房地产 -2025年第四季度布里斯班工业与物流数据 Brisbane Industrial and Logistics Figures Q4 2025

CBRE

FIGURESIBRISBANEINDUSTRIAL&LOGISTIcslQ42025

Investmentsalesincy2025almostdouble

thelongtermaverage

v3.1%vc.103,000sqmc.109,100sqm5.5%

2H25BrisbaneIndustrialvacancyRateNewIndustrialsupply4Q25GrossTake-Up4Q25superprimeMidpointyield

Note:Arrowsindicatechangefrompreviousquarter.

keypoints

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sqm)offloorspaceleased.Leasingdemandhascontinuedtoimprove,withoccupiers

seekingbothfunctionalandcosteffectivesolutionsfortheirbusinesses.

-

ofthe2025cysupply.The2026and2027supplypipelineremainsmoderate,with41%pre-

committed.

-

rentsincreasingacrossallassetgradesoverthequarter.

-

5.9%and4.3%,q-o-q,respectively.

-

Cy2025totaltoAUD2.8billion,almostdoublethelong-runaverageofAUD1.5billion.

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gradeassets,whichtightenedbyapproximately50bpsto6.6%.

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

2CBRERESEARCH©2026CBRE,INC.

Demand

Leasingdemandvolumescontinuedtostrengthenoverthequarter

Leasingactivityrecordedanupliftin4Q25,witharound109,100sqm(transactions>4,000sqm)offloorspaceleased,representinga20%increasecomparedto3Q25.Thisbringsgrosstake-uplevelsforcy2025toapproximately471,000sqm,remaining22%belowthehistoric10-year

averageofc.602,300sqm.Leasingdemandhascontinuedtoimprove,withoccupiersseekingbothfunctionalandcost-effectivesolutionsfortheirbusinesses.

Notabletransactionsin4Q25included:

walleniuswilhelmsensolutionsinthesouthprecinct(c.30,000sqm)

comfortGroupalsointhesouthprecinct(c.25,600sqm)

AglobalautomotiveauctionproviderintheTradecoast(c.22,500sqm)

withvacancytighteningto3.1%andlimitedavailabilityofsuperprime/primegradestockin

floorspaceunder10,000sqm,marketconditionsarebecomingincreasinglyconstrained.

Additionally,withsupplyforecastedtomoderatepost-2025andlandavailabilityremaining

limited,futuretake-upvolumesareexpectedtoimprovefurtherover2026asoccupiersare

likelytofeelthepressuretosecurespacewhilethereisstillrelativelyfavourableleaseterms(intheformofhigherincentives).

Thesouthprecinctdominatedleasingactivitythisquarter,accountingfor64%oftotaltake-up,largelyduetotheprecinct'sgreatersupplyofspeculativestock.TheTradecoastandwesterncorridorfollowed,accountingfor25%and5%oftotaltake-up,respectively.

Themajorityofthefloorspaceleasedthisquarterwaswithinexistingassets(95%),with5%frompre-leasedspace.

Transport,postal&warehousingoccupiersdominateleasingoverthequarter

Demandforspacein4Q25wascontributedbyoccupierswithintheTransport,postal&

warehousing(34%),Manufacturing(28%),followedbyRetailTrade(21%)industrysectors.

FIGURE1:BrisbaneGrossTake-upbyprecinct

mnM1corridorNearcitymnNorth

southTradecoastwesterncorridor

10-yearAverage

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

3CBRERESEARCH©2026CBRE,INC.

supply

Forwardsupplypipelineremainsmoderate

Newfloorspaceaddedtothemarketin4Q25totalledc.103,000sqm,whichrepresents17%ofthe2025cysupply.Amajorprojectthatreachedpracticalcompletionin4Q25includedthe

newBunningsDistributioncentre(c.40,900sqm)incharterHall'SFlagstoneLogisticsEstateinNorthMaclean.Alsoaddedtothemarketwascityportcoldstore(c.19,600sqm)locatedinMorningside.

Thecy2025supplytotalledc.614,000sqm,whichisapproximately38%abovethe10-yearannualaverage(c.445,000sqm).

Newdevelopmentscompletedoverthequarterhavebeenconcentratedinthewesterncorridor(46%)andNorth(31%),followedbytheGatewaysouth(19%).

