Insights

Understanding the value: why leasing office space in West Perth makes sense

June 2023

In a booming Western Australia, one area stands out as a strategic hotspot for leasing office space — West Perth.  

Boasting proximity to the Perth CBD and a robust freeway and public transport network, West Perth is attracting more attention from the business community. 

The suburb has seen a decline in vacancy post-pandemic amid historically high demand, bucking a national trend that has other capital office markets struggling. 

Why consider West Perth?  

The first box that West Perth ticks is connectivity.  

On the doorstep of the CBD, West Perth offers unparalleled access to Perth’s bustling centre, thanks to good arterial roads and free CAT buses taking you into the CBD all day. 

This proximity not only situates your business in the heart of Perth’s economic hub, but it also puts you just a short trip away from potential clients and partners. 

Not only is West Perth well served by public transport, but it is also adjacent to Perth’s north-south freeway network, making the suburb convenient and strategic for small and medium businesses. 

When your employees or customers arrive, there are usually available parking options, often better priced than in the CBD.  

For your staff, this significantly reduces commuting hassles and costs. For your clients, it’s a small detail that can have a significant impact, increasing convenience and accessibility. 

What businesses does West Perth attract?  

The concentration of mid-tier engineering, mining companies, and professional services businesses in West Perth makes it a hub for innovation, collaboration and network building — and a place people come to do business.  

Setting up in a suburb already home to potential clients and collaborators can lead to meaningful partnerships and business opportunities. 

Over recent years, junior miners and mining services companies have been the drivers behind the take-up of West Perth office space, but there’s also growing interest from the bigger end of town.  

Recently Australia’s richest woman Gina Rhinehart has signalled her confidence in the area, with Hancock Prospecting going on an acquisitions spree.  

The company has bought five office buildings in the heart of West Perth over the past 20 months. 

Beyond mining, the area has a natural drawcard in the presence of State Parliament and the focal point for the public service, Dumas House.  

For businesses that engage with government, needing to meet Ministers or other representatives, West Perth puts you in the mix with Western Australia’s decision makers. 

How is West Perth performing?  

While the Hancock Prospecting moves have caught most of the headlines, there has also been an increase in east coast and Asian investor interest in West Perth. 

Property Council WA figures show the suburb continues to see vacancy rates drop from 15.3 per cent in July 2022, to 13.2 per cent in February 2023. Overall, West Perth’s five-year office vacancy rate is 17.6 per cent.  

At the same time, the suburb has a lot of older stock which can deter some buyers and tenants if they don’t have the capacity to refurbish.  

For buyers with a revamp strategy in mind, there’s an opportunity to pick up older B or C-Grade stock, invest in improving energy efficiency, floor plates and fit-out and either remarket it for a higher rent or sell on.  

We have been pleased to work with clients on just this approach and it is a highly successful one when done right.  

What are you waiting for? 

Buying or leasing office space in West Perth offers a mix of strategic location, excellent connectivity, convenient transportation and access to a thriving business community.  

If you are looking to position your business for success, West Perth might just be the answer you’re looking for. 

Get in touch with us today to find out why West Perth is worth a second look. 

Sterling Insights

View all Insights

Stay up to date with the latest property insights and sign up to our mailing list.

Subscribe