珀斯中央商务区写字楼市场2025年9月

The Perth market is ready for a period of stabilisation following thedelivery of several major developments, with little new stock comingon to the market in the next few years. Vacancy rates rose as the last of the recent new supply wascompleted. The market has calmed somewhat in response to NAMETITLE, RESEARCH & CONSULTINGDr Tony McGoughPartner, Research & Consulting Total vacancy Net additions YTD 6-month net absorption After strong net absorption last period,H1 2025 saw a slight fall in netabsorption. Premium propertyremained in demand however, Following completion of thePerthdevelopment pipeline, the vacancyrate in Perth’s CBD rose 1.9% over H1-2025 to 17.0%, it’s highest level sinceH2-2020. Vacancy rates are expected Perth’s CBD has had 56,999 sqm of netadditions in the last 12 months, butwith the completion of 9 TheEsplanade, there will now follow three Prime rent growth Prime incentives Prime yields Prime incentives are remaining withinthe 45-50% range they have been at for5 years, edging up 1.4% in this period. Prime net face rents in Perth average$729/sqm having increased 1.7% q/q As a result of limited transactionalevidence in Perth’s CBD prime yieldshave remained flat for the fourth Western Australia’s economy is heavily reliant on naturalresources and the minerals market, both of which are highly volatile. Consequently, the state’s GSP growth is closely tiedto global economic performance, particularly in China,which accounted for more than half of WA’s exports in 2024(WALGA). Weak global conditions in 2024 followed by trade Despite these challenges, the outlook is more optimisticfrom2026 onwards, with GSP growth projected to exceed3.0% annually through to 2029 (Oxford Economics). Thisanticipated economic recoveryisexpected to support Overall net absorption has been positive in the last fewyears and has remained so over the last 12 months (+20,587sqm) despite the latest negative figures. However, clearpreferences remain with the flight to quality continuing interms of grade and location. Premium grade net absorption Having had a major input of quality refurbishments andnew builds being added to the Perth offering, it isunsurprising that the areas loosing out are weaker Grade Aand secondary buildings which are sometimes struggling to It is important to note that tenants are still in a situationwhere they are leaning towards taking less space whenrenewing. Given the continued uncertainty concerning the Expectations are that this trait will continue into 2026. Vacancy rates have risen to a four and a half year high of17.0% as 9 The Esplanade completed. Premium rates rose to10.8% from 9.4%(despite No. 9 being over 80%pre-committed) butremain well below the market average. However, we now enter an interesting time as, at present,there is no new supply coming onto the market untilprobably 2030 at the earliest. Lot 4 Elizabeth Quay is oftenmooted as the next starter, but without a serious pre-commit it is unlikely to progress. Given the present uncertainty in the markets, combined with the economic rent required to Whilst the economy, and thusdemand,is not roaringaway, we are expecting a pick-up going into 2026 andonwards. Consequently, even a moderate improvement inactivity will lead to vacancy rates startingtofall markedly.The Knight Frank forecasts are for total vacancy rates to fall tocirca12% at the end of our forecast period at end 2029.The market has already indicated its continued desire to Average prime net face rents in Perth continued to advance rising another $12 to stand at $729/sqm, up 1.7% q/q and 4.2% y/y. This has been driven by the continuedincrease in quality buildings in the Perth offering and theirstrong letting. Average secondary net face rents also edgedup, but by only 1.1% ($5/sqm) to $473/sqm. Looking ahead,given a severely constrained supply pipeline in Perth, weexpect to continue to see upward pressure on net face rentsthough it is worth noting they are still well below theirhistoric peaks. Accordingly, prime net face rents are forecast Theuptick in incentives more than covered the rise inface rents and consequently prime effective rents fell backslightly. They are now just below the $390/sqm they havebeen at in recent times, at $388/sqm. This is still a rise of3.1% y/y and 25% compared tothreeyears ago. Secondaryeffective rents held steady at $236/sqm as incentives ticked As expected, small briefs are dominating the leasingmarket with nearly 75% of tenants looking for less than1000sqm and 48% looking for 500sqm or less. However,several large leases are coming up in the next year orso.Allthe larger briefs are looking for the CBD and Grade A +. Thetheme of quality and location look like remaining going Face rents in West Perth rose 1.1% in the first half of 2025to $425/sqm, thoughtactually fellin the Q2 by 0.7%.Theyremain significantly below those in the CBD and even thoseof secondary buildings. Overall, West Perth prime rents areone of the chea