Perth CBD Office Snapshot – August 2021
According to the latest Property Council of Australia’s (PCA) Office Market Report, which was released on 5 August 2021, the Perth CBD office vacancy rate was at its lowest level since 2015. The vacancy rate fell from 19.9% in January 2021 to 16.8% in July.
Of the drop in vacancy, 32% was due to positive net absorption (demand) of 19,697 square metres during the six-month period. Six-month net absorption in July 2021 was more than double the 20-year long term average.
The remaining drop in vacancy was due to temporary withdrawals of stock for refurbishment, and permanent withdrawals of 7,662 square metres.
With only a temporary increase in vacancy in the six months to July 2021, vacancy in the Perth CBD office market is once again continuing on its downward trajectory, which began in January 2017. Perth vacancy rates, however, still remain high compared with other capital city vacancies. Nationally the vacancy rate was 11.9% in July 2021.
For more information on the Perth office market, read our full report, or contact our office to speak to Gavin Chapman