National office sublease space jumped by more than 30 per cent in the September quarter, with sublease space in the Perth office market increasing by just 2.2 per cent.
Subiaco is set for resurgence, but it will take a coordinated approach from landlords, developers and council to take full advantage of its more than $500 million pipeline.
Perth's latest office vacancy rate increased marginally since February, but the state's CBD and West Perth markets took out the top spots for most vacancies in the country.
COVID does not appear to have dampened investor appetite for the state's neighbourhood retail centres in 2020, achieving $110 million worth of sales to date.
The Carramar Village shopping centre in Perth's northern suburbs has been sold for $33.5 million; a move CBRE says represents the largest Perth shopping centre sale for 2020.
Mineral Resources' move to Subiaco appears doomed after the mining services company agreed to terms this week with construction giant BGC on a property in Walters Drive, Herdsman.
Saracen Properties and Security Capital Australia have announced the development of a $100 million, five-star spa and resort in Margaret River, a boon for the South West region's tourism industry as it pursues a post-pandemic revival.
Halls Head Shopping Centre has sold for $6.3 million to an unnamed interstate investor, continuing a recent trend of east coast players acquiring Western Australian retail assets.
Pilbara Ports Authority is shifting its Perth office from West Perth to the CBD, continuing the tenant exodus from the near-city suburb as it moves its premises to a full floor at 999 Hay Street.
Developer and syndicator Lester Group has splashed $58 million on large-format retail precinct Midland Megaplex, while Fortescue Metals Group has expanded its warehouse and office footprint in the eastern suburbs.
Growing concerns over the novel coronavirus have led this week to the cancellation of multiple business and sporting events, with the largest being HBF's Run for a Reason and the annual Steadfast Convention, which would have brought more than 2,000 insurance industry delegates to Perth later this month.
Professional services and flexible office providers have provided a boost to momentum in Perth's CBD office market, with the Property Council of Australia's vacancy rate continuing to decline and top-quality office accommodation becoming scarce.
An industrial property in Malaga has sold for $7.5 million, while a bulky goods property tenanted by furniture retailer Early Settler and homewares shop Adairs has been sold to a local investor for $6.7 million.
Sydney-based EG Funds Management has returned to Perth's commercial property market, splashing more than $90 million in the past month on office properties in the CBD and Leederville.
AMP Capital has secured tenants for four whole floors of 140 St Georges Terrace, which has pushed the vacancy rate at the office tower to below 1 per cent.
Privately owned property group Canute Investments has launched a $140 million national asset sell-off, including a shopping centre in Perth's northern suburbs, commercial properties in West Perth and Ellenbrook, and a large residential portfolio.
Perth's office market has emerged as the hottest leasing market in the country, with falling vacancies putting upwards pressure on rents in top-grade office stock.
Woolworths has offloaded a recently built Banksia Grove shopping centre for $27 million, with an unnamed Singaporean investor securing the asset after a highly competitive sales campaign.
The world's biggest hotel chain is bringing one of its newest brands to Western Australia, with a Moxy Hotel to be built at 195 Hay Street in East Perth.
Global serviced office and flexible workspace provider WeWork will establish a second Perth facility in Northbridge, taking up an entire floor of Warrington Property's recently refurbished William Square.
Investors are likely to sharpen their focus on Western Australian retail assets throughout the next 12 months, with retail turnover growing faster in WA than in any other state.
Saudi Agricultural and Livestock Investment Company is expected to invest heavily in a livestock and grain production operation in Western Australia's Wheatbelt, after settling on its acquisition of a 200,000-hectare parcel of land bought from the Nicoletti family.
Vikas Rambal's Perdaman Industries has continued its march on retail property, adding a third shopping centre to its portfolio through the $20 million acquisition of The Village at Margs.
Lendlease's Australian Prime Property Fund Industrial has added a second Western Australian property to its portfolio, investing $4.1 million in an industrial property in Gnangara's Northlink Industrial Park.
Small to medium enterprises have joined the unrelenting migration of firms moving from the suburbs to Perth's CBD, with affordability in the central city office market described as unprecedented.
Primewest has added seven-storey CBD office building ENI House to its portfolio for $86 million, amid fierce competition from local and overseas investors.
Developers across Perth's CBD are positioning themselves to ride the city's next wave of office development, with options for tenants with large space requirements becoming scarce despite an overall vacancy rate of 18.5 per cent.
A raft of high-value commercial property assets has hit the market this week, including a shopping centre in the northern suburbs, a two-level office on Stirling Highway in Claremont and a large parcel of land in Muchea.
