悉尼工业市场状况2025年第四季度

Q4 2025 This report provides a precinct-by-precinct quarterlyupdate of the Sydney industrial market Click here tosubscribe Leasing overview Moderate rental growth amid high incentives and vacancy •Prime industrial rents across Western Sydney increased by 2.4% over 2025, ranging between $180-$290/sqm across the different precincts.•Incentives continued to rise, reaching a historical high of 21%, which resulted in net effective rentsdeclining by 2.6% in 2025 in Western Sydney.•Leasing volumes were strong, lifting 34% y/y to total 1.3 million sqm in 2025, driven by some largepre-commitments. The Outer West andSouth Westaccounting for 88% of take up.•Vacancy climbed to a new high in Q4 2025, reaching 768,874sqm, with sublease space making up23% of total availability. Sydney industrial vacancy By precincts, floorspace in '000sqm, 5,000sqm+ Investment overview Strong offshore capital participation in 2025 •Investment activity totalled $4billion in 2025, marking a slight uplift from 2024. Cross-borderinvestors were the most active buyer group, contributing around half of total transaction volume. •Notable transactions included BGO, in partnership with Centuria, acquiring three warehouses in theOuter West from Goodman for $201 million. PGIM Real Estate and Cadence Property purchasing theSt Mary’s Intermodal Facility from Pacific National for $145 million; Wentworth Capital acquiringRydalmereMetro Centre from Dexus for $152 million. •Prime yields compressed by 13bps over the year, averaging 5.39% across Western Sydney. Outer West Vacancy reaches new high 370kSqm vacancy in Q4 682kSqm leasedin2025 21.4% $213/sqm Prime incentiveStable q/qUp 430 bps y/y Prime net face rentStable q/qStable y/y 5.31% 442k Prime yieldTightening19 bpsy/y Sqm new supplycompleted in 202567% total new supply KEY TRENDS •Leasing activity in Outer West totalled 641,000 sqm in 2025, sitting14% above the 2025 volume. This is supported by 63% existing spaceand 30% pre-commitments. •Transport/logistics (29%), retailers (22%) and manufacturers (21%)led the annual take-up. Major commitments include Aldi’s preleaseof c.87,000 sqm in Bradfield, Kimberly Clark securing c.43,000 sqmin Horsley Park and IVE Group taking c.42,000sqm inKemps Creek. •Vacancy continues to rise in Q4, with sublease vacancy accountingfor 40% of total availability. •Net face rents remained stable since Q4 2023, prime rents heldbetween $180-$240/sqm. •A total of 442,000 sqm of new space was delivered in 2025,comprising 59% pre-committed space and 41% speculativedevelopments. •The average prime yield tightened 19bps to 5.31% in 2025. South West Solid leasing activity throughout 2025 430k 226k Sqm vacancy in Q4Share of 29% totalvacancy Sqm leasing take-upin 2025 21.7% $205/sqm Prime incentiveStable q/qUp 400 bps y/y Prime net face rentStable q/qStable y/y 5.43% 170k Prime yieldTightening 23 bps y/y Sqm new supplycompleted in 2025Share of 26% total newsupply KEY TRENDS •Occupier activity strengthened in theSouth Westin 2025, with420,370 sqm of take-up, accounting for 36% of total leasing volumesacross Sydney. •Transport/logistics occupiers led the demand (34%), followed bymanufacturers (31%) and retailers (26%). Significant dealsincludeKmartpreleasing c.104,000 sqm inMoorebankandJennmarcommitting c.31,000 sqm in Smeaton Grange. •Vacancy edged down to 226,030 sqm in Q4 2025, with speculativedevelopments representing 35% of available space. •Average net rents remained flat, with prime holding at $205/sqmand secondary at $170/sqm. Incentives averaged 22% across bothprime and secondary assets. •New supplytotalled170,000 sqm, with speculative developmentsdriving 80% of completions. •Prime yields compressed by 23bps over the year to 5.43%. Inner West Precinct remains tightly held 89k 118k Sqm vacancy in Q4Share of 12% totalvacancy Sqm leasing take-upin 2025 19.9% $241/sqm Prime net face rentUp by 3.8% q/qUp by 6.9% y/y Prime incentiveUp by 175 bps q/qUp by 413 bps y/y 5.13% 46k Prime yieldStable q/qDown by 13 bps y/y Sqm new supplycompleted in 2025Share of 7% total newsupply KEY TRENDS •Tenant demand in Inner West eased by 23% in 2025, with total take-up of 118,184 sqm. •Retailers accounted for 31% of leasing activity, followed bytransport/logistics occupiers (21%). Notable transactions includeAmazon taking c.10,000 sqm inChullora. •Vacancyincreased to 88,814 sqm in Q4 2025, representing 12% oftotal vacancy across Sydney. •Prime net face rent rose 6.9% over the year, averaging $241/sqm,while secondary rents remained steady at $192/sqm. Incentivesincreased to 20% for both prime and secondary space. •New completions in 2025 added 46,000 sqm to the market,including Goodman’s Chullora Industrial Hub (c.25,000 sqm). •Yields were stable, holding at 5.13% for prime and 6.09% forsecondary. South Rental growth has moderated 30k 84k Sqm vacancy in Q4 Sqm leasing take-upin 2025 15.0% $405/sqm Prime incentiveUp 250 bps q