Perth to overtake Sydney in office market

Perth to overtake Sydney in office market

20 June 2011 by Staff Reporter 0 comments

James Mitchell

Perth will soon overtake Sydney as the most expensive office market in Australia, according to forecasts from CB Richard Ellis.

The resources boom Western Australia, as well as Queensland, has seen the average rents of commercial property in Perth and Brisbane rise at a faster pace than those in Sydney’s CBD, CB Richard Ellis research shows.

“Forecasts indicate that growth in both Perth and Brisbane will remain consistent between 2011 and 2015, while growth in Sydney will be more sporadic,” CBRE Global Research and Consulting senior manager Luke Nixon said.

“As a result, the Perth CBD is expected to be the nation’s most expensive office market on average by the end of 2015, although it will be briefly challenged by Sydney over the next couple of years,” he said.

James Mitchell

Perth will soon overtake Sydney as the most expensive office market in Australia, according to forecasts from CB Richard Ellis.

The resources boom Western Australia, as well as Queensland, has seen the average rents of commercial property in Perth and Brisbane rise at a faster pace than those in Sydney’s CBD, CB Richard Ellis research shows.

“Forecasts indicate that growth in both Perth and Brisbane will remain consistent between 2011 and 2015, while growth in Sydney will be more sporadic,” CBRE Global Research and Consulting senior manager Luke Nixon said.

“As a result, the Perth CBD is expected to be the nation’s most expensive office market on average by the end of 2015, although it will be briefly challenged by Sydney over the next couple of years,” he said.

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