Friday, 11 March, 2016 - 14:15
Offices empty as city slows
More than 10 per cent of office buildings in Perth’s CBD are completely empty, while 29 buildings have more than 5,000 square metres available for lease, according to new research.
Damian Stone is the Director of Y Research, a independent Western Australian property information and research firm, which he established in 2010. Mr Stone has conducted research on all areas of commercial property in Western Australia, and is a well-respected industry advocate and commentator.
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More than 10 per cent of office buildings in Perth’s CBD are completely empty, while 29 buildings have more than 5,000 square metres available for lease, according to new research.
Shopping centre owners will need to fill 1,784 new shops by 2020, if an estimated $4.5 billion wave of mall development in Perth comes to fruition.
Tenants willing to shift from the suburbs to the city are emerging as rare winners in Perth’s patchy commercial property market.
Commercial landlords in West Perth are coming under increasing pressure to retain tenants, as the near-city suburb’s office vacancy rate hits all-time highs.
Perth’s commercial property sector is reeling from the simultaneous downturn in iron ore and oil and gas, but the WA capital is not alone among global resources hubs.
An increase in office vacancies in Perth’s CBD has shifted the market dynamic clearly in favour of tenants, but despite a historically high level of empty floors, there is little choice for companies that need a lot of space.
SPECIAL REPORT: Perth’s suburban office market is becoming as patchy as that in the CBD, with Joondalup and Fremantle emerging as the only upcoming opportunities for new developments.
A new report assessing the diversity of property use across the city has provided some surprising results.
Downsizing in the resources sector is outstripping emerging demand from technology, medical and education businesses for CBD office space according to a new report by independent property research firm Y Research.
Striking a balance between CBD and suburban office markets is becoming crucial in a post-boom economy.
Theoretically speaking, office workers in Subiaco have to wait about seven times as long as their Claremont counterparts for a morning coffee, an analysis of amenity levels across 50 suburban office markets has revealed.
More than 40,000 square metres of space in suburban office buildings have been vacated during the past 12 months, a result driven more by companies downsizing rather than growth in the number of firms moving to the CBD.
A new vacancy index has provided a different perspective on vacant office space across Perth’s metropolitan region.
Several initiatives have emerged in a bid to reduce Perth’s office vacancies and revitalise the city’s older buildings.
New research paints a more optimistic view of traditional retailers’ future following the local arrival of Amazon.
SPECIAL REPORT: New retail property developments are driving offerings that capitalise on lifestyle needs, but five of the biggest projects are yet to push the button.
Office Hours host Damian Stone sits down with Real Estate Institute of Western Australia president and managing director of Momentum Wealth Damian Collins to discuss Perth’s residential property market, the genesis of Mr Collins’ buyers agency and property syndicator and the potential ramifications of regulatory changes in the industry.
A-grade buildings in suburban locations are the best-performing office stock in Perth, according to fresh research which found that just more than 20 per cent of all commercial office buildings in the metropolitan area are vacant.
Damian Stone is joined by leading Perth office leasing agent Greg McAlpine to discuss recent office vacancy figures, market trends, expectations on market rents and incentives and the timeline for future supply.
This month’s edition of Office Hours focuses on property opportunities in WA's education sector, featuring interviews with Study Perth's Philip Payne and Curtin University's Tim Urquhart.
Just 37 per cent of shops at Western Australia’s biggest malls and main street retail strips are open for trade, laying bare the impact of the COVID-19 crisis on the retail sector.
Major commercial construction jobs have been derailed by the novel coronavirus crisis, with neither the public nor the private sector stepping up to provide certainty for contractors.
Nearly half of Western Australia’s major shopping centre retailers are operating on reduced hours despite relaxed COVID-19 restrictions, according to a study conducted by Y Research.
The pandemic has accelerated existing issues and trends facing the retail property sector.
It will take a mix of planning, marketing and property redevelopment initiatives to resuscitate Perth’s ailing CBD retail market.
Will working from home reshape the role of the office? Business News explores the potential impact on Perth’s commercial property sector as part two of the Working From Home Series.
Although the pandemic has emphasised business can be done from anywhere, commercial property players are banking on the value of four walls.
ANALYSIS: About 110 shops in central Perth sit empty after challenging years in retail, but some in the sector believe now is the time to make their move.
Compared to other resources-driven cities around the world, the Perth office market has performed relatively steady over the past five years.
Perth may have the highest office building vacancy rate nationally, but that’s done little to dampen the confidence of investors, developers and real estate agents.
Health care assets are becoming increasingly attractive to commercial property investors seeking to diversify and de-risk their portfolios.
Retail property players are trying to keep pace with the structural shift in shopping habits accelerated by the pandemic.
Businesses are overcoming uncertainty to commit to Perth’s office space, recent data suggests.
Shopping centre owners are increasingly exploring ways to incorporate residential components into retail districts.
Changes in worker habits and spending patterns due to COVID-19 means Perth stands to lose up to $128 million a year.
Perth’s office market is showing signs of strengthening.
Moves by mining magnate Gina Rinehart to expand her company’s presence in West Perth reflect broader sentiment in the area.
New research has found that offices outside of the CBD are thriving as people shift their working patterns.
Retail property owners are looking for ways to capitalise on the surplus land around their shopping centres.
The Property Council’s latest office market report shows a marginal improvement in Perth’s office vacancy figures.
Position | Company | Year | Company's current rank | WA staff |
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Director
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2010 |
Position | Company | Year | Company's current rank |
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Manager, Research & Policy
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2009 - 2010 | 37 | |
Business Development Manager
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2004 - 2009 | 37 |