South Australia, Australia: Adelaide's iconic Market Square project, has reached a significant milestone with the topping out of the commercial building, Market Square Tower, marking the completion of the tower's structure and a major step toward the $600 million precinct's 2026 opening.

Developed by ICD Property in partnership with the City of Adelaide, Market Square is redefining the heart of the city through a bold mix of commercial, residential, hotel, retail and public spaces - all seamlessly connected to the iconic Adelaide Central Market.

ICD Property CEO Matt Khoo said the Market Square Tower's topping out represents the tangible progress of a vision that began more than six years ago.

“From the first demolition works to standing above one of the most complex mixed-use projects ever delivered in Adelaide, Market Square represents a bold new chapter for the city,” Mr Khoo said.

“Market Square Tower is the commercial heart of a much larger story - a world-class precinct that connects people to the Central Market, the city and each other. It's about creating something enduring for Adelaide's future.”

Designed by Woods Bagot and built by Multiplex, the nine-level tower rising above Gouger Street is fully electric and targeting 6-Star Green Star, 5.5-Star NABERS Energy and Gold WELL ratings. It will deliver 22,731sqm of premium, flexible workspace across 2,636sqm floorplates.

The majority of tenancies are already pre-leased, with high calibre tenants including the South Australian Government and Thomson Geer Lawyers already secured.

Chief Executive Partner of Thomson Geer, Adrian Tembel, said the team was proud to see the project reach this milestone.

“Market Square has been a special project for us from the outset. It's great to see ICD and Multiplex reach this impressive milestone and to know we'll soon be part of a legacy asset in Adelaide within an iconic precinct.”

“Market Square Tower sets a new benchmark for Adelaide - sustainable, adaptable and designed around people,” Mr Khoo said. “It's proof that the city's commercial core is evolving in step with the way we want to live and work.”

Hon. Nick Champion, Minister for Planning, Minister for Housing and Urban Development and Minister for Housing Infrastructure, said the milestone reflects both the city's momentum and the state's confidence.

“Market Square isn't just a building - it's a blueprint for how mixed-use development can activate and transform our cities,” Minister Champion said.

“It's creating over 1,000 construction jobs, driving private investment and positioning South Australia at the forefront of sustainable, design-led urban renewal.”

The Lord Mayor of Adelaide, Jane Lomax-Smith, said the project showcases what can be achieved through collaboration between the public and private sectors.

“Market Square Tower will be one of the most advanced office buildings in the state and a symbol of confidence in Adelaide's economy,” she said.

“The Central Market has always been Adelaide's meeting place. Market Square extends that legacy - from a place where people come to shop and eat, to now, a place where they can also live and work. It's about creating a dynamic precinct that strengthens Adelaide's reputation as a business and cultural destination.”

Behind the scenes, hundreds of construction workers, subcontractors and consultants have brought the project to this point. Multiplex State Manager Andrew Warren said the milestone is testament to their collaboration and skill.

“Delivering a complex project in the heart of the city requires exceptional teamwork,” he said. “With the structure now complete, our focus turns to the interiors and public realm as we move toward completion in late 2026. Multiplex is incredibly proud to be part of such an iconic project that will leave a lasting legacy in Adelaide's skyline and set a new benchmark for city-shaping development.”

Located beside the Adelaide Central Market, Market Square will feature the Treehouse Hotel, 234 luxury residences, over 11,000sqm of retail and dining anchored by Coles and a 3,000sqm elevated terrace and garden with a moonlight cinema.

Once complete, it will welcome thousands of people each day and reshape the city's civic, cultural and economic core for generations to come.

PROJECT DETAILS

• 22,731sqm A Grade commercial tower
• 8,500sqm precinct footprint
• 3,000sqm outdoor terrace space
• Flexible 2,636sqm floor plates
• Nine-level office tower with integrated lobby
• 36 secure basement car parks plus 260 public spaces across levels 2 and 3
• Over 57% pre-leased (Level 12 to Thomson Geer Lawyers; Levels 5 - 8 to the South Australian Government)
• Hotel quality end-of-trip facilities
• Fully electric building targeting 6-Star Green Star and 5.5-Star NABERS Energy and Gold WELL ratings.
• Completion due Q3 2026