Perth's office market weathered volatile iron ore prices better than expected, according to the Property Council of Australia.
It said demand from other sectors offset vacancies created last year when resource companies put surplus office space on the market.
The council's office market report shows the CBD vacancy rate climbed from 4.2 per cent to 5.7 per cent for the six months to January and from 3.3 per cent to 4.5 per cent in West Perth.
"The surprise was that the vacancy rate came in lower than expectations which shows the market is still resilient and also demonstrates that in the latter part of 2012, the jitters from the iron ore sector had started to settle down," Lino Iacomella, deputy executive director of WA's Property Council, said.·The Phoenix Shopping Centre in Spearwood has been sold to Singapore-based Rockworth Capital Partners for $75.8 million. The acquisition, brokered by Colliers International, is Rockworth's second WA deal in six months.
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