2026年3月珀斯办公室市场状况报告

Perth’s CBD office market saw incentives begin to rise again, whilevacancy remained broadly stable, declining by 0.1% over H2-2025.Despite a flat year in 2025, the outlook is positive, supported by avirtually non-existent supply pipeline. March 2026 knightfrank.com.au Key Insights With no new supply expected in the CBD over the next fiveyears, falling vacancy should underpin a period of stronger NAMETITLE, RESEARCH & CONSULTINGLaurence PanozzoResearch & Consulting 16.9% +6k Annual net additions Annual net absorption Total vacancy The total vacancy rate in Perth’s CBDremained virtually flat falling a mere0.1% over H2-2025 to 17.0%. The primevacancy rate sits at 15.6% whilst the Net absorption in Perth’s office marketwas positive in 2025 recording +6,429sqm. However, this figure is down 58%from 2024 where net absorption was Net additions were relatively strong inPerth across 2025 with 46,396 sqmadded to the market, mostly made upby the completion of 9 The Esplanade.Supply is forecast to slow markedly 7.6% 3.5% 47% Prime rent growth Prime yields Prime incentives Prime incentives currently sit at 47.0%having remained flat q/q but haverisen 2.0% y/y. Secondary rents areslightly higher averaging 50.0%, flat Prime net face rents in Perth’s CBDoffice market are up 0.5% q/q and 3.5%y/y. Most of this rental growth has Prime yields in Perth’s office markethave remained flat for seven quartersin a row at 7.6% with limited to no been combated by rising incentives asnet effective rents are down 0.4% y/y. transactional evidence to cause anymovement. Demand STRONG FUNDAMENTALS IN WESTERN AUSTRALIA Australia and WA’s economy saw a period of slower growthin 2025, caused by stubborn inflation, a turn in the interestrate cycle and heightened global uncertainty. Despite theseheadwinds, WA remains one of the most resilient stateeconomies supporting the lowest unemployment rate of themajor states at 4.0%. The outlook is also positive, with WA NET ABSORPTION SLOWS BUT REMAINS POSITIVE Net absorption across Perth’s CBD totalled +6,429 sqm in2025, marking the second consecutive year of positivedemand. Despite this, there remains limited evidence oftenant expansion, with occupiers generally not increasingfloorspace requirements or relocating from other markets.Leasing activity has been concentrated within StatisticalDivision 3, which saw +60,429 sqm of net absorption over Supply VACANCY FALLS MARGINALLY OVER H2-2025 H2-2025, falling 0.1% to 16.9%. Despite this improvementover the half, vacancy remains 1.8% higher on an annualbasis. Prime vacancy increased 0.3% to 15.6% over H2-2025,while secondary vacancy tightened by 1.0% to 19.2%.Vacancy across Perth’s CBD office market remainsunevenlyspread, reflecting locational preferences among occupiers. Despite recording two consecutive years of positive netabsorption, the recent increase in Perth CBD vacancy islargely supply-driven. New stock delivered in 2025 included Source: Knight Frank Research, PCA the completion of 9 The Esplanade at Elizabeth Quay,adding 33,554 sqm, alongside 10,684 sqm of refurbished NEW SUPPLY TO PROMPT A DECLINE IN VACANCY Perth’s CBD office vacancy rate is forecast to declinemarkedly over the next 5-years, mostly driven by aconstrained supply pipeline, with no major officedevelopments expected to complete prior to2031.Over thisperiod, an improving economy and steady occupier demand Perth CBD new supply pipelineby commitment type and status, 000's Major office supplyPerth CBD and West Perth Rents and briefs RISING INCENTIVES OFFSET RENTAL GROWTH Prime net face rents in Perth’s CBD increased 3.5% over2025, reaching an average of $734/sqm. However, this upliftin face rents has been offset by rising incentives whichincreased from 45% to 47% over 2025. This has resulted inprime net effective rents falling slightly and now average$389/sqm. Secondary net face rents average $473/sqm, with LEASE REQUIREMENTS TO RISE LATE 2026 AND 2027 Lease enquiries in 2025 were primarily concentratedamongst occupiers seeking prime space (37%), followed byA-Grade-only options (35%). Only 3% of requirements werefor premium-only offices, reinforcing that cost Approximately 49% of active briefs were seeking CBD-onlylocations, with most requirements focused west of BarrackStreet, reflecting continued preferences for proximity toElizabeth Quay and the westernendof St Georges Terrace.The largest requirement to enter the market in 2025 wasWestern Power (~20,000 sqm),whoare earmarked to West Perth update NET EFFECTIVE RENTS DECLINE IN WEST PERTH Prime net face rents in West Perth remained flat q/q butincreased 1.3% y/y. While face rents have edged higher overthe past year, this growth has been fully offset by risingincentives. Prime incentives increased from 33.0% to 37.5%over the past year, resulting in a 5.5% fall in prime net Despite this, West Perth remains one of the most affordablecity fringe office markets nationally. Prime net face rentsave