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Perth Office Rents Take a Battering

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Western Australia
Tuesday, 11 May 2010 02:13

PerthTHE see-saw property market that is Perth, may be set for another battering.

A week after a controversial super-tax threatens to end many West Australian mining projects, comes news office rents in the city have collapsed 27.4 per cent over the past year.

Average rents are now $696 per square metre, per annum, according to CB Richard Ellis, which issued the report on occupancy cost drops across 176 global markets.

Adelaide was the only Australian capital to report growth in office rents, up 1.5 per cent to $370 per square metre, per annum.

Brisbane reported a drop (20.6 per cent), followed by Sydney (9 per cent) and Melbourne (4.6 per cent).

Of the 176 markets researched, rents fell by a collective 4.6 per cent.

Thirty three markets reported double-digit falls.