RESHAPING THE CITY: PERTH
CHART 4
PRIME NET FACE RENTAL PREMIUM: HIGH FLOORS VS LOW FLOORS
22%
20%
18%
16%
14%
12%
10%
8%
6%
2022
2023
2024
2025
Source: Cushman & Wakefield Research
03 BEYOND THE GRADE: THE QUALITY DIVIDE
Elevation adds another layer of resilience. High-rise floors show materially lower vacancy and command stronger rent premiums than mid- and low-rise levels. In the core, high floors record just 3% vacancy compared with 6% on lower floors, while in non-core precincts the split is 4% versus 8%. Rental differentials are also widening – premium grade offices show a 20% rent premium for high floors, while A-grade assets record a still
significant 14% premium. This mirrors Sydney and Melbourne, reinforcing that even in Perth’s smaller, more evenly split market, tenants remain highly selective with strong preference for higher floors. Centrality and elevation work together to define the most resilient segment, while non-core assets face structural challenges that will require clear repositioning strategies.
CHART 5
PRIME VACANCY BREAKDOWNS
500,000
6%
400,000
8%
3%
300,000
200,000
4%
100,000
-
Other floors
High floor
Other floors
High floor
Core
Non-Core
Occupied
Vacant
Source: Cushman & Wakefield Research
Tenants prefer the core and higher floors, reinforcing the premium attached to centrality and elevation – with core market absorbing demand and high-rise space commanding lower vacancy and rising rent premiums. KEY TAKEAWAY
CUSHMAN & WAKEFIELD | 11
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