Perth CBD Office Figures Q2 2026

Key Points:

• During 2Q26 CBD enquiry volumes totalled c.85,000 sqm, 17% higher than a year earlier. The number of tenant enquiries was up 26% y-o-y.
• Leasing volumes in the quarter totalled c.35,300 sqm across 25 transactions, higher than the c.15,500 sqm and 13 transactions recorded during 2Q25 (for new deals ≥ 500 sqm).
• Net absorption of 27,528 sqm recorded during 1H26, the strongest half since end of 2021 and significantly above the historic average.
• The vacancy rate sits at 15.4% as of 1H26, down from 16.9% in 2H25. Prime vacancy sits at 13.7% (2H25 15.6%) and secondary vacancy sits at 18.4% (2H25 19.2%).
• Prime CBD average net face rents increased by 1.0% q-o-q and 4.3% y-o-y to $752/sqm. Prime incentives have remained steady q-o-q averaging 47%.
• Muted investment volumes in the core CBD during 2Q26, though in the CBD fringe Castlerock Property acquired 1 Nash (Workzone East) from Corval for $79.4 million.
• Midpoint yields remained stable q-o-q and sit at an average of 7.7% for prime and 9.0% for secondary.