23/11/2011 - 10:31

Perth office market strong

23/11/2011 - 10:31


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Perth office market strong

PERTH’S office market has recorded the fifth strongest annual rental increase across 81 markets worldwide and is the best performing in Australia, according to new research released by Jones Lang La Salle.

Jones Lang La Salle’s quarterly global office index showed that, internationally, in the third quarter of 2011, office rents rose by 8.2 per cent since Q4 2009.

Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list.

“Perth moved to the front of the rental pack in Australia in Q2/2011 and maintained that position in Q3,” Jones Lang La Salle’s head of leasing, Kevin George, said.

“The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD.

Mr George said along with Perth, Sydney was the strongest performing Australian market.

“Despite persistent volatility in equity and bond financial markets and a growing consensus that global growth is slowing in 2011 and into 2012, the pace of recovery accelerated in Australian office markets during Q3,” he said.



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