Nine retail projects currently underway in Perth

The latest project is expected to be completed by Q4 2027.

Retail development activity remained elevated in Perth during the first quarter of 2026, with new completions continuing to outpace long-term averages, according to JLL.

Two major projects totalling 18,000 square metres were completed during the quarter. Over the past 12 months, three retail centres have been delivered, adding 38,700 square metres of space to the market, well above the 10-year annual average of 26,500 square metres.

JLL said a further nine projects totalling 63,900 square metres are currently under construction, with the final development expected to be completed by the fourth quarter of 2027. An additional five projects with approved plans would contribute another 32,600 square metres.

Rental performance remained positive across all retail sub-sectors during the quarter, supported by resilient retailer demand despite ongoing construction cost pressures.

Investment yields were unchanged quarter-on-quarter. However, annual yield compression of 13 basis points and 25 basis points was recorded across regional and neighbourhood retail assets respectively.

Looking ahead, JLL expects rental growth to accelerate over the medium term as occupier demand remains healthy. However, persistent global economic uncertainty and the possibility of further interest rate increases could temper investment activity as buyers remain selective.