Gross take-up decreased marginally over Q4 2025

• Occupier demand decreased marginally over the quarter, with gross take-up totalling 47,000 sqm. Nevertheless, this figure is above the average quarterly gross take-up of approximately 25,500 sqm, recorded over the past two years.
• Five major occupier moves (>3,000 sqm) were recorded over Q4 2025, with the largest move being a 14,134 sqm deal for an undisclosed tenant at 6 Senna Road, Wingfield, in the North West precinct.

Supply delivered to market declined over the quarter

• New supply delivered decreased in Q4 2025, totalling 14,800 sqm. Currently, there are nine major developments under construction totalling 114,700 sqm, with the latest project expected to deliver in Q4 2026. The pre-commitment rate for these projects is currently 31.6%.
• There are seven projects with plans approved in the future supply pipeline, totalling approximately 99,000 sqm. Additionally, there are five projects with plans submitted, totalling 33,900 sqm.

Rental growth recorded across most precincts in Q4 2025

• Average prime net face rents increased across four precincts in Q4 2025, with growth recorded in the Inner South, Inner West/East, North East and Outer South precincts. The rise in asking rents is a result of the continuing trend with occupier demand outpacing supply.
• Average land values were unchanged across all precincts in Q4 2025, with market intel reflecting current values. On an annual basis, average land values for 2,000 sqm lots increased between 10.0% and 30.0%.

Outlook: Rental growth expected to sustain due to supply shortage over the short term

• Anecdotally, enquiry levels have slowed due to the lack of existing suitable stock and resistance between owners and tenants in terms of rents. Nevertheless, occupier demand is likely to be supported by the manufacturing and defence sectors going forward.
• Low supply and competition for new buildings is expected to continue supporting rental growth in the Adelaide market over the short term. Additionally, prime yields are expected to be unchanged over the short term.