Midland market is on the money

MIDLAND’S commercial property sector is challenging West Perth in rental rates, with companies paying more than $250 a square metre for office space in the burgeoning regional centre. Midland Marketing chair and Giles Jones Real Estate principal, Campbell Giles, said people looking for an office leasing bargain may have left their run too late. Mr Giles said a record rent of $250/sq m for office space in Midland had been achieved for a new development, close to Midland Gate Shopping Centre. He said tenant pre-commitments were now common, with many new office developments fully leased before construction began. “The kind of business that is opening up here is looking to be housed in top-end facilities, and prices are reflective of that,” Mr Giles said. He said office vacancies were sitting at about 5 per cent in Midland, with demand for commercial space expected to continue to strengthen as more property was developed and refurbished in and around the town. Similarly, demand for retail space is escalating, with agents taking rental inquiries on properties priced at $300/sq m and above.

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