2025年第三季度布里斯班工业区报告

Yields tightened as investor sentiment improved; land salesdominated recent sale turnover Super prime yieldsdown 7bps in Q3;-20bps y/y •Industrial turnover of $584m (sales$10m+) was recorded in Q3, downfrom a strong Q2 but above long-term averages. Volumes were •Q3 recorded two land sales above$100m. 575PumicestoneRd,Caboolture sold for $140m (46.8 ha,DA approved industrial estate) andLot 1 Pacific Highway, Coomera sold Prime yield;down 14bps q/q;-27bps y/y •Prime yields firmed in Q3, down 14bps q/q to 5.89% and 27 bps y/y,supported by improving investorsentiment for core stock, aided by Secondary yield;down 15bps q/q;-69bps y/y •Secondary yields continued tocontract in Q3, down 15 bps q/q and69 bps y/y to 6.35%, underpinned by Vacancy rose in Q3, with speculative developments boostingtake-up in the South. •Vacancy rose in Q3-25, up 43,112sqmto a rate of 5.4% Total vacancy is now 124,927sqm higher y/y, up from4.8%. The South West recorded thegreatest quarterly increase, adding Total vacancy rateQ3-25, up 24bpsq/q and 62bpshigher y/y •Total vacancy growth for thequarter was driven by secondaryspace, much of this being backfill asnew developments reached Of currentavailability issecondary existing Sqm RTM leasingtake-up at Q3-25,11% lower y/y •Leasing activity rose 20% in Q3 at217,264 sqm, though RTM take-upwas 11% lower y/y following sloweractivity earlier in the year. TheSouth precinct dominated Q3 take- Quarterly take-up liftedin Q3, driven by strong Sqm RTM leasingtake-up, down9% y/y Vacancy wasstable q/q, down93bps y/y Y/Y prime facerental growth to$165/sqm net Sqm new supplyforecast fordelivery in 2025 Prime 16bpstighter in Q3;down 18bps y/y Prime Incentives150bps highery/y. •Vacancy in the South was stable in Q3, rising only by 5sqm to remainat a rate of 6.8%, but is down from 7.7% y/y. The South continues tohold the highest vacancy, dominated by secondary existing and speculative stock, which make up 43% and39%respectively. •Prime rents grew 1.2% in q/q, 4.4% higher y/y, while secondary rose0.4% q/q and 2.5% y/y. Incentives increased across both prime andsecondary amid elevated vacancy, both up 100bps q/q to 14.5% and16%respectively.•Land values continued to rise, with <5,000 sqm lots up 2.6% q/q and Vacancy lifted to 5.8% inQ3 due to a mix of newspeculative product andsecondary backfill Vacancy rose by160bps q/q; up155bps y/y Sqm RTM leasingtake-up, up 32%y/y Y/Y prime facerental growth to$165/sqm net Sqm new supplyforecast fordelivery in 2025. Prime incentivesgrew 100bps inQ3; up 100bpsy/y Prime yield 6bpslower in Q3; down29bps y/y •South Westvacancy rose 53,446sqm in Q3 to 5.8%, up from 4.2% inQ2 and 4.3% a year ago. The lift was driven by speculative projects atRedbank and Bundamba, as well as secondary space returning,taking speculative vacancy to 4.1% and secondary to 4.3%. •Rental growth in theSouth Westslowed over Q3, with prime up 0.6%q/q; 3.8% higher y/y at $165/sqm, while secondary was steady q/qand 2.6% higher y/y at $145/sqm. Incentives rose 100 bps for primeto 13% and 50 bps for secondary to 12.5%.•RTM take-up slowed in Q3 but remains 32% higher y/y, supported by Land market continuesto surge, due to demandfrom Gold Coast users Sqm RTM leasingtake-up, down38% y/y Vacancy up90bps q/q;169bps higher y/y Sqm of newsupply due in2025 Y/Y prime facerental growth to$162/sqm net Incentives up150bps q/q;50bps higher y/y Prime yieldsdown 9bps in Q3,18bps lower y/y •South Eastvacancy rose 19,044 sqm in Q3 to 3.7%, up 109 bps q/qand 169 bps y/y. The increase was in prime stock, now 4.1% vacant(2.7% existing, 1.4% speculative), while secondary vacancy heldsteady at 3.1%. •South Eastprime rents grew 1.3% q/q and y/y to $162/sqm after aperiod of stability, while secondary rents held at $145/sqm. Primeincentives rose 150 bps to 12.5%, with secondary steady at 10%. •Strong demand from the Gold Coast and limited supply continue todrive land values, with sub-5,000 sqm lots reaching $930/sqm (up25.7% y/y) and 1–5 ha lots rising to $787/sqm (up 39.3% y/y). This wasunderscored by the $120m sale of Lot 1 Pacific Highway, Coomera, a12 ha DA-approved site for industrial and mixed use, equating to •Following the significant sale of 90 Quinns hill Rd in Q2, there wasno major sale in Q3. Nevertheless, in the line with the wider market, Leasing activityimpacted by the lack of Sqm RTM leasingtake-up, down27% y/y Vacancy fell62bps q/q; 81bpshigher y/y Y/Y prime facerental growth to$209/sqm net Sqm new supplyin 2025; up 28%from 2024 Prime yield down24 bps q/q; 31bpslower y/y Prime incentivesup 100bps q/q;100bps higher y/y •Vacancy fell 21,623sqm over the quarter, to a rate of 4.4%, down62bps q/q, marking the first quarterly decrease since the start of theyear. Prime vacancy in the Trade Coast fell 75bps to 3.9%,comprising of existing stock at a rate of 1.5% (down 48bps) andspeculative availability at 2.3% (down 27bps). Existing secondary •Quarterly take-up rose to 59