Experts share their predictions for the Perth commercial property market in 2024

A varied outlook is expected for the various sectors and regions. Busselton retail may see a boost, with several factors playing in its favour. Industrial remains robust, with prices and demand to grow in 2024.

Each sector and location will see varying outcomes in 2024, with the Perth property market outlook including insights across the commercial, industrial, and retail markets.

Sharing their insights for the commercial edition of the 2024 Perth real estate market predictions are Momentum Wealth’s and Westbridge Funds Management’s Damian Collins, REIWA’s Cath Hart, and SVN’s Rocco Demaio.

Momentum expected in the office market late in 2024

“The office is not rendered obsolete; nevertheless, demand is tempered by diminished space requirements per headcount,” said Collins.

“The Perth office market is surpassing its eastern seaboard counterparts, particularly in the resources sector, leading to a contraction in vacancy rates.

“While forthcoming supply in the CBD may constrain rental growth in the short term, a resurgence in momentum is anticipated from late 2024 to early 2025.”

Damian Collins. Image: Supplied.

Collins identified opportunities in the West Perth fringe market, offering potential for investors to secure assets. He underscored the persistent “flight to quality” trend, accentuating the significance of high-quality office spaces in attracting and retaining personnel.

Hart noted that the regional office market varies from region to region.

“In some, larger spaces are in demand to meet the needs of growing businesses and government agencies, but the space isn’t available.

“Premises that meet demand are likely to have vacancies filled quickly.

“Regions often have older buildings that will need to be refurbished to meet the needs of tenants, and this is something property owners may need to consider in order to fill vacancies.”

Industrial demand robust

Demaio predicted sustained and robust demand for industrial land in 2024, culminating

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