墨尔本工业市场状况2025年第三季度

Despite rising vacancy rates and subdued businessconditions,leasingopportunitiesandtake-up evidencetheresiliencein Melbourne’s industrial market. knightfrank.com.au/research •Prime net face rents rose 2.7% q/q to $151/sqm, they have increased 5.6% over 2025 YTD•Prime incentives average 20.0% across all precincts, they are highest in the West at 26.4%•The vacancy rate has risen from 3.1% to 3.9%, now sitting at its highest level since Q3-2020•Leasing activity remains resilient across Melbourne with 814k sqm of take-up over 2025 YTD•Logistics occupiers made up 34% of take-up so far this year followed by retail with at 27%•Supply is forecast to rise marginally in 2026 with 738k sqm of new warehousing due to complete •Prime industrial yields have remained flat at 5.58% for 7 quarters in a row•The spread between prime and secondary yields remains tight at 69 bps•Land values for small sized lots have oscillated over the past 3-years and now average $1,179/sqm•Prime industrial capital values average $2,698/sqm whilst secondary average $2,024/sqm•From Q1 to Q3, investment volumes in 2025 are 35% lower than in 2024•There have been 108 transactions for industrial assets in 2025 YTD totalling $2.02 billion Take-up bounced back over Q3-2025 with 56k sqm recorded Take-up Q3-2025+324% q/q VacancyLast QTR = 5.3%Q3-2024 = 5.2% Prime net face rent+1.8% q/q+4.2% y/y Prime incentiveLast QTR = 19.2%Q3-2024 = 16.3% Prime yield+0 bps q/q+0 bps y/y Sqm new supplyforecast in 2025+280k sqm in 2026 •Prime net face rents in the North average $143/sqm, up 1.8% q/q and4.2% y/y. •Secondary net face rents average $129/sqm, up 6.6% q/q and 12.2%y/y. Secondary rents have grown considerably faster than prime inthe last year as cost-effective solutions in the North have becomemore sought after. •Leasing activity in the North bounced back with 55,603 sqm of take-up recorded across Q3-25, up from 13,112 sqm in Q2-25 (+324%). •Prime incentives have continued their gradual ascendence nowaveraging 20.4%. They are highest in the suburbs of Somerton &Campbellfield at 30%, and lowest in the Airport at 10%. •The vacancy rate in the North rose 0.9% over Q3-25 now sitting at6.2%, the highest of any precinct in Melbourne. •New supply has slowed in 2025 with 154,847 sqm of warehousingexpected to reach completion by the end of the year, down 40.6%from 2024. The vacancy rate rose from 3.7% to 5.5% over Q3-2025 Take-up Q3-2025-30.3%q/q VacancyLast QTR = 3.7%Q3 2024 = 4.5% Prime incentiveLast QTR = 25.3%Q3 2024 = 19.5% Prime net face rent+0.0% q/q+4.0%* y/y Prime yield+0 bps q/q+0 bps y/y Sqm new supplyforecast in 2025+186k sqm in 2026 •Prime net face rents in the West remained flat over Q3-2025averaging $137/sqm, they are the cheapest of any precinct. •Prime incentives have risen 1.1% q/q and 6.9% y/y to average 26.4%.Suburbs such as Truganina and Tarneit are averaging 30.0% whilstLaverton North, Brooklyn and Altona North are averaging 25.0%. •There has been 437,802 sqm of take-up in the West YTD, making up53.8% of leasing activity across the entirety of Melbourne. •The vacancy rate in the West has risen from 3.7% to 5.5% over Q3-2025, reaching its highest level since Q2-2017. •Secondary grade buildings makes up 49.1% of total vacancy in theWest, another 38.7% is made up of recently completed speculativestock. •Development in the West has fallen considerably in 2025 with newsupply forecast to come in 67.8% lower than 2024 at 207,532 sqm. New supply is forecast to rise 92% y/y in 2025 Take-up Q3-2025+275.9% q/q VacancyLast QTR = 1.8%Q3-2024 = 1.7% Prime net face rent+1.8% q/q+4.5% y/y Prime incentiveLast QTR = 16.9%Q3-2024 = 16.3% Prime yield+0 bps q/q+0 bps y/y Sqm new supplyforecast in 2025+164k sqm in 2026 •Prime net face rents have risen 1.8% q/q and 4.5% y/y to average$145/sqm. •Take-up in the Southeast reached 47,630 sqm across Q3-2025 takingthe annual total to 181,052 sqm. •Prime incentives in the Southeast are the lowest of any precinct inMelbourne excluding the City Fringe averaging 19.4%. •The vacancy rate in the Southeast rose from 1.8% to 2.3% over Q3-2025, it is now placed 0.5% above the 10-year average of 1.6%. •The Southeast will deliver the most new-supply of any precinct inMelbourne across 2025 with 345,206 sqm forecast to reachcompletion by the end of the year. •Most of the new development in the Southeast is in the outersuburbs of Pakenham and Cranbourne West. Key developmentsunderway in these locations include ESR Greenlink, ESR EnterpriseIndustry Park, and Cranbourne West Distribution Centre. Most new supply on record forecast for 2026 at 106k sqm Take-up Q3-2025-100% q/q VacancyLast QTR = 1.3%Q3-2024 = 0.6% Prime net face rent+3.8% q/q+10.0% y/y Prime incentiveLast QTR = 18.8%Q3-2024 = 16.3% Prime yield+0 bps q/q+0 bps y/y Sqm new supplyforecast in 2025+106k sqm in 2026 •Prime net face rents in the East are up 3.8% q/q and 10.0% y/y,averaging $138/sqm. Prime net face rents are highest in