2025年第二季度布里斯班工业区报告

This report provides a precinct-by-precinct quarterly update of theBrisbane industrial market knightfrank.com.au/research Industrial turnover higher in Q2, with tightening yieldsreflecting renewed investor confidence. •Industrial turnover of $581 million(sales $10m+) was recorded in Q2,surpassing levels last seen in Q4-24due to strong activity from bothprivate and institutional investors.•The largest deal of the quarter wasESR’s divestment of its super primeWacolLogistics Hub, acquired byJD.com for approximately $240million at a core market yield of5.60%. The transaction helpedbenchmark yield compression atthe top end of the market.•Prime yields fell modestly in Q2,supported by stronger buyeractivity, recent rate cuts, andexpectations of further easing—bringing the current average to6.03%.•Secondary yields continued to fallin Q2, now 72bps tighter than a yearago, supported by underlying landvalues and steady demand fromprivate investors. Super prime yieldsdown 5bps in Q2;-10bps y/y Prime yield;down 6bps q/q;-18bps y/y Secondary yield;down 12bps q/q;-72bps y/y Vacancy declined but remains above average, driven byelevated speculative stock. •In Q2-2025, vacancy fell by13,959sqm to 773,899sqm,representing a vacancy rate of 5.1%,down from 5.2% in Q1-25 and abovethe five and ten-year averages by160bps and 97bps respectively.•Vacancy is largely made up of primestock, with a precinct wide primevacancy rate of 6.8%. While existingprime vacancy is a relatively tight1.8%, prime speculativedevelopment has a 4.9% vacancy(made up of 2.9% of completed specspace and 2.0% underconstruction). Secondary vacancysaw slight elevation to 3.6% in Q2.•Leasing activity rose across theprecincts in Q2, supported byseveral large pre-commitments–most notably Goodman Group’s77,100 sqm pre-lease withOfficeworks at Redbank, as well asan 18,550sqm pre-commitment bywholesale tenant, Dats, at CharterHall’s Flagstone Logistics Estate. Total vacancy rateQ2-25, down16bps q/q and88bps higher y/y Of currentavailability isspeculativedevelopment Sqm RTM leasingtake-up at Q2-25,16% lower y/y Vacancy fell in Q2,though the South stillholds the highest rateacross precincts. Sqm RTM leasingtake-up, down14% y/y Vacancy fell q/qto 316,706 sqm Y/Y prime facerental growth to$163/sqm net Sqm new supplyforecast fordelivery in 2025 Prime Incentivesstable in Q2; up300bps y/y Prime 2bpstighter in Q2;down 17bps y/y •Vacancy dropped 76 bps in Q2 to a rate of 6.9%, remaining thehighest precinct. Prime vacancy edged down but is still high at 12.1%with more than three quarters of this being speculative projects.Existing prime vacancy is tighter, falling to a rate of 2.6%. Secondaryvacancy fell 74bps to 3.0%. •Net face rents rose 1.9% in Q2, bringing annual growth to 3.2% at$163/sqm for prime. Secondary rents were stable in Q2 at $142/sqm,2.9% higher y/y. Incentives remained stable for both grades at 13.5%and 15%, both elevated y/y.•Land values continued to rise due to limited land availability andstrong demand; sites 1-5ha sit at an average of $642/sqm, up 21% y/y,with smaller sites averaging $800/sqm, up 27% y/y.•Leasing activity rose 29% in Q2 to 62,795 sqm, though subduedactivity earlier in the year puts RTM take-up 14% lower y/y.•Prime yields tightened 2 bps in Q2 to 6.08% (down 17 bps y/y), whilesecondary yields fell 16 bps in the quarter to 6.47%, 83bps lower y/y,supported by underlying land values. Leasing take up washigher in Q2 driven bypre-commitmentactivity. Sqm RTM leasingtake-up, up 25%y/y Increase invacancy q/q to141,268sqm Y/Y prime facerental growth to$164/sqm net Sqm new supplyforecast fordelivery in 2025. Prime incentivesgrew 10bps in Q2;up 100bps y/y Prime yield 9bpslower in Q2; down14bps y/y •Vacancy rose by 20,499 sqm in Q2, lifting to a rate to 4.3%. Thelargest increase came from existing prime stock, up 102bps to a rateof 1.6%, while speculative vacancy edged up to 3.1%. Secondaryvacancy held steady at 3.7%. •Prime and secondary rents in the South West recorded modestgrowth in Q2, up 2.5% and 2.1% y/y respectively. Prime incentivesrose 10 bps q/q, now on par with secondary incentives, which heldsteady at 12%.•Annual RTM leasing take-up rose 25% y/y, driven by strong pre-commitment activity, led by Officeworks’ 77,100 sqm at Redbank.Demand for existing secondary space remained solid, contributing30% of total take-up.•Land values continued to show growth in the quarter with sub-5,000sqm now 16.7% higher y/y and sites 1-5ha up 18.5% y/y.•Prime yields tightened 9 bps q/q and 14 bps y/y, while secondaryyields fell 36 bps in Q2 and 81 bps y/y, supported by rising landvalues. Vacancy edged higher,but South East remainsBrisbane’s tightestmarket. Vacancy up 33%y/y Sqm RTM leasingtake-up, down20% y/y Y/Y prime facerental growth to$160/sqm net Sqm of newsupply due in2025 Incentives stablein Q2 Prime yieldsdown 6bps in Q2,11bps lower y/y •Vacancy in Brisbane's tightest market increased 7 bps to 2.6% in Q2,mainly due to