关于西珀特更新：珀斯市中心商务区办公市场

Investment Rating - The report indicates a positive outlook for the Perth CBD office market, with expectations of stronger rental growth due to a lack of new supply over the next five years [4][25]. Core Insights - The overall vacancy rate in Perth's CBD office market remained stable, with a slight decrease of 0.1% to 16.9% in H2-2025. The prime vacancy rate is at 15.6%, while the secondary vacancy rate is at 19.2% [7][23]. - Net absorption in the Perth office market for 2025 was positive at +6,429 square meters, although this represents a 58% decline from the previous year's net absorption of +15,375 square meters [9][14]. - Prime net face rents in Perth's CBD increased by 0.5% quarter-on-quarter and 3.5% year-on-year, reaching an average of $734 per square meter. However, effective rents decreased by 0.4% due to rising incentives [10][39]. - The report highlights that the primary incentives currently stand at 47.0%, up 2.0% year-on-year, while secondary rents are slightly higher at an average of 50.0% [11][39]. - The economic outlook for Western Australia remains optimistic, with a projected unemployment rate of 4.0% and expected economic growth outperforming the national average over the next three years [13]. Summary by Sections Vacancy Rates - The total vacancy rate in Perth's CBD is stable at 16.9%, with prime vacancy at 15.6% and secondary vacancy at 19.2%. The lowest vacancy rates are recorded in statistical areas 1 and 3, at 11.9% and 15.5% respectively [23][24]. Net Absorption and Supply - The net absorption for 2025 was +6,429 square meters, marking the second consecutive year of positive demand. However, there are limited signs of leasing expansion, with tenants generally not increasing space requirements [14][24]. Rental Growth - Prime net face rents increased by 3.5% year-on-year, while effective rents saw a slight decline due to increased incentives. Secondary net face rents also experienced a year-on-year increase of 1.7% [10][39]. Economic Context - Western Australia is expected to benefit from infrastructure investments related to the AUKUS agreement, with a commitment of $8 billion for upgrades and $12 billion for shipbuilding [13].