Canberra’s Commercial Landscape: Tracking Major Infrastructure Investment Flows

Canberra’s commercial property market is experiencing a period of significant activity, characterized by a series of large-scale office and mixed-use developments. These projects, ranging from carbon-neutral office blocks to expansive residential and retail precincts, indicate a clear trend in infrastructure investment across the city centre and its surrounds.

Office Developments and Urban Renewal

Investment flows are currently directed toward central Canberra locations such as London Circuit and Constitution Avenue. At the former NAB site on London Circuit, Morris Property Group has lodged a proposal for a $19 million, seven-storey office and retail development. This scaled-back plan follows a previously rejected 13-storey tower design, according to Source 1. Meanwhile, Capital Property Group is progressing with a 65,000-square-metre mixed-use precinct at the corner of London Circuit and Northbourne Avenue. This development, which includes carbon-neutral buildings intended for federal workers, as well as a hotel and apartments, is scheduled to commence construction by November 2024, per Source 2.

Further along the major arterial corridors, Canberra Airport’s property arm is developing a $150 million, six-level, 14,000 sqm carbon-neutral office building located at Constitution Place, near the intersection of Vernon Circle and Constitution Avenue. Completion for this project is anticipated in late 2026, as noted in Source 3. In the suburb of Barton, Cromwell has begun demolition for an $85 million A-Grade office project situated at 19 National Circuit. This development aims to provide 18,000 sqm of space across six floors and is scheduled for completion in 2024, as cited in Source 4.

Mixed-Use Expansion and Future Projects

Strategic land acquisition remains a key indicator of long-term investment. Capital Property Group has finalized the purchase of a prominent City Hill block for $66 million. The developer intends to create a mixed-use project comprising 502 dwellings-which includes a component of 76 affordable units-alongside a hotel and commercial space. Construction for this site is projected to potentially begin in 2026, with the development expected to be completed in stages between 2028 and 2034, as confirmed by Source 5.

These developments reflect ongoing shifts in the local commercial environment, particularly concerning the demand for sustainable, carbon-neutral office space and integrated residential-commercial zones. Stakeholders continue to monitor these construction timelines as these projects transition from the planning and demolition phases toward full occupancy in the coming years.

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