment. The absorption levels have been driven by strong demand inthe premium market with 59,330 sqm recorded over theyear. The secondary market continues to highlight the starkcontrast betweenbest in classassets and the rest of themarket as negative absorption of 68,898 sqm was recordedover 2025. Tenant enquiry has remained elevated, with more than450,000 sqm of active requirements tracked over the past 12months, providing a solid foundation for improving marketconditions and sentiment. Recent leasing activity has been supported by severalnotable commitments, including John Holland (5,000 sqmat 210 Sussex Street), M&C Saatchi (1,148 sqm at 25 MartinPlace) and the NSW Government (4,400 sqm at 252 PittStreet). Financial services and professional services tenantscontinue to underpin demand, accounting for 35% and 25%of total deal volumes respectively in 2025, while the CBDCore captured 58% of leasing activity. The ongoing flight toquality is driving occupiers towards high-grade buildingsthat offer strong transport connectivity and integratedamenity, reinforcing demand for premium core locations. CORE PREMIUM STOCK CONTINUES TO OUTPERFORMTHE WIDER MARKET Despite the positive absorption levels, overall vacancymeasured 13.8% as at January 2026. A large influx of newsupply over the last 18 months, has totalled over 270,016sqm has hindered vacancy levels, despite positive demand.The level of occupied stock has increased by 0.5% over theyear, one of its highest levels in nearly a decade. By grade, premium vacancy tightened from 36% to 8.9%over the last two years, reflecting sustained demand forhigher-quality assets. In contrast, secondary vacancyremains elevated at 14.9%. Sublease vacancy has declined to0.6%, its lowest level since 2019. Over the past five years, thestructural flight-to-quality trend has become increasinglyevident. The secondary market has recorded cumulativenegative absorption of 230,866 sqm, while the premiummarket has achieved positive absorption of 314,100 sqm overthe same period. This divergence is further reflected at aprecinct level, with the CBD Core the only precinct to recordpositive absorption over the past five years, clearlyoutperforming the broader market. Limited developmentpipeline MODERATED SUPPLY IN 2025 Development activity moderated in 2025 following thesignificant wave of new supply delivered in 2024.Newdevelopment completions during the year were limited,including 121 Castlereagh St, which added 11,500 sqm ofoffice space to the CBD. Refurbishments brought a further 93,964 sqm back to themarket. This was led by the comprehensive overhaul andredevelopment of 33 Alfred Street, which delivered 31,657sqm of premium office space and was over 90% committedat completion. In addition, Charter Hall completed its majorrefurbishmentofOne Shelly Street (29,772 sqm), with theasset also achieving strong leasing outcomes. On the other hand, withdrawals totalled 20,911 sqm acrossthree buildings. 105 & 107 Pitt St (5,647 sqm) was withdrawnfor Cbus Super and Milligan Group earmarked developmentHalo Tower. Additionally, 189 Kent St (15,264 sqm) waswithdrawn for Gurner’s residential development. Overall, net supply totalled 84,553 sqm in 2025, taking thetotal office stock in Sydney CBD to 5,385,115sqm, its highestlevel on record. HIGH COMMITMENTS ACHIEVED FOR UNDER-CONSTRUCTION PROJECTS Looking ahead, the development pipeline r