All Perth commercial markets recorded increases in the median sale price per sqm* in the year to December 2025, according to REIWA's December Commercial Property Update.
The industrial sector was the top performer for 2025, with its median sale price per sqm rising 15.5 per cent to $2,935.
REIWA President Suzanne Brown said sales price growth was being driven by an ongoing shortage of new supply of industrial property.
"Our members report there are major challenges getting new industrial property to the market," she said.
"It's a very similar story to the constraints in the residential homes market," she said.
"There are delays across planning and property development, getting titles and clearances on subdivisions.
"There have also been significant issues getting power connected and there are increasing issues getting water connected.
"In addition, competition from the mining industry and major government infrastructure projects means there are not enough builders and tradespeople available for industrial projects. This makes it difficult for those who want to build new premises or renovate existing properties."
The shortage of property for sale is reflected in the number of sales, which were down 12.5 per cent over the year.
"Demand remains strong for industrial property, from both owner occupiers and investors," Ms Brown said.
"The decline in sales reflects the lack of supply not a lack of demand."
The Inner sub-region had the highest median sale price per sqm at $4,309.
Across Perth, 40.6 per cent of industrial sales were priced between $1 million-$5 million.
A total of 1,009 industrial sales in the Greater Perth region have been recorded so far in the 12 months to December 2025. This was 12.5 per cent lower than in the year to December 2024.
Perth's South West sub-region recorded the most sales, with 252.
"This doesn't come as a surprise," Ms Brown said.
"AUKUS is generating a lot of interest in industrial property in that sub-region."
Retail
The median sale price per sqm for the Perth retail market increased 4.0 per cent to $5,237 in the year to December 2025.
A total of 193 retail sales have been recorded in the Greater Perth region so far in the 12 months to December 2025. Compared with the previous year, the number of sales decreased 9.4 per cent.
Ms Brown said the tight industrial market was seeing more commercial investors look to retail.
"The rising cost of industrial property is affecting yields, which is seeing more investors look to retail property," she said.
"In addition, a number of councils are putting a lot of effort into activities that bring people to retail precincts, which benefits commercial property in those areas."
Across Perth, 28.1 per cent of all retail sales were priced between $500,000-$750,000. Another 26.6 per cent were priced between $250,000-$500,000.
The Inner sub-region recorded the most sales in the year to December, with 59. It also had the highest median sale price per sqm at $6,200.
Office
Over the 12 months to December 2025, the median sale price per sqm for the office market rose 9.8 per cent to $4,844.
Across Perth, 33.2 per cent of office sales were priced between $250,000-$500,000.
"Our members report offices in the suburbs, particularly 150-250sqm, are in high demand," Ms Brown said.
The Inner sub-region had the highest median sale price per sqm at $5,248 and recorded the most sales with 203.
A total of 479 office sales have been recorded so far in the Greater Perth region in the year to December. This was 3.0 per cent lower than in the 12 months to December 2024.
You can read the full commercial update here.
REIWA publishes an annual median sale price per sqm based on pending and settled sales. It does not include multi-sale transactions or part share sales.
