Perth CBD office vacancy declines to 16.3% in Q1

Vacancy in the prime segment also fell to 14.7%.

Perth's CBD office market continued to tighten in the first quarter of 2026, with the headline vacancy rate declining 0.2 percentage points to 16.3%, according to JLL.

JLL said prime vacancy also fell, down 0.3 percentage points to 14.7%, supported by centralisation and expansion activity from large occupiers requiring more than 1,000 square metres. Net absorption totalled 1,300 square metres during the quarter, while annual net absorption reached 17,900 square metres.

The consultancy noted there are currently no office projects under construction in the Perth CBD, although 11 approved projects could eventually add 299,100 square metres of space. However, substantial pre-commitments will likely be required before new developments proceed.

Prime net face rents were unchanged over the quarter at AUD674 per square metre per annum, while prime net effective rents rose 2.2% to AUD298 per square metre per annum. Prime office yields remained stable at 7.38%.

JLL expects rental growth to strengthen over the medium term as limited future supply supports market conditions, although investor activity is likely to remain selective amid global economic uncertainty and inflation concerns.