The supply picture
New office supply in Adelaide is building (+142% year-on-year). A rising pipeline is the risk to watch: more product competing for the same tenants pressures rents and values.
Precinct by precinct
Across 69 Adelaide office precincts, the current tilt is 18 tightening · 17 demand-led · 22 quiet · 12 oversupply risk (median supply change -42% year-on-year). This is a stock-picker's market: the pressure is uneven, not uniform.
Tightening / demand-led: Toorak Gardens, Unley - Parkside, Burnside, Unley
Watch (oversupply risk): Salisbury, Onkaparinga, Tea Tree Gully, Playford
The sector backdrop
Valuations lag rates — capital softening still to come; income cushions it. Office cap rates sit around 6.32% on our national read. Conditions are neutral / transitional on our macro read.
Cap rate = the yearly income as a share of price (a higher number is cheaper). The number above is a market read; where our model puts fair value, and the five-year return forecast, are in the report.
The full Adelaide office read
Fair-value cap rate, the five-year total-return forecast and the downside range — plus the precinct data in full — sit in the Adelaide Office report, refreshed every edition.
See the report →Source: ABS building approvals (supply), MPLC precinct model to SA2 (demand tilt), RBA (rates, yields) and the MPLC valuation model. As at September 2026. Information & forecasts only — not advice.