Perth Industrial Market Dynamics Q2 2026

• Modest increase in gross take-up through Q2 2026.
• Two major developments completed over the quarter.
• Prime rents increased across all precincts over Q2 2026.

Occupier demand in the Perth market increased over Q2 2026, with 84,700 sq.m. of gross take-up recorded across seven major occupier moves (≥3,000 sq.m.) but was below the two-year quarterly average of 94,500 sq.m. Nevertheless, gross take-up totalled 370,600 sq.m. over the past 12 months, significantly above the 10-year annual average of 228,300 sq.m. Demand was led by the transport, postal & warehousing (26.5%) and manufacturing (23.6%) sectors.

Completions decreased over Q2 2026, with only two major developments (≥3,000 sq.m.) recorded, totalling 8,400 sq.m. There are 16 projects currently under construction totalling 185,300 sq.m., with the latest project expected to complete by Q4 2027. Eight projects totalling 98,400 sq.m. are in the plans approved stage, and three projects totalling 180,600 sq.m. are in the plans submitted stage. The majority (84.6%) of these projects have not been pre-committed.

Average prime existing net rents increased across all precincts over Q2 2026, with 3.2% q-o-q recorded in the East, 3.6% q-o-q in the South and 3.8% q-o-q in the North precincts. Rents were also up on an annual basis across all precincts, ranging from 3.3% to 3.6%. Prime midpoint yields were stable at 6.25% across all precincts on a quarterly and annual basis.

The vacancy rate is expected to remain low, as occupier demand remains robust and will continue to be supported by the transport, postal & warehousing, manufacturing and defence-related sectors. Rental growth is expected to be steady due to low existing supply and strong occupier activity, while prime yields are expected to be stable over the near term as markets continue to navigate broader global economic uncertainty.