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Market Overview

Perth CBD Office

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Market Overview

The total vacancy rate reported by the Property Council of Australia (PCA) was 5.7% as at January 2013. The biggest increase in total vacancy has been in Premium-grade buildings, with 4.5% of this stock vacant (up from 0.1% in January 2012). It is anticipated that the vacancy rate will fall below 5.0% by 2014.

The 2012 year saw net additions of 144,875m². The two new buildings of Bankwest Place (part of the Raine Square development) and Brookfield Place have alone added 119,000m².

Eight major office transactions within the Perth CBD totalled $573.825 million for the 2012 year. Secondary yields have softened over the past six months, with many purchasers now factoring in a risk premium. Prime Grade core market yields range from 7.25% - 8.75%. Secondary-grade core market yields on average between 8.75% - 10.00%.

Source : Knight Frank

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