Adelaide’s Office Market Continues To Show Resilience
With offices across the country still experiencing high vacancy rates, Adelaide has emerged as a strong market.
Adelaide’s office leasing market saw 3,000sq m of positive net absorption in the second quarter of 2023, according to JLL Research.
This takes total net absorption over the 2022/23 financial year to 13,000sq m.
At the same time, Adelaide’s office rents also increased, with prime gross effective rents rising by 4.3% over 12 months to June 2023.
The CBD vacancy rate dropped by 50 basis points to 16% at a time when the larger capital city markets are struggling to get workers to return to the office.