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High-quality office space in the Western Australian city of Perth is being snapped up by tenants from a variety of industry sectors, according to reports.
A recently-agreed deal saw Chevron Australia take-up roughly 130,000 sq ft of office space in Perth’s central business district and experts have since noted a relative lack of available real estate across the city.
This relative dearth of grade A office space in Perth is being seen as positive news from the city and for the commercial property sector in particular, as major occupiers keep looking to expand their operations and their presence in Western Australia.
Graham Postma from Savills’ local office told the Sunday Times in Perth: “We are already experiencing a significant reduction in the availability of larger contiguous tenancies, particularly at the western end of the central business district.
“One of the most positive aspects of the recent deals is that many are as a result of tenant expansion and not just ‘musical chairs’ and are therefore resulting in strong positive absorption and reduction in overall vacancy.”
Perth is the fourth largest city in Australia and has a population of over 1.5 million people. It was rated by the Economist as being among the ‘most liveable cities’ in the world earlier this year.
Meanwhile, a leading figure at the UBS Investment Banking group told the Australian newspaper recently that his organisation is “very excited” about the economic prospects for Perth and the surrounding region.