2026-03-10-莱坊-Perth_Office_State_of_the_Market_Report_March_2026_9页_1mb

报告摘要

Perth CBD Office Market Summary (March 2026)

Core Content

Perth's CBD office market has shown signs of stabilization and positive outlook despite a flat year in 2025. The market is characterized by a constrained supply pipeline, which is expected to continue for the next five years, supporting falling vacancy and potential rental growth. Key indicators and trends from the market are outlined below.

Main Market Trends

Vacancy Rate

The total vacancy rate in Perth's CBD remained stable, falling by 0.1% over H2-2025 to 16.9%.
Prime vacancy increased slightly to 15.6%, while secondary vacancy decreased to 19.2%.
Vacancy is unevenly distributed, with the lowest rates in Statistical Division 1 (11.9%) and Division 3 (15.5%).

Net Absorption

Annual net absorption in 2025 was +6,429 sqm, marking the second consecutive year of positive demand.
This is a 58% decline from 2024's +15,375 sqm.
Statistical Division 3 recorded the highest net absorption over the past three years at +60,429 sqm, driven by developments around Elizabeth Quay.
Prime-grade absorption was -794 sqm, indicating a shift toward secondary space due to cost-conscious occupiers.

Rental Growth

Prime net face rents increased by 3.5% y/y to $734/sqm, but net effective rents declined by 0.4% y/y to $389/sqm due to rising incentives.
Secondary net face rents rose 1.7% y/y to $473/sqm, with net effective rents falling by 0.3% y/y to $236/sqm.

Incentives

Prime incentives increased to 47.0%, up 2.0% y/y.
Secondary incentives rose to 50.0%, up 1.0% y/y.
Rising incentives have tempered rental growth, particularly in the prime market.

New Supply

Annual net additions in 2025 reached +46,395 sqm, largely due to the completion of 9 The Esplanade (33,554 sqm) and refurbishments at 100 St Georges Terrace (10,684 sqm).
Future supply is expected to be limited, with major developments not anticipated until 2031.

West Perth Market Update

Vacancy Rate

Total vacancy in West Perth increased to 13.4%, up 0.4% q/q and 1.6% y/y.
Despite the rise, vacancy remains well below the 10-year average of 15.5% and significantly below the peak of 22.1% in H2-2021.

Rental Trends

Prime net face rents in West Perth increased by 1.3% y/y to $424/sqm, but net effective rents fell by 5.5% due to rising incentives.
West Perth remains one of the most affordable city fringe markets in Australia, with prime net face rents cheaper than all other city fringe markets except Adelaide's Fringe.

Net Absorption

Net absorption in West Perth was -8,971 sqm in 2025, the first negative result since 2020.
This reflects a shift in demand and increased cost sensitivity among occupiers.

Investment Market

Transaction Activity

There were no office transactions in Perth's CBD in 2025, making it the only year in the last decade without a sale over $6 million.
The market remains subdued due to uncertainty over long-term debt costs and the viability of office spaces, along with concerns about Perth's resource economy.

Yields

Prime yields have remained flat for 18 months, averaging 7.58%.
Secondary yields decreased slightly by 4 bps y/y to 8.64%, maintaining a yield spread of 106 bps.
The yield spread between Sydney and Perth widened to 188 bps, with Sydney prime yields rising to 5.70%.

Key Figures Summary

Metric	Value
Total Vacancy Rate	16.9%
Prime Vacancy Rate	15.6%
Secondary Vacancy Rate	19.2%
Prime Rent Growth	3.5% y/y
Secondary Rent Growth	1.7% y/y
Prime Incentives	47.0%
Secondary Incentives	50.0%
Annual Net Absorption (CBD)	+6,429 sqm
Annual Net Additions (CBD)	+46,395 sqm
Prime Yields	7.58%
Secondary Yields	8.64%
Yield Spread (Sydney vs Perth)	188 bps

Outlook

With no new supply expected in the CBD for the next five years, falling vacancy is anticipated to support stronger rental growth.
Lease expiries are expected to rise from late 2026 onwards, driving increased leasing activity and reduced availability of office space.
The AUKUS submarine base project is expected to boost WA's economy, potentially enhancing CBD office demand over the next three years.

Contact Information

Laurence Panozzo – Research & Consulting
+61 401 251 876
Laurence.Panozzo@au.knightfrank.com
Jeremy Robotham – Managing Director, WA
+61 407 381 471
Jeremy.Robotham@au.knightfrank.com
Ian Edwards – Office Leasing, WA
+61 418 917 019
Ian.Edwards@au.knightfrank.com
Tony McGough – Research & Consulting
+61 406 928 820
Tony.McGough@au.knightfrank.com
Cameron Thomson – Valuation & Advisory
+61 408 782 929
Cameron.Thomson@au.knightfrank.com
Alyson Martinovich – Tenant Representation
+61 459 696 098
Alyson.Martinovich@au.knightfrank.com