Perth has recorded a "modest drop" in CBD office vacancy as it enters an "unprecedented drought" of new supply, according to the Property Council's latest Office Market Report.
The Perth CBD's office vacancy dropped 0.1 percentage points to 16.9 per cent in Property Council's Office Market Report, released on Thursday.
Perth's office vacancy rate remains the second-highest among capital cities, behind only Melbourne (19 per cent).
Thursday's Office Market Report also found that no new supply is expected to enter the Perth CBD market over the next three years of forward projections.
This is the first time that three consecutive years of no new supply has been recorded by the Office Market Report since it began in January 1990.
Comments attributable to Property Council WA Executive Director Nicola Brischetto:
"Perth CBD has officially entered an unprecedented drought of new office supply entering the market."
"Despite only a modest drop being recorded over the past six months, this supply gap is expected to put downward pressure on vacancy rates across the city.
"This presents a unique opportunity for businesses considering a move to the CBD or centralising and expanding existing footprints. Now is the time for those businesses to move to take advantage of the relatively high office availability before the existing supply is taken up.
"Western Australia has the nation's strongest economy, an influx of student accommodation is being built, and other city-shaping projects are in the works - it is an incredibly exciting time to be part of Perth city."
