房地产 -2025年第四季度澳大利亚工业与物流数据 Australia Industrial and Logistics Figures Q4 2025

CBRE

FIGURESIINDUSTRIAL&LOGISTIcslQ42025

commitmentremainselevated

▲3.2%

vacancyrateaverage(2H25)

c.467,000sqm

NewIndustrialsupply4Q25

c.631,000sqm

GrossTake-up4Q25

5.7%

superprimeMidpointyield4Q25

Note:Arrowsindicatechangefrompreviousquarter.

keypoints

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activityinthesydneyandAdelaidemarkets.

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-

-

effectiverentgrowth,whichcontinuestobeinnegativeterritory.

-

incentivespost-2026.

-

andstandsat5.66%.yieldcompressionwasrecordedformostmarkets.

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6billion-withsydneyandBrisbaneleadingactivity.

FIGURES|Industrial&Logistics|Q42025

2CBRERESEARCH©2026CBRE,INC.

Demand

Take-upsurpasses2024levels

Grosstakeupforcy2025totaledapproximately3millionsqm,exceedingthecy2024volumesbyjustover10%,inlinewithourforecastatthebeginningoftheyear.Leasingmomentumsoftenedtowardyearend,with4Q25recordingthelowestquarterlytakeupofthepast12months.

Leasingconditionshavecontinuedtoshiftinfavourofoccupiersoverthepastyear,drivenby

elevatedincentivelevelsandincreasedlandlordwillingnesstosecuretenantsintonewdevelopmentsaheadofpc.Asaresult,longtermleasingactivityremainselevated,particularlyforoccupiers

seekingtolockfavourableleaseterms.whilethisdynamicisexpectedtopersistintoearly2026,weanticipateincentivelevelstobeginmoderatingfromlate2026onwardsacrossmostmarkets.

Melbourneandsydneyledtake-upactivityin2025

sydneylednationaltakeupvolumesformuchoftheyear;however,aconcentrationoflargelease

dealsin2H25shiftedmomentumtowardMelbourne,resultinginMelbourneaccountingforthelargestshareoftotalfloorspaceleasedovertheyear.ThisoccurreddespiteamoderationinMelbourne's

overallactivitylevelscomparedwithrecentpeakyears.Melbournerepresented33%ofnationaltakeup,followedcloselybysydneyat32%,withBrisbaneaccountingfor16%.

AlthoughAdelaidecontributedasmallershareofnationaltake-upat11%,themarketrecordeditshighestannualtakeupsince2018,mainlyowingtoalargeleasedeal.

pre-leasetransactionscomprisedclosetoone-thirdoftotalfloorspaceleasedin2025,downfromapproximately40%in2024,reflectingagreaterproportionofleasingactivityoccurringwithin

existingassets.Thisshiftunderscoresamoreselectiveapproachbyoccupiers,favouringready-to-occupyspaceamidincreasedchoice.

Notableleasetransactionsduringthequarterincluded:

Apre-leasebyAustraliapostinAdelaide'souterNorthprecinct.

ApreleasebycostwayinMelbourne'swestprecinct.

Apre-leasebyHDsinsydney'souterNorthwestprecinct.

Bysector,Transport,postalandwarehousingoccupiersaccountedfor36%oftotalfloorspaceleasedin2025,followedbyretailTradeat20%.

FIGURE1:NationalGrossTake-upbycity

sydneyMelbourneBrisbane

Adelaideperth10-yearAverage

Tonote:reflectstransactions>5,000sqmforsydneyandMelbourne,transactions4,000sqmforBrisbane,transactions>3,000sqmforperthandAdelaide.

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

3CBRERESEARCH©2026CBRE,INC.

supply

Thepre-commitmentratefor2026iscloseto50%

Around2.2millionsqmofnewfloorspacewasaddedtothemarketin202515%abovethelongrunaverage.Theconcentrationofnewfloorspacein2025wasdeliveredinsydney(30%),followedbyBrisbane(27%)andMelbourne(26%).

closeto70%ofthecompleteddevelopments(byfloorspace)in2025werespeculativebuilds.Theshareofspeculativedevelopmentsinthe2026and2027pipelineiscurrentlyatc.48%.

Notabledevelopmentcompletionsoverthequarterincluded:

charterHall'SFlagstoneLogisticsEstate(Lot9)inBrisbane'swesterncorridor.

Aliro'swarehouse3inMelbourne'swest.

stocklandLot2inMelbourne'ssouthEast·

Greystar'spioneerEstateinBrisbane'SNorth.

Despitehigher-than-averagesupplyforecasttobeaddedtothemarketin2026and2027thereareseveralfactorstoconsider:

Thevacancyrateremainsoneofthelowestlevelsgloballyat3.2%(asat2H25)

Alargeshareofthepipelineisinearlystagesofdevelopment(i.e.,developmentapplicationstage).

wehaveidentifiedafewprojectsover20262029thatareunlikelytogoahead(i.e.,around10%ofthefloorspaceexpectedtobedeliveredoverthisperiod).

DespitetheprojectsthathaveDAApproval,severalofthemwillrequireaprecommitmentbeforeconstructioncancommence,whichcouldresultinsomeprojectsbeingpushedoutto2028and2029.

closeto50%ofthe2026supplyisprecommitted.

