Anthony Vulinovich from Commercial WA highlights the ongoing success of Perth’s commercial market, attributing it once again to the support of the mining sector and various infrastructure projects in 2023, a trend expected to persist in 2024. Key projects, including Perth’s Metronet that is about to see the completion of the Yanchep Rail Extension with operational testing underway and the ongoing $232 million extension of the Mitchell Freeway, contribute to this positive outlook. Several new infrastructure and government projects are also set to enter the tender phase. Industrial developments in prime and emerging areas such as Kenwick, Maddington, Hazelmere, Canning Vale, and southeast to Forrestdale are further driving market momentum. Despite market tempering due to interest rates, Anthony notes that demand for industrial space in Perth remains robust in both leasing and sales. Ending 2023 on a high note, Anthony and his team celebrated the sale of 17 Wellard Street, Bibra Lake WA, in December 2023. The property, spanning 2.15 hectares with a building area of 3,495 sqm over 14 factories, was successfully sold for $5,500,000 plus GST. Terry Menage terry.menage@rhcwa.com.au Perth Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $250-$455 $120-$150 n/a Vacancy 5% <2% n/a Yields 6.5-8% 5.75-7.5% n/a Rates p/m² $3,500-$5,500 $2,000-$2,800 n/a Current market conditions $5,550,000 + GST 17 Wellard Street, Bilbra Lake Recent Notable Transactions SOLD 4,100,000 + GST 147 High Road, Willetton SOLD Western Australia | 41 For more information, contact: Anthony Vulinovich anthony.vulinovich@rhcwa.com.au
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