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More lease pre-commitment deals concluded in the last 12 months than in the preceding 10 years in Perth's CBD
PERTH, 16 September, 2013 – The Perth CBD office market has seen unprecedented levels of pre-commitments from tenants to new office developments. At the same time, the Perth market has slowed and in the last 12 months the office vacancy rate has increased from 4.5 per cent to 7.9 per cent.
John Williams, WA Managing Director of Jones Lang LaSalle said there is a paradox in the Perth CBD market. The major mining companies have embarked on a period of cost reduction driven by fluctuating commodity prices which has ultimately resulted in reduction of office space usage by the mining companies and their consultants.
“But at the same time, nine companies have agreed pre-lease deals totalling 92,000sqm which has triggered the commencement of construction of eight new office buildings”, he said. These are;
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