ASIA PACIFIC OUTLOOK 2025

PERTH

DEMAND & VACANCY

A resilient labour market in Perth drove strong net absorption in 2023, reaching 54,000 sqm.

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

60,000

FORECAST

Following this surge, net absorption in 2024 has softened as the market adjusts to normalisation and is expected to remain modest over the next five years. New completions in 2025 are expected to temporarily raise vacancy rates, which are projected to decline gradually over the next five years as no new supply is

50,000

40,000

30,000

20,000

10,000

added and the market absorbs existing stock.

-

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield