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Simon O'Brian
Simon O'Brian
  • 1 Minute Read
  • 30th August 2012

Booming office market

Once considered the most isolated city in the world, Perth in Western Australia has become a boom town and the market for office space is set to outshine the whole country.

A report by real estate global giant CBRE attributes much of the growth to mining companies moving out of their traditional HQs in Melbourne and Sydney to the “resource rich” states of Western Australia and Queensland.

Another factor driving up prices is the relative lack of supply - “Little or no new supply will enter the Perth office market in the next two years but there is still underlying demand placing downward pressure on vacancy rates over the short term,” claims CBRE.

[caption id="attachment_1497" align="aligncenter" width="606"]Perth-booming-city Perth - boom time for office rents[/caption]

Based in these factors CBRE has forecast WA rental growth in 2012 to reach 13 per cent before falling back to 10 per cent the following year. By contrast Sydney is tipped to have rental growth of four per cent while Melbourne, Brisbane and Adelaide will grow at about one per cent each.

Search office space maintains a presence in the Perth market and can assist with finding appropriate office space.