墨尔本工业市场状况2025年第二季度

•Prime net face rents rose 0.9% q/q to $147/sqm, whilst secondary rents were up 1.0% to $122/sqm•Prime incentives rose for the third consecutive quarter, up 1.0% to an average of 18.5%•Leasing activity fell 22.1% in Q2-25, with 252,797 sqm of take-up recorded •Prime and secondary yields remained flat q/q at 5.6% and 6.3% respectively•The spread between prime and secondary yields remains tight at 69 bps•Small sized lots are becoming increasingly scarce with land values up 2.7% q/q to $1,180/sqm Prime incentives are up 4.0% q/q now averaging 25.3% Take-up Q2-2025+68.9% q/q Vacancy-0.4% q/q-0.9% y/y Prime incentive+4.0% q/q+8.3% y/y Prime net face rent+4.0% q/q* Sqm new supplyforecast in 2025 Prime yield+ 0bps q/q+ 0bps y/y •Prime net face rents in the West have risen 4.0% q/q to $137/sqm,this growth was a consequence of a revision to thebasketand •Prime incentives have risen markedly in the West, up 4.0% q/q toaverage 25.3%–some suburbs have seen incentives rise as high as •The West precinct saw its highest level of take-up since Q3-21 with191,268 sqm of leasing registered in Q2-25. •The heightened level of leasing activity in the West is not anaccurate reflection of market sentiment with many of the deals over •Vacancy rate in the West has fallen from 4.1% to 3.7% over Q2-25 butremains above the 10-year average of 3.4%. •Development in the West has fallen considerably in 2025 with newsupply forecast to come in 67.8% lower than 2024 at 207,532 sqm. Leasing was particularly quiet in the Southeast over Q2-25 Take-up Q2-2025-89.5% q/q Vacancy+0.1% q/q+0.8% y/y Prime net face rent-0.9% q/q+5.6% y/y Prime incentive+0.0% q/q+0.9% y/y Sqm new supplyforecast in 2025 Prime yield+0 bps q/q+0 bps y/y •Prime net face rents in the Southeast fell 0.9% over Q2-25 sitting at$143/sqm, the decline was the result of a $5/sqm fall in prime rents •Prime incentives in the Southeast are the lowest of any industrialprecinct in Melbourne at 16.9%, they were unchanged q/q. •Take-up in the Southeast fell 89.5% with only 12,670 sqm of leasingrecorded in Q2-25–most of the activity would have likely beenrenewals, expectations are that leasing will bounce back in Q3-25. •The vacancy rate in the Southeast rose 0.1% q/q to 1.8% but remainssignificantly lower than the North (5.3%) and West (3.7%). •New supply is particularly high in the Southeast with 292,080 sqm ofdevelopment coming on in 2025,predominately located in the •Most of the newLot1 at ESR Enterprise reached practicalcompletion in Q2-25, this warehouse is 12,600 sqm in size and was The vacancy rate remains unchanged at 5.3% Take-up Q2-2025-76.8% q/q Vacancy+0.0% q/q-0.1% y/y Prime net face rent+1.8% q/q+5.9% y/y Prime incentive+0.9% q/q+4.6% y/y Prime yield+ 0bps q/q+ 0bps y/y Sqm new supplyforecast in 2025 •Prime net face rents rose 1.8% q/q averaging $141/sqm across theprecinct, the growth came entirely from a $10/sqm increase in •Leasing is particularly quiet in the North compared to the West–take-up was down 76.8% q/q with only two lease deals totalling •Prime incentives were up 0.9% q/q averaging 19.2% across theprecinct, some suburbs such as Craigieburn, Somerton andCampbellfield have an average prime incentive of 25.0%. •The vacancy rate in the North remained flat at 5.3% q/q and is thehighest of any industrial precinct in Melbourne at 5.3%, this figure is •Recentlycompletedspeculative warehouses yet to be leasedaccount New supply returns in 2026 with 110,113 sqm expected Vacancy-0.2% q/q+1.1% y/y Take-up Q2-2025No lease deals were Prime net face rent+0.0% q/q+7.7% y/y Prime incentive+0.0% q/q+2.5% y/y Sqm new supplyforecast in 2025 Prime yield+ 0bps q/q+ 0bps y/y •Prime net face rents remained unchanged over Q2-25 at $133/sqmbut are up 7.7% y/y. •Take-up bounce backed in Q2-25 with 18,584 sqm recorded acrossthe precinct after no lease deals were registered in Q1-25. •Vacancy remains extremely tight in the East at 1.3% after falling0.2% q/q, it is well below the 10-year average of 2.9%. •No new supply is forecast to come on in the East over 2025, howeverapproximately 110,113 sqm is expected to land in 2026. •The new supply in 2026 is made up of two major developments,Kilsyth Connect (33,250 sqm) and Mountain Highway Logistics Hub •Mountain Highway Logistics Hub is being developed by Charter Halland currently Stage 1 will include a large pre-commitment from Prime Grade: Asset with modern design, good condition & utility with an office component5-30%. Located in an established industrial precinct withgood access. Secondary Grade: Asset with an older design, in reasonable/poor condition, inferior to prime stock, with an office componentbetween 10-20%. Take-up: Take-up represents the absorption of existing assets, speculative developments, or pre-commitments Vacancy Methodology: This analysis collects and tabulates data detailing vacancies (5,000m²+) within industrial properties acrossall oftheMelbourne Industrial Property