Perth CBD Office Figures Q1 2026

Key Points:

• During 1Q26 CBD enquiry volumes totalled c.83,000 sqm, above the c.60,000 sqm recorded in 1Q25. The number of tenant enquiries in the quarter was up 5% y-o-y.
• Leasing volumes in the quarter totalled c.13,500 sqm across 13 transactions, below the c.18,700 sqm and 17 transactions recorded during 1Q25 (for new deals ≥ 500 sqm).
• Prime CBD average net face rents increased by 0.7% q-o-q and 4.9% y-o-y to $745/sqm. Prime incentives have remained steady q-o-q averaging 47%.
• Net absorption of 11,028 sqm recorded during 2H25, rebounding from the -4,599 sqm recorded in 1H25.
• The vacancy rate sits at 16.9% as of 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%).
• Edith Cowan University acquired 10 Telethon Avenue from Dexus for a headline price of $72.3 million during 1Q26.
• Midpoint yields remained stable q-o-q and sit at an average of 7.7% for prime and 9.0% for secondary.