The Adelaide Economic Development Agency (AEDA) Joins the Conversation at Property Council SA (PCA) Event

The number of city jobs is forecast to reach 180,000 by June 2026, underpinning continued economic activity and confidence in the city’s future.

Speaking at a PCA event on Thursday, 5 February 2026, AEDA Business and Investment Executive Manager Tiffany Katchmar (pictured below) said job growth had been on the rise since June 2021.

In short:

- What the PCA Office Market Report Shows

- Adelaide Central to the Story, Don’t Always Look East

- A Quintessential Opportunity—The Decision to Invest in Adelaide 

It comes as other speakers at the event said Adelaide could outpace Sydney in office investment over the coming years.

According to Economy.id data, the city's workforce was around 172,652 as of FY23/24, up 1.8 per cent since on the previous financial year.

“There is a positive upward trend there,” Ms Katchmar said.

“An increasing number of city workers is important because they add a huge value to our economy.

“Full-time workers add an estimated $170,000 into the local economy over a financial year.”

The data showed that the highest growing employment industries were healthcare and social assistance, professional, scientific and technical services and public administration and safety.

“These industries tend to align with the city’s role as a capital city and service centre, and their continued growth is consistent with broader trends toward knowledge-intensive services, public services and health-related employment,” Ms Katchmar said.

Ms Katchmar explained that working from the office, rather than home, had stabilised at around 80-85 per cent of pre-COVID levels.

“This data, in addition to our own AEDA qualitative research, suggests that city visitation is increasingly shaped by the value of being onsite, rather than by formal requirements,” Ms Katchmar said.

“(City workers) want collaboration, social connection, being closer to events and festivals, and the ability to separate work and home life."

According to the 2026 Office Market Snapshot, the number of empty offices had increased only slightly, from 15 per cent to 15.5 per cent in the second half of 2025.

However, the PCA said the figures were no cause for concern, with new builds and refurbishments likely driving the increase, as more employers seek top-notch facilities. This, in turn, had driven up vacancy rates of older stock.

D-Grade buildings—basic and older locations—made up the bulk of the vacancy.

CBRE Head of Office and Capital Markets Research Tom Broderick (pictured below), who spoke at the event, said Adelaide was attractive to investors because of the city's confidence.

“There is no doubt Adelaide has been one of the market leaders for a number of years, and the second half of last year further confirms that,” Mr Broderick said.

“We had just over 10,000sqm of net absorption— that is where tenants are actually expanding in the market, which means the tenant base is growing fast.

“Basically, the past couple of years have been the best period for Adelaide since the GFC, so our economy is in pretty good shape because tenants have the confidence to grow.

“There wouldn’t be many markets around the world that can say they have had the best period since the GFC.”

Around 22,000sqm of office space in the market was set to enter the market in 2026, however, no additional space had been predicted for 2027, according to the report.

Mr Broderick said this will help “tighten up” vacancy numbers over the next five years.

Mr Broderick said Adelaide’s position with investors will only get better as eastern states battle with the cost of living.

He said investors should look to Adelaide as a key location to set up shop.

“A lot of the larger investors are really laser-focused on the Sydney market (at the moment) … so there has been a lot of investment in New South Wales,” Mr Broderick said.

“That can’t last forever because it is starting to look expensive.”

Quintessential Chief Executive Officer Justin Mills told event attendees that a positive outlook and strong economy made Adelaide an exciting place to invest.

The commercial real estate and property development company has been involved in Adelaide for more than 15 years and has spearheaded developments including 431 King William, 30 Pirie Street and 100 King William Street.

Mr Mills said Adelaide offered a chance to buy, regenerate and reposition buildings well.

“Adelaide is doing a fantastic job (because it is), really proactive,” Mr Mills said.

“Adelaide has really stepped up, and I think it is really important that it continues to step up to solidify its spot at a really strong CBD.”

Learn more about major developments in Adelaide here.