The West Perth market shows continued strength of the back of resource sector with the vacancy rate anticipated to decline.

Colliers have brokered a deal in 16 Altona Street, West Perth to Codrus Minerals.

The 389sqm* deal brings the building to 100% occupancy and is the third leasing deal in the building in the past 6 months. This deal further highlights the demand for well presented, centrally located offices in fringe CBD locations such as West Perth with limited new supply arriving to the market.

The offering at 389sqm* of impressive commercial accommodation is configured in a combination of open plan workspace, meeting rooms, individual offices and a spacious galley kitchen/breakout area.

In West Perth, the six-month net absorption was particularly strong sitting at 10,239sqm as at January 2023 (PCA). This again follows similar trends to the CBD where net absorption has been positive over the past two years.

Consequently, the vacancy rate dropped significantly from 15.3% in July 2022, down to 13.2% in January 2023, indicating positive signs of growing demand within West Perth. The West Perth office market continues to be attractive given the parking and affordability in comparison to the Perth CBD market.

Colliers Associate Director, Antonio Trimboli said “The West Perth market shows continued strength off the back of resource sector with anticipation of vacancy to decline.”

Colliers Research Manager WA Yashwini Halai said “Net effective rents for A-grade assets have increased by 4.7% over the past quarter and 11.9% over the year. Similarly, B grade rents have increased 1.2% over the quarter and 2.1% over the past year. Incentives are starting to stabilize.”

To request a lease analysis please contact the leasing agent Colliers Associate Director, Antonio Trimboli via the below contact details. 

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