Developmentactivityisexpectedtomoderateoverthenext18-24months,duetothelargevolumeofrecentlycompletedandupcomingspeculativedevelopments.Developerswilllikelydelayconstructionuntilaprecommitmentissecured,anduntilsomeoftheupcomingsupplyisabsorbed.Inaddition,offthebackofhigherconstructioncosts,developersarerequiring

higherrentstoensurenewprojectsarefeasible,whichislikelytoleadtofurthersupplyreductionsinthecomingyears.

Thecy2026supplypipelineisexpectedtomoderate,withnewspaceexpectedtototalapproximately416,000sqm,whichis7%belowthelong-runaverage.

Majorprojectsexpectedtocompletenextquarterinclude:

willawongEstateBowhillRoad,south(64,000sqm)

Tradecoastconnect,Gatewaysouth(17,500sqm)

Lot2withinElevationEstate,westerncorridor(14,800sqm)

Forecastsupplyover2026isconcentratedinthewesterncorridorprecinct(45%),aswellasthesouthprecinct(30%).currentlyaround41%ofthe2026and2027pipelineispre-

FIGURE3:BrisbaneDevelopmentsupplypipeline

mmcompletemnunderconstruction

mnDAApprovedDevelopmentApplicationstage

Historic10-yearAverage

FIGURE4:precinctshareofnewdevelopmentscompletingin2025,byfloorspace

committed.Tonote:Reflectsnewprojects>4,000sqm.

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingMarket

Tightvacancyconditionscontinuetoplaceupwardpressureonrents

NetfacerentsacrosstheBrisbanemarketcontinuedtoincreaseover4Q25,drivenbyimprovedoccupierdemand,coupledwithrisinglandvaluesandconstructioncosts.

Averagenetfacerentsforsuperprime,primeandsecondarygradeassetssawgrowthoverthequarter,increasingby3.3%,3.1%and1.2%q-o-q,respectively.ThestrongestquarterlygrowthforprimegradeassetswasrecordedwithintheNorth(12.5%)andGatewayNorth(9.1%)precincts,withcontinuedlowvacancydrivingthisperformance.

onay-o-ybasis,superprime,primeandsecondarygradenetfacerentsrecordedgrowthof7.8%,6.1%and4.2%,respectively.Thelargestannualgrowthforprimegradeassetswas

recordedwithintheNorthprecinct,increasingby12.5%.GiventheNorthprecinctisoneBrisbane'smosttightlyheldmarkets,withavacancyof2.1%,tighteningrentalgrowthhascontinuedtodriverentalgrowth.

IncentivesacrossBrisbaneremainedunchangedover4Q25supportedbystablevacancylevelsandanormalisingsupplypipeline.onayear-on-yearbasisincentiveshaveincreasedowingtogreatersupplybeingaddedtothemarket.superprimeandprimegradeassetincentives

recordedanincreaseof92bpsto15.9%,whilesecondarygradeincentivesincreasedby50bpsto13.3%.

Giventheannualincreaseofincentivelevels,superprimeneteffectiverentshaveincreasedby3.3%(q-o-q)and6.8%(y-o-y)toanaverageofAUD155/sqm.Thegreatestincreasewas

recordedwithintheGatewayNorthandGatewaysouth,increasingby12.8%and9.9%(y-o-y).

TheaveragevacancyrateinBrisbanemarginallydeclinedto3.1%over2H25,supportedby

strongdemandfromoccupierslookingforpremiumandefficientwarehousespacesinnewly

developedfacilities.Additionally,withlimitednewsupplyexpectedfrom2026onwards,vacancylevelsareexpectedtocontinuetotighten,supportingfurtherrentalgrowth.

FIGURE5:BrisbaneAverageNetFaceRentGrowthyear-on-yearbyGrade

FIGURE6:BrisbaneAverageprimeNetFaceRent,byprecinct

Northsouthwesterncorridor

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

5CBRERESEARCH©2026CBRE,INC.

