WA MARKET OVERVIEW
WESTERN AUSTRALIA
WA Market Overview with Richard Cash
About Colliers Colliers new company-owned operation in Western Australia is a future-focused business offering a team of best-in-class local experts who leverage our global brand and platform to maximise the potential of property for owners, investors, developers and occupiers across the West. Our Western Australian business is a full service offering which operates as part of Colliers’ highly successful national service line structure. Our team are local experts in marketing, sales, leasing, property management, and project management across the office, retail and industrial sectors. Our local experts collaborate with our regional and global teams to unlock opportunities and benefit from national and international best practice. Richard Cash joined Colliers in 2022 as State Chief Executive of our WA business. Richard has over 20 years’ experience in the Perth property market having held leadership positions in several major agencies and corporates. He is highly respected across the industry and leads our Western Australian team to maximise local opportunities across the national and Asia-Pacific landscape. As State Chief Executive Richard is responsible for driving the growth of the Western Australian business across all service lines and asset classes. He is also a member of the Australian Executive Leadership Team responsible for the overall strategy and growth of the Australian business.
What are the key market trends occurring throughout 2022 in your region? Investment/Yields Investment activity was particularly strong over 2021 in the Perth CBD, with office sales volumes at $834.5 million. This was significantly higher than the 2020 total and higher than any year since the mining boom peak in 2013 where sales tipped over $1.2 billion. In the YTD 2022 there have been three transactions recorded totalling $341 million with notable deals in Q3 being Allendale Square which was facilitated Colliers & Cushman & Wakefield and London House. Yields for premium assets have remained stable with buyers taking advantage of the counter cyclical opportunity to secure blue chip St Georges Terrace properties. Perth CBD Supply Q3 2022 Up until Q3 2022, 37,900 sqm of office space was completed through the full and partial refurbishment of several buildings in the Perth CBD. New supply is expected to enter the market by the end of 2022 with the completion of Westralia Square 2 (9,500 sqm) and the partial refurbishment of Alluvion. Significant supply is expected in H1 2023 with the completion of 63,714 sqm of supply with a pre-commitment rate 84%. Demand & Vacancy There was positive net absorption over H1 2022 (13,302 sqm). This was mainly driven by take- up in the Premium and A-grade market. In H2 2022 net absorption is expected to remain in positive territory, given the new supply pipeline
RICHARD CASH State Chief Executive Western Australia Colliers
96 – October / November 2022
Powered by FlippingBook