For institutional fund strategies, Perth CBD / St Georges Terrace carries the strongest investor flag in Perth, with prime yields around 6%.

  • Trophy submarket (Perth CBD / St Georges Terrace) carries the strongest investor flag.
  • Prime yield: 6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Perth office fund strategy and flag

For institutional fund strategies, Perth CBD / St Georges Terrace carries the strongest investor flag in Perth, with prime yields around 6%.

TL;DR

  • Trophy submarket (Perth CBD / St Georges Terrace) carries the strongest investor flag.
  • Prime yield: 6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Perth, that's Perth CBD / St Georges Terrace and assets like Brookfield Place Tower 1 (BHP Centre), Brookfield Place Tower 2.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

cityPerth
countryAustralia
regionAPAC
classARentLocal660 AUD/sqft/yr
classARentUsd$440/sqft/yr
vacancy14.6%
typicalLeaseYears7
typicalRentFreeMonths12
submarkets5
primeYieldPct6%
primeYield6%
trophyAnchorPerth CBD / St Georges Terrace

Frequently asked questions

Where do core funds buy in Perth?
Trophy submarket — Perth CBD / St Georges Terrace — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Class A Atlas Editorial Desk — House byline · global editorial team. Last updated 2026-04-15. See our methodology and editorial standards.

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