Perth CBD Office Figures Q4 2025

Key Points:

• For 2025 enquiry volumes totalled c.257,000 sqm, easing from the c.284,000 sqm seen in 2024. The number of tenant enquiries in 2025 increased by 7% y-o-y.
• Leasing activity picked up in 2025 with gross leasing volume of c.74,000 sqm recorded, up significantly from the c.52,000 sqm recorded for 2024. The number new leasing transactions increased 36% y-o-y (for new deals ≥ 500 sqm).
• Prime CBD average net face rents increased by 1.8% q-o-q and 4.7% y-o-y to $740/sqm. Prime incentives have remained steady q-o-q averaging 47%.
• Net absorption of 11,028 sqm recorded for 2H25, recovering from the -4,599 sqm recorded in 1H25. The 12-month net absorption totals 6,426 sqm, below the 20-year average of c.15,000 sqm.
• The vacancy rate decreased slightly to 16.9% in 2H25, down from 17.0% in 1H25. Prime vacancy stands at 15.6% (1H25 15.3%) and secondary vacancy stands at 19.2% (1H25 20.2%).
• SKS Group acquired of 178 St Georges Terrace on a vacant possession basis for $9.5 million during 4Q25.
• Prime grade midpoint yields remained stable q-o-q and sit at an average of 7.7%.