Overview
We have been serving our clients' commercial property needs in the Perth market for many years, offering services in tenant advisory, transaction management, lease administration, and fit-out project delivery.
As of 2025, the Perth metropolitan area has a population of approximately 2.17 million, reflecting a 1.2% annual growth . Western Australia (WA) contributes around 17% to Australia's total economic output, with a Gross State Product (GSP) of approximately AUD 448 billion in 2023–24
While WA's economy is heavily influenced by the resources sector, including being the world's largest exporter of iron ore and lithium, our clients span a diverse range of industries. These include financial services, legal, industrial, tourism, government, as well as resources and associated service industries.
Perth - Office
As of Q4 2024, Perth's CBD office market saw a decrease in vacancy rates, improving to 15.1% from 15.5% earlier in the year. This indicates steady demand and limited new supply. Leasing activity picked up, with about 22,000 sqm of new leases signed in Q4, although this was still lower than the same period in 2023. Prime net rents saw a modest increase, reflecting ongoing interest in high-quality office spaces.
Looking ahead, the Perth CBD office market is expected to continue improving, supported by steady demand and limited new supply.
Perth - Industrial
Perth's industrial market remains steady as of early 2025. Vacancy rates have slightly decreased to 2.5%, down from 2.7% in the previous quarter, indicating a market with strong demand and limited new supply.
Leasing activity has been steady, with 65,000 sqm of space leased in Q1 2025, consistent with long-term trends. Prime rents have increased, with face rents averaging approx. $150 per sqm, reflecting a modest rise from both the previous quarter and the same time last year.
Looking ahead, the market is expected to stay tight, with new supply potentially affecting vacancy rates. Demand from logistics and warehousing sectors is expected to remain stable, and changes in interest rates could influence future trends.
Perth - Retail
Perth's retail market showed steady performance through late 2024, supported by stable consumer spending and moderate growth across various retail sectors. Retail sales in Western Australia saw a 2.9% year-on-year increase in December, with strong demand in the food and beverage sector leading the way.
Approximately 10,000 sqm of new retail space was delivered during the quarter, primarily in large format retail centres. The Perth CBD retail market also showed signs of improvement, with vacancy rates tightening. Key retail areas like Hay Street Mall recorded a vacancy rate of 6.1%, reflecting stronger demand for prime retail space.
