• Industrial vacancy: 4.3 per cent at the end of September, up from 3.8 per cent (JLL, buildings over 3,000 sqm)
• Industrial take-up: 32,300 sqm in the September quarter, down after a big June quarter
• Industrial rents: up 2.1 per cent over the quarter, the fastest growth of the five major capitals
• Biggest CBD purchase: Centurion buying six North Terrace and Gawler Place sites for $25 million
• Hospitality: Griffins Head Hotel, Hindmarsh Square, sold for $8.55 million; Amora Hotel Adelaide launched after a $73 million upgrade
• Data centres: Firmus pushes on at Tailem Bend and Stirling North after CDC exits Project Southgate; Quantum DC's 1.2GW Tungkillo plan meets strong opposition
• Interest rates: cash rate 4.60 per cent, September CPI 4.3 per cent, a rise to 4.85 per cent widely expected on 3 November

JLL's Q3 report shows Adelaide going in two directions at once. Vacancy lifted from 3.8 to 4.3 per cent and take-up eased to 32,300 sqm after a strong June quarter. Yet rents rose 2.1 per cent for the quarter, more than any other capital and well ahead of Sydney's 0.1 per cent.

The explanation is in the mix of space. New, well-specified buildings in the northern and inner-north precincts are still in demand and setting higher rents. Older, smaller sheds are taking longer to lease, which pushes up the vacancy figure. For tenants it means more choice in second-hand stock. For landlords of modern buildings it means continued rental growth.

The last few months of sales show where investors are active. Recent deals have included 75 Kaurna Avenue, Edinburgh, which sold for $12.125 million in September, plus earlier off-market trades at Dudley Park, Edwardstown and Gepps Cross between $11 million and $25 million. Buyers are favouring well-located, leased assets in the north and inner south.

Singapore-based student accommodation group Centurion has agreed to buy six neighbouring CBD sites, including 199–200 North Terrace and 12–20 Gawler Place, from members of the Cointreau family for $25 million. The 3,300 sqm holding connects to Rundle Mall. Centurion plans three towers for student accommodation, residential and office use over a retail and dining podium, with an estimated end value of about $300 million.

It is one of the biggest CBD site plays in Adelaide this year and a sign that offshore developers see a long-term future for the city's universities and its East End.

Griffins Head Hotel, 34–40 Hindmarsh Square – $8.55 million. Developer George Kambitsis bought the heritage pub next door to his group's office at 150 Grenfell Street. The 680 sqm site sold as a freehold going concern at about 5.5 per cent on estimated net income of about $471,000. The seller had owned it for 24 years after paying $1.1 million. Savills sold it. Buying the site next door gives Kambitsis control of a wider CBD holding for the long term.

Amora Hotel Adelaide, 233 Victoria Square. Premier Peter Malinauskas officially launched the former Hilton as Amora Hotels and Resorts rolls out a $73 million transformation of the 40-year-old tower. With 380 rooms and suites it is now billed as Adelaide's largest hotel. Amora bought the building in early 2025 for a reported $110 million. The investment shows confidence in Adelaide's events-driven visitor market.

October showed both sides of the data centre boom in South Australia. CDC Data Centres confirmed it had walked away from Project Southgate, the partnership it formed with Firmus and Nvidia, after about 42MW of a targeted 1.6GW had been delivered. Firmus says its own plans for AI factories near Tailem Bend and at Stirling North are unchanged, with a combined target of about 2.7GW and a 12-year, 600MW power deal with Gunvor.

Closer to the city, Quantum DC's proposed 1,200MW Tungkillo Compute and Energy Hub at 312 Collins Road has become the state's most argued-about property project. The 220-hectare rural site in the Mid Murray Council area sits under an existing 275kV transmission line. A 600-strong protest followed and the first community drop-in session was cancelled after a reported bomb threat. Further sessions are planned in Mannum on 20 and 21 November.

For landowners, the lesson is that access to high-voltage power now drives land value more than location alone. Community acceptance is the second test and it is proving just as hard to pass.

With September CPI at 4.3 per cent and the trimmed mean ahead of forecast, a rise in the cash rate from 4.60 to 4.85 per cent is widely expected on 3 November. Adelaide's investment market relies heavily on private buyers and syndicates, so higher borrowing costs will be felt here. On the other side, strong rental growth in modern industrial stock gives landlords some protection and many leases have CPI-linked reviews that will lift rents this year.

• North (Edinburgh, Gepps Cross, Wingfield): defence, logistics and manufacturing demand keeps modern stock leasing.
• Inner north (Dudley Park, Kilburn, Regency Park): scarce infill land close to the city, popular with owner-occupiers and investors.
• Inner south (Edwardstown, Melrose Park): limited supply and a deep pool of local businesses.
• CBD and East End: student, residential and hospitality projects leading the next wave of city development.
• Regional SA (Tailem Bend, Stirling North, Tungkillo): the new frontier for large power-hungry projects.

• Modern specification earns the rent. Adelaide's rental growth is coming from new buildings. Owners of older stock need a clear upgrade story or sharper pricing.
• Tell the site's future story. Centurion and Kambitsis both bought for what the land could become. Sellers of CBD sites should show that potential clearly.
• Power is the new location. Rural and industrial land near major transmission lines deserves a fresh look at its value.
• Bring the community along. Tungkillo shows that big projects need early, clear explanation of what is proposed and why.

The RBA decision on 3 November comes first. Then watch the Tungkillo community sessions in Mannum on 20 and 21 November, settlement of Centurion's North Terrace purchase and whether Adelaide industrial vacancy settles as recently completed buildings lease up.