The Perth CBD and West Perth market have continued to be hampered by limited tenant demand keeping vacancies elevated in 2023. The Property Council of Australia has amended their boundaries of the CBD market in their recent release of data resulting in volatility in results which has seen Australia high levels of negative net absorption. Despite these results, Perth CBD enjoyed some vacancy compression highlighting leasing activity and improved vibrancy, ahead of other east coast office markets. West Perth continues to be one of the top performing non-CBD markets behind Queensland regions which have not been as impacted by the work from home issues seen mostly in Sydney and Melbourne office markets.