FIGURE2:Developmentsupplypipeline

completemmunderconstruction

mmDAApprovedDevelopmentApplicationstage

—-10-yearAverage

Tonote:reflectsnewprojects>5,000sqmforsydneyandMelbourne,projects>4,000sqmforBrisbaneandperth,projects3,0oosqmforAdelaide.

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingMarket

FIGURE4:superprimekeymetrics

Neteffectiverentgrowthfallsintonegativeterritory

Thenationalsuperprimesupply-weighted-averagenetfacerenthasincreasedby0.5%q-o-q.Despitethemarginalincreaseinfacerents,incentivelevelshavecontinuedtoincreasewhichhasledtoafurtherdecreaseineffectiverentgrowth.

AnotableincreaseinsuperprimefacerentwasrecordedfortheBrisbanemarket,increasingby2.5%q-o-q,withnochangeinincentivelevels.

overtheyear,nationalneteffectiverentshavefallenbyhalfapercentagepointforsuperprimegradeassetsanddecreasedfurtherforsecondarygradestockat-1.3%.weexpecttoseefurtherfallsinneteffectiverentsacrossallassetgrades,andmoresoforsecondary

gradeassetsoverthenext6months.

FIGURE3:superprimeweighted-averagenetfacerent,y-0-y%change

sydneyMelbourneBrisbaneperthAdelaide

source:CBREResearchQ42025

sydneyMelbourneBrisbaneperthAdelaide

Tonote:Datareflectsthesupplyweighted-average.

source:CBREResearch.

CBREResearchprovidedetailedrentforecastsviaapaidsubscriptionservice.

FIGURES|Industrial&Logistics|Q42025

5CBRERESEARCH©2026CBRE,INC.

InvestmentMarket

sydneyledinvestmentsaletransactionsfor2025

Australia'sindustrialandlogisticsinvestmentsalevolumesforincomeproducingassetsoverAUD10millionhavetotaledclosetoAUD6billion.Theconcentrationofactivity(byvalue)occurredinsydneyoverthisperiod(35%),followedbyBrisbane(30%).TherehasbeenanotablereductioninactivityintheMelbournemarket,withjustoverAUD1.1billioninsalesvolumecomparedto

2024cytotalofaroundAUD2.5billion.TherehasbeenanotableincreaseinsaleactivitywithintheBrisbanemarketwithclosetoAUD2billioninsalesabovelevelsrecordedforcy2024,

CY2023andcy2022.

yieldcompressionrecordedformostmarkets

yieldscompressednationallyby6bpsforsuperprimegradeassets.Thenationalmidpointyieldover4Q25forsupegradeassetsnowstandat5.66%.ThespreadbetweenMelbourneyieldsandotherEasternseaboardcitiesiswidening,mainlyduetovictoria'staxationpolicy·otherstate'sarebecominganetbeneficiaryofforeigncapitaloutflowfromvictoria,withBrisbanemidpointyieldsforsuperprimegradeassets(5.52%)nowsharperthanMelbourne(5.89%.

FIGURE5:Industrial&LogisticssuperprimeMidpointyieldsandAustralia10yrGovernmentBond

spreadofindustrialyieldtobondrate(RHS)10-yrbondrate

superprimeIndustrialcashRate

source:RBA,CBREResearchQ42025

FIGURE6:IndustrialInvestmentsalesforincomeproducingassets(greaterthanAUD10million),2014to2025

NSWVICQLDWASAOther*10-yearaverage

Tonote:ReflectsinvestmentsalesofincomeproducingassetsAUD10millionandgreater.

*otherreflectsportfoliosalesacrossmultiplecitieswhereindividualassetpricehasnotbeendisclosed.

FGURE7:stateshareoflndustrialnvestmentsalesbyvalue2025

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

6CBRERESEARCH©2026CBRE,INC.

FIGURE8:superprimeweighted-averagenetfacerent,bycity

sydneyMelbourneBrisbaneperthAdelaidesource:CBREResearchQ42025

FIGURE9:primeweighted-averageincentives

sydneyMelbourneBrisbaneperthAdelaidesource:CBREResearchQ42025

source:CBREResearchQ42025

FIGURE11:superprimeweighted-averagenetfacerenty-o-y%change

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

7CBRERESEARCH©2026CBRE,INC.

FIGURE12:primeweighted-averagenetfacerent,bycity

sydneyMelbourneBrisbaneperthAdelaide

source:CBREResearchQ42025

FIGURE13:secondaryweighted-averagenetfacerent,bycity

240

sydneyMelbourneBrisbaneperthAdelaidesource:CBREResearchQ42025

FIGURE14:Australiasuperprimeweighted-averagenetfacerentgrowthy-0-y

FIGURE15:Developmentsupplypipelinebycity

4,000,000

3,000,000

2,000,000

sydneyMelbourneBrisbane

perthAdelaide—-Historic10-yearAverage

Tonote:reflectsnewprojects>5,000sqmforsydneyandMelbourne,projects>4,000sqmforBrisbane,projects>3,000sqmforperthandAdelaide.

source:CBREResearchQ42025

FIGURES|Industrial&Logistics|Q42025

MarketAreaoverview

perthAdelaideBrisbane

sydney

Melbourne

Definitions

superprime:Lessthan6

yearsold,heightclearancebetween13.7mand14.6m.

Buildingsshowcasing

designexcellencewith

combinationofESFR

sprinklersanddocks/ongradedoors,aswellas

strongtruckarticulationforl