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ARTICLE · 11 AUGUST 2015

Considerations for stakeholders in today's Perth office market

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Vacancy levels in the office market are high and tenant demand slows with the end of the construction investment cycle.

AustraliaReal Estate and Construction
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Vacancy levels in the Perth office market are at a 20 year high and forecast to increase further. Tenant demand for office space is subdued, with the recent mining and resources sector downturn forcing related businesses to become far more cost conscious and efficient.

In addition, 150,000 sq.m of new office supply will enter the Perth CBD in 2015, with only 65% pre-committed. Asa result, the current high incentive levels and declining rents are likely to continue for some time as the market absorbs this excess supply.

As tenants find upgrading to better located and higher grade accommodation more affordable, older buildings and those in suburban or secondary locations are particularly at risk.

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