Brookfield Property Partners has leased nearly 9000 sqm of its premium Brookfield Place Tower 2 in central Perth, bringing the occupancy to 91%.
The new leases, all due to commence by the end of this calendar year, are a good sign for an office market that hit a record 22.5% vacancy rate in the six months to January. A further 1000 sqm is also currently under offer and once executed that will boost occupancy of the total 34,000 sqm net lettable area to an astounding 94%!
Last month the Property Council of Australia’s Office Market Report showed vacancy rates in Perth’s premium office space market had already improved, dropping from 16.7% down to 16%.
Analysts say the worst has passed for the market and, with a decade of new supply of office accommodation ending, a market battered by the end of the resources investment boom is expected to stabilise.