> **来源：[研报客](https://pc.yanbaoke.cn)** # Perth CBD Office Market Summary - Q2 2026 ## Core Market Overview The Perth CBD office market has seen a significant development in Q2 2026, with the first major office sale since 2024. This highlights a potential shift in market dynamics and renewed investor interest in the sector. ### Key Indicators | Metric | Value ($/sqm) | Qtr Change (%) | Annual Change (%) | |--------|--------------|----------------|-------------------| | Net Face Rent (Prime) | 749 | 1.7 | 2.8 | | Net Effective Rent (Prime) | 397 | - | - | | Net Incentive (Prime) | 47.0% | 1.7 | 2.4 | | Core Market Yield (Prime) | 7.90% | - | - | | Vacancy Rate (Prime) | 15.6% | - | - | | Stock (Prime) | 1,195,854 sqm | - | - | | Metric | Value ($/sqm) | Qtr Change (%) | Annual Change (%) | |--------|--------------|----------------|-------------------| | Net Face Rent (Secondary) | 473 | 0.0 | 0.0 | | Net Effective Rent (Secondary) | 236 | - | - | | Net Incentive (Secondary) | 50.0% | 2.4 | 0.0 | | Core Market Yield (Secondary) | 8.95% | - | - | | Vacancy Rate (Secondary) | 19.2% | - | - | | Stock (Secondary) | 647,994 sqm | - | - | ## Investment Activity - **Investment volumes in 2026 have already exceeded the previous two full years**, indicating a strong market performance. - **Total investment volume year to date is \$161.2 million**, across three building sales in the Perth CBD office market. ## Recent Significant Sales | Property | Price ($m) | NLA (sqm) | Cap Value ($/sqm) | Type | Yield (%) | WALE (years) | Purchaser | Vendor | Sale Date | |----------|-----------|----------|-------------------|------|-----------|-------------|-----------|-------|-----------| | 1 Nash Street | 79.4 | 12,362 | 6.422 | Investment | 8.3 | 5.5 | Castlerock | CorVal | May-26 | | KS3, 10 Telethon Avenue | 72.3 | 9,185 | 7,872 | Owner Occupier | ^ | ^ | EC University | Dexus | May-26 | | 178 St Georges Terrace | 9.5 | 3,207 | 2,962 | Conversion | # | # | SKS Group | Private | Jan-26 | | 66 St Georges Terrace | 75.0 | 11,254 | 6,664 | Investment | 8.2 | 3.3 | Oceania Capital | RF CorVal | Oct-24 | - **^** indicates the property was sold to be converted - **#** indicates owner occupier acquisition ## Development Pipeline - **CBD office development remains subdued**, with no new supply expected until 2030. - **Current development projects** include: | Address | Developer | Committed (%) | NLA (sqm) | Status | Due Date | |---------|----------|--------------|----------|--------|----------| | 15 The Esplanade | Brookfield | 100.0 (under offer) | 53,000 | DA Approved | 2030 | | Lot 4 Elizabeth Quay | AAIG | 0.0 | 60,000 | Planning | 2030+ | ## Economic Indicators (2023–2026) | Metric | 2023 | 2024 | 2025 | 2026 (f) | 2027 (f) | 2028 (f) | 2029 (f) | |--------|------|------|------|---------|----------|----------|----------| | Annual GSP Growth (%) | 1.89 | 1.29 | 1.81 | 1.22 | 1.99 | 2.04 | 2.08 | | Annual Population Growth (%) | 3.39 | 2.91 | 2.20 | 1.93 | 1.68 | 1.58 | 1.57 | | Unemployment Rate (%) | 3.66 | 3.69 | 4.00 | 4.26 | 4.57 | 4.41 | 4.16 | | Metric | 2023 | 2024 | 2025 | 2026 (f) | 2027 (f) | 2028 (f) | 2029 (f) | |--------|------|------|------|---------|----------|----------|----------| | CPI Inflation (%) | 4.05 | 2.42 | 3.65 | 4.33 | 2.44 | 2.35 | 2.57 | | Cash Rate (%) | 4.35 | 4.25 | 3.60 | 4.35 | 4.10 | 3.60 | 3.35 | | 10-year Government Bond Yield (%) | 3.96 | 4.48 | 4.76 | 5.01 | 4.88 | 4.34 | 4.28 | ## Contact Information - **Research & Consulting** Laurence Panozzo +61 401 251 875 laurence.panozzo@au.knightfrank.com - **Managing Director, WA** Jeremy Robotham jeremy.robotham@au.knightfrank.com +61 407 381 471 - **Tenant Representation, WA** Alyson Martinovich +61 459 696 098 alyson.martinovich@au.knightfrank.com - **Office Leasing, WA** Ian Edwards +61 418 917 019 ian.edwards@au.knightfrank.com - **Valuations & Advisory, WA** Cameron Thomson cameron.thomson@au.knightfrank.com