The Property Council hosted the Office Market Report Sundowner, offering attendees invaluable insights into the current state of the commercial office market. Guiding us through the findings of the July Office Market Report was Roly Egerton-Warburton from Cushman & Wakefield. He highlighted key takeouts from the data, including:
- Despite a marginal 0.2% increase in vacancy rates, Perth’s market remains positive due to strong demand and consistent net absorption
- West Perth emerges as a good news story, showing another decrease in vacancy
- Existing tenants expanding within their current spaces has kept sub-lease vacancy rates below historical averages, contributing positively to overall office occupancy
- WA’s future office market holds promise, as the supply of new assets coming online is poised to surpass historical averages, while providing fantastic office spaces
- The broader WA office market thrives with positive economic indicators, strong demand, and a promising future marked by exceptional office spaces.
Following his keynote, Roly joined the panel with Dan Clarke (Liberty Flexible Workspaces), Sami Schiavi (Colliers), and moderator Jo Little (Longreach Recruitment), to explore the changing dynamics of work and flexibility.
The panel discussed today’s competitive labour market, and noted flexibility has become essential for both employees and employers when looking for new workspaces. They emphasised the significance of premium office environment, good work culture, and flexible arrangements in attracting and retaining talent.
Talking to Perth’s strong office market and thriving local economy, strategies to encourage office return were discussed, including adapting workplaces and leveraging technology. Balancing traditional leases with flexible workspace demands is critical for employers and they highlighted the need for employers to consider the benefits. Looking ahead, the panel foresees a positive future for Perth’s office market, driven by impressive office buildings and its status as a corporate headquarters hub, aligned with evolving work trends.
Read the full Property Council WA Office Market Report media release here: https://tinyurl.com/yf7z49t9
Thank you to our National OMR Series Partner Brookfield Properties and State OMR Series Partner Liberty Flexible Workspaces.