Perth CBD Office Market Snapshot August 2020
While the Perth CBD office market in general remains subdued, Premium grade buildings continue to perform well, with positive demand and fewer vacancies. The longer term impacts of COVID-19 on the Perth CBD office market are, as yet, unclear, and will depend on the effectiveness of Government stimulus packages and containment of the virus. The JobKeeper stimulus package, which has been extended to the first quarter of 2021, should help to keep the office market stable during these times of uncertainty.
During the first half of the year the office vacancy rate in the Perth CBD increased to 18.4% from 17.5% in January 2020. While secondary space vacancy increased from 24.5% to 26.9% during this time, prime space vacancy decreased from 12.5% to 12.2%. In particular, demand for Premium office space in the Perth CBD remains high, while demand for lower grades of office space continues to be subdued. Leasing enquiry remains strong.
For more information on the Perth office market, read our full report, or contact our office to speak to Gavin Chapman