NORWEST OFFICE VACANCY REPORT - MARCH 2023

The current overall vacancy rate for office space in Norwest Business Park is 13.39%. The Norwest office market is predominantly strata titled offices which are typically less than 200 square metres in size. Strata offices make up about 67% of the total office space in Norwest, the remaining space is in freehold buildings and is made up of larger floor plates.

Vacancy in freehold buildings has remained steady at 21%, this has remained high since the pandemic. Many larger office users have moved to a hybrid work model which is a combination of days in the office and working from home, this has meant that demand for larger offices has decreased.

Strata vacancy is currently 6.8%, this has increased in the last 12 months but is still a low figure. Generally smaller offices are seeing very little vacancy between tenants. Rents remain strong and incentives for new leases are low.