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Unprecedented Demand for Perth CBD Office Space

In encouraging news for Western Australian property investment, Perth prime office rents have grown at more than three times the national average over the year to September, according to the latest CBRE national office market report.

Spurred on by better economic growth and resources-led demand for office space, Perth net face rents have risen 12.9 per cent between September 2011 and September 2012, compared with a national average growth rate for major capital city office rents of just 3.9 per cent.

CBRE said mining giant BHP Billiton accounted for around 43 per cent of the total net office space (115,000 square metres) leased over the first six months of 2012, with the premium Perth office vacancy rate currently well under two per cent.

Looking ahead over the current financial year to June 2013, Perth is again expected to be the top performer, with projected net face rental growth of eight per cent, with Sydney at three per cent and Adelaide at 2.7 per cent, both performing better than Melbourne at just 1.5 per cent.

Source:http://www.propertyobserver.com.au/office/perth-cbd-office-rents-growing-at-three-times-national-average/2012110757659