ASIA PACIFIC OUTLOOK 2025

PERTH

RENT GROWTH

Net effective prime rents in the Perth CBD have been declining since 2022, with a significant drop in 2023 driven by a surge in new supply. In 2024, net effective rents fell to 2.5%, down from 2.9% in 2023. High incentives and stable face rents are expected to limit rent growth as the market continues to absorb the surge in supply from 2020 to 2023. On a positive note, with no new supply planned for the next five years, rent growth is expected to stabilise, albeit minimally, ranging between -1% and 1%.

370

6.0%

FORECAST

5.0%

365

4.0%

360

3.0%

355

2.0%

350

1.0%

345

0.0%

340

-1.0%

-2.0%

335

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

AUD/SQM/YR

Rent growth (%)

RENT (AUD/SQM/YR) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield