2026-04-16-莱坊-Perth_Office_State_of_the_Market_Report_Q1_2026_2页_673kb

报告摘要

Perth CBD Office Market Summary - Q1 2026

Core Market Overview

The Perth CBD office market is experiencing a tightening vacancy rate as the supply pipeline remains constrained. With no new developments forecast until 2031, the market is expected to see a steady decline in vacancy, reaching 10.4% by the end of 2029. This trend is supported by moderate rental growth and stable incentive levels.

Rental and Incentive Trends

Prime rents have increased by 0.3% quarter-on-quarter and 2.8% year-on-year, averaging $737/sqm.
Secondary rents have grown slightly, with a 1.1% annual increase.
Incentives remain flat, averaging 47.0% for prime offices and 50.0% for secondary offices.
Net effective rents for prime offices are $390/sqm, while for secondary offices, they are $236/sqm.

Market Yields and Vacancy Rates

Prime yields have remained flat for seven consecutive quarters, averaging 7.58%.
Vacancy rates are forecast to decline steadily, with current levels at 15.6% for prime offices and 19.2% for secondary offices.
The core market yield for prime offices is 7.6%, while for secondary offices it is 8.6%.

Recent Significant Sales

178 St Georges Terrace was sold in Q1 2026 for $9.5M, with an NLA of 3,207 sqm.
66 St Georges Terrace was sold in October 2024 for $75.0M, with an NLA of 11,254 sqm.
181 St Georges Terrace was sold in April 2024 for $26.5M, with an NLA of 3,590 sqm.

Note: 178 St Georges Terrace was not sold as an investment.

New Developments

9 The Esplanade is complete, with a committed percentage of 92.8% and an NLA of 31,600 sqm.
15 The Esplanade and Lot 4 Elizabeth Quay are in planning status, with NLA of 50,000 sqm and 60,000 sqm respectively, and planned completion dates of 2030+.

Economic Indicators

Indicator	2023	2024	2025	2026 (f)	2027 (f)	2028 (f)	2029 (f)
Western Australia - Annual GSP Growth (%)	1.88	1.30	1.70	1.60	1.52	1.64	1.78
Western Australia - Annual Population Growth (%)	3.39	2.91	2.17	1.87	1.65	1.59	1.58
Western Australia - Unemployment Rate (%)	3.65	3.71	3.99	4.50	4.50	4.20	4.10
Australia - CPI Inflation (%)	4.05	2.42	3.73	4.41	2.65	2.40	2.57
Australia - Cash Rate (%)	4.35	4.35	3.60	4.10	4.10	3.60	3.35
Australia - 10-year Government Bond Yield (%)	3.96	4.48	4.76	4.93	4.79	4.34	4.28

Key Contacts

Research & Consulting
- Laurence Panozzo: +61401251875 | laurence.panozzo@au.knightfrank.com
- Tony McGough: +61406928820 | tony.mcgough@au.knightfrank.com
Managing Director, WA
- Jeremy Robotham: +61407381471 | jeremy.RObotham@au.knightfrank.com
Office Leasing, WA
- Ian Edwards: +61418917019 | ian.edwards@au.knightfrank.com
Tenant Representation, WA
- Alyson Martinovich: +61459696098 | alyson.martinovich@au.knightfrank.com
Valuations & Advisory, WA
- Cameron Thomson: +61408782929 | cameron.thomson@au.knightfrank.com