【莱坊-2026研究报告】Melbourne CBD Office Market February 2026.pdfVIP

MelbourneCBD

OfficeMarketReport

withSouthbankupdate

February2026DemandacrossMelbourne’sCBDofficemarketremainsresilient,supported.au/research

bystrongnetabsorption.Vacancyislikelytorisefurtherintheshort-termas

newsupplycompletes,butfundamentalsremainfavourable.Asignificant

contractionindevelopmentisexpectedtounderpinfuturerentalgrowth.

KeyInsights

Melbournerecordeditshighestannualnetabsorptionsince

2018.However,vacancyroseoverthesameperiodduetothe

completionofseverallargelyvacantrefurbishedassets.

MarcoMascitelli

LaurencePanozzo

AssociateDirector,RESEARCHCONSULTING

ResearchConsulting

19.0%29k100k

Latestvacancy-CBD12-monthnetabsorptionSqmnetadditionsin2025

Melbourne’sCBDvacancyrateroseNetabsorptioninMelbournereachedNetadditionsreacheda4-yearhighin

1.1%overH2-2025to19.0%.Theriseinitshighestannualtotalsince2018.Net2025with4newrefurbishmentsand2

vacancywasmainlyduetotheabsorptionforprimestocktotalleddevelopmentsreachingcompletion.

additionofseveralmostlyvacant40,070sqmover2025,whilesecondarySupplyisforecasttobeequallystrong

refurbishmentssuchas111BourkeSttotalled-10,595sqm;supportingthein2026withseveraldevelopments

and800CollinsSt.bifurcationthemeinthemarket.reachingcompletion.

6.8%5.2%47.6%

YieldQ4’25–primebasketPrimerentalgrowthPrimeincentives

PrimeyieldsinMelbourne’sCBDPri