Landvalues

Higherconstructioncostsandlimiteddevelopablelandcontinuetodriveland

values

Brisbane'sincreasinglylimitedlandavailability(servicedandzoned)iscontinuingtodrive

appreciationinlandvaluesforbothfullyservicedsmall(0.25ha)andlarge(1.6ha)lots.During

4Q25averagelandvaluesfor0.25halotsacrossBrisbaneincreasedby4.3%q-0-q,toanaverageofAUD817/sqm.Ahigherincreasewasrecordedfor1.6halotsoverthequarter,rising5.9%to

AUD671/sqm.

overthelast12months,landvaluesacrosstheBrisbaneindustrialprecinctshaveincreasedby14.2%for1.6halotsand14.3%for0.25halots(y-o-y).ThestrongestlandvaluegrowthhasbeenrecordedintheNorth,M1corridorandsouthforbothsmallandlargelots,increasingbyan

averageof28%,20%and16%(y-0-y),respectively.

TheGatewaysouthandGatewayNorthprecinctsarethemostlandconstrainedmarkets,

havingthelowestshareofundevelopedlandavailability.Assuch,landvalueshaveremainedthehighestintheseprecincts,averagingAUD888/sqmandAUD788/sqm,respectively.

Thereiscurrentlyaround13,542haofzonedindustriallandwithintheGreaterBrisbaneRegion.only5%ofthistotal(or653ha)hasbeenidentifiedbycBREResearchasundevelopedand

serviced,highlightingthesevereshortageofdevelopableindustriallandsupply.Thissignificantimbalancebetweensupplyanddemand,particularlyforprimegradeassets,iscontinuingto

placeupwardpressureonlandvalues.

Risingconstructioncostsarealsocontinuingtoimpactprojectfeasibilityandfuturesupply.ASsuch,developersarecontinuingtodelaynewprojectsuntilpre-commitmentissecured.CBREResearchestimatesthateconomicrentsforBrisbaneindustrialassetshaverisenby63%abovemarketrentsoverthelastfiveyears,furtherimpactingdeveloperappetiteandconstraining

futuresupply.

FIGURE7:AverageLandvalues(0.25halots),byprecinct

w4Q24w4Q25

FIGURE8:AverageLandvalues(1.6halots),byprecinct

w4Q24w4Q25

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

6CBRERESEARCH©2026CBRE,INC.

InvestmentMarket

salevolumesincy2025reachalmostdoublethelevelsrecordedin2024

Investmentsalevolumesin4Q25totalledapproximatelyAUD336million,bringingthecy2025totaltoAUD2.8billion,almostdoublethelongrunaverageofAUD1.5billion.Investment

activityremainsstrongacrossBrisbane,supportedbystrongpopulationgrowth,lackoflandsupply(reinforcingrentalgrowth),theupcomingolympicgames,aswellastheassociatedinfrastructuredevelopments.Brisbaneisalsoanetbeneficiaryoftheforeigncapitaloutflowfromvictoraduetotheforeignsurchargetax.

ThelargestinvestmenttransactionoverthequarterwascapitaLand'ssaleof95GilmoreRoad,BerrinbatocadencepropertyGroupforapproximatelyAUD101.8million.Anothernotable

transactionincludesthesaleof1-21McpheeDrive,BerrinbatoGatewaycapitalforAUD60.75million.

yieldsacrossBrisbaneremainedrelativelyunchangedoverthequarter,besidessecondary

gradeassets,whichtightenedbyapproximately50bpsto6.6%.Improvedmarketconditionsandstrongerbuyerconfidencehavedrivenyear-on-yeartighteningofmidpointyieldsacrossall

assetgradesby42bps.superprime,primeandsecondarygradeassetmidpointyieldscurrentlysitat5.5%,5.8%and6.6%,respectively.

FIGURE9:MidpointBrisbaneyields,byassetgrade(2014-2025)

source:CBREResearch

FIGURE10:BrisbaneIndustrialsales(greaterthanAUD5million)

20152016201720182019202020212022202320242025

GatewayNorthGatewaysouthmnM1corridor

NearcityNorthsouth

mnwesterncorridor10-yearAveragesource:CBREResearch

FIGURES|Industrial&Logistics|Q42025

7CBRERESEARCH©2026CBRE,INC.

FIGURE11:primeIncentives,byprecinctandyear

GatewayNorthGatewaysouthM1corridorNorthsouthwestern

corridor

4Q234Q244Q25

source:CBREResearch

FIGURE12:BrisbaneAverageLandvalues

Fullyservicedlarge(1.6ha)lotsFullyservicedsmall(0.25ha)lotssource:CBREResearch

FIGURE13:AverageBrisbanesuper