Perth CBD Office Figures Q3 2025

Key Points:

• Strong enquiry volume was recorded in 3Q25 totalling c.89,000 sqm, 38% higher than the same period last year. The number of enquiries during the quarter totalled 140, up 26% y-o-y.
• Gross new leasing volumes of c.14,500 sqm recorded during 3Q25, largely in-line with last quarter and above the low volume of c.6,000 sqm in 3Q24 (new deals ≥ 500 sqm).
• Prime CBD average net face rents increased by 0.7% q-o-q and 4.2% y-o-y to $726/sqm. Prime incentives have remained steady q-o-q averaging 47%.
• Net absorption of -4,599 sqm recorded for 1H25, bringing the rolling 12-month net absorption to 20,587 sqm, which is largely in line with the 20-year annual average of c.20,000 sqm.  
• The vacancy rate increased to 17.0% in 1H25, up from 15.1% in 2H24. Vacancy created from completion of Nine the Esplanade and the -4,599 sqm of net absorption led to higher vacancy.
• Prime vacancy stands at 15.3% (2H24 12.3%) and secondary vacancy stands at 20.2% (2H24 20.3%).  
• The Public Transport Authority of WA’s purchase of 34-50 Stirling Street from Elanor Investors for $27.5 million was the only transaction recorded in 3Q25 (sales ≥ $5 million).
• Prime grade midpoint yields increased by 8 bps q-o-q to an average of 7.7%.