As of today, 21 April 2024, there are 371 commercial properties for rent in West Perth, this has improved remarkably since:

• - October 2019: 1,375 properties were available for rent in this area comprising less than one square kilometre.
• - October 2020: 1,010 properties were available, so the situation had improved somewhat - however this is why we call property a "lumpy" asset
• - February 2021: 950 properties were available for rent in this area, a slight improvement.
• - April 2022: 705 properties were available for rent in this area, so still improving.
• - April 2023: 615 properties were available for rent
• - October 2023: 571 properties available for rent 
• - April 2024: 371 properties are available for rent
•  

This is a stark contrast to when we were looking for office space in West Perth back in 2007 as there was absolutely nothing available in the area as office space was under demand. Prices went up 40% in one year, as there were no offices to be found and West Perth was considered highly desirable. After the GFC prices and demand just fell and continued to do so, until 2019 by which time this area was virtually a ghost town. This illustrates very clearly how property demand can change, it is after all a lumpy asset and needs to be held long-term.

All information was obtained from this website - https://www.commercialrealestate.com.au/for-lease/west+perth-wa-6005/offices/ 

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances from a registered real estate professional.  Should you require our assistance in relation to taxation or related property matters, contact your Primarius Team leader, or email us at info@primarius.net.au

“Liability limited by a scheme approved under Professional Standards Legislation”