Massive Shortage in Housing Construction Continues
As Australia continues to work through a huge volume of new home…
25 May 2022
The market for office spaces in Perth’s CBD in Western Australia has shown that despite Covid-19 pressures, the state remains strong.
Throughout Covid-19, workplaces were forced to adapt to working from home and many cities are showing a struggle in getting people back into the city centres. This is because workers have now adapted to working from home and businesses must, therefore, also adapt.
Due largely to the state’s mining sector, the demand to buy and lease commercial property in Perth has shown resiliency, ahead of the rest of the country. According to Nerida Conisbee, chief economist at REA Group, the increased employment rate and boom in funding for the mining sector, means that Perth is faring well against Sydney, Melbourne, Adelaide and Brisbane.
While the occupancy rate has dipped, it still remains significantly higher than the rest of Australian cities. The latest Property Council of Australia data showed office occupancy in Perth was at 66% in January this year, down from 77% in December 2020, compared to 82% from pre-pandemic rates.
Ronak Bhimjiani, JLL WA Manager of Strategic Research states in the report, “we expect the economic recovery in WA to outpace that of other states and nations around the world.”