> **来源：[研报客](https://pc.yanbaoke.cn)** # 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