Perth CBD office vacancy fell to 15.4% in the first half of 2026, from 16.9% six months earlier, according to CBRE and Colliers. That contrasts with Australia’s office vacancy rate, which rose to 15.9% in the six months to January 2026 from 15.2%. The periods are not synchronous, and the available figures do not establish that Perth’s rate is near a decade low.
What is the Perth office vacancy rate in Q2 2026?
There is no single standardized figure across property researchers: providers use their own measurement dates and reporting methods. CBRE put Perth CBD vacancy at 15.4% for H1 2026, down from 16.9% at H2 2025. Colliers reported the same H1 rate. JLL’s Q2 2026 report recorded 16.0%, a 0.3 percentage-point decrease from its preceding quarter. These are provider-specific readings, not interchangeable measurements. CBRE, Colliers, JLL
The phrase “near decade low” is not supported by these reports: they document recent movements but do not provide a continuous ten-year Perth CBD series or a comparable decade-low benchmark. The defensible description is that vacancy declined from the prior reported period.
Why is Perth CBD vacancy falling while Australia’s office vacancy is rising?
The available indicators point to stronger leasing demand in Perth alongside constrained near-term supply. CBRE recorded 27,528 square metres of net absorption in H1 2026, its strongest half-year result since the end of 2021, and about 85,000 square metres of enquiries in Q2. JLL reported quarterly net absorption of 4,900 square metres in Q2, compared with 1,300 square metres in Q1. Net absorption measures the change in occupied space; it is an indicator of demand, not a count of leases signed.
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The national comparison is in the opposite direction, but covers a different window. The Property Council of Australia reported national office vacancy at 15.9% for the six months to January 2026, up from 15.2%. Perth’s 15.4% reading covers H1 2026, which follows that national reporting period. This supports a directional contrast, not a same-date comparison. Property Council of Australia
What the vacancy rate says about Perth’s office market
Demand has improved, but vacancy remains material
Positive absorption and rising enquiries suggest occupiers are taking or actively considering space. They do not mean all available offices are being leased or that conditions are tight across every building. In CBRE’s H1 2026 figures, prime vacancy was 13.7%, while secondary vacancy was 18.4%. Grade therefore matters: the headline rate can conceal a noticeably different leasing environment for higher- and lower-grade space.
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New construction is limited, but approvals are not the same as delivery
The Property Council’s February 2026 outlook expected no new Perth CBD office supply for three years, describing it as the first such three-year period since its reporting began in January 1990. JLL’s Q2 review later reported no projects under construction, while listing 11 approved projects totalling 300,500 square metres. Many approved projects depend on substantial pre-commitments, so approval does not guarantee construction or completion. Property Council of Australia, February 2026; JLL, Q2 2026
Incentives affect the cost tenants actually face
Headline vacancy does not show the effective cost of leasing. CBRE reported average prime incentives of 47% and average prime net face rent of $752 per square metre. JLL reported average prime net face rents of AUD 677 per square metre per year and prime net effective rents of AUD 297 per square metre per year. These are distinct provider estimates; without aligned methodologies, they should not be treated as a direct comparison. For a tenant, the gap between face and effective rent and the negotiated incentive can matter as much as the quoted rent.
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How to read the “bucking the national trend” claim
- Accurate with a time qualification: Perth vacancy declined in H1 2026, while the latest cited national measure rose in the six months to January 2026.
- Not a like-for-like snapshot: the Perth and national periods differ, and the figures come from separate providers.
- Not evidence of a decade low: the cited reports do not establish a long-run Perth benchmark.
- Not proof of a uniformly tight market: CBRE’s secondary vacancy and incentive figures show that conditions vary by grade and effective leasing cost.
The Property Council’s July 2026 report described the office market nationally as moving from correction to recovery while emphasizing differences by quality and location. That context is consistent with Perth’s improved recent figures, but it does not replace the provider- and period-specific measures above. Property Council of Australia
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