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Perth office vacancies jump to 8%

The Perth and West Perth office markets has experienced the largest percentage increase in the vacancy rate in nearly 20 years, with a new report highlighting the impact of the global financial crisis on the local property sector.

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West Perth
I hope that property managers are waking up to the fact that charging unrealistic rent for office space is a thing of the past and are becoming open to re-negotiation as the GFC has seriously disadvantaged businesses in this area. One of the biggest problems for business is meeting their overheads of which a big part is rent. I could imagine that if the property market was made to be more reactive to the economic downturn, a lot less people would have been made redundant and even some companies could have been saved if they were not locked into greedy lease contracts.

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