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