墨尔本工业市场状况2026年第一季度

Leasing overview Vacancy rises to 4.5% despite strong leasing activity across the quarter •Prime net face rental growth remains steady, rising 5.5% annually to average $153/sqm.•Take-up remains robust despite tougher economic conditions, totalling 350k sqm across Q1 2026.•The vacancy rate continues to rise, now sitting at 4.5% and above the 10-year average of 2.6%. Source: Knight Frank Research Investment overview Prime industrial yields soften across Melbourne for the time since Q2-2024 •Industrial prime yields have softened 27 bps across the market; they now sit at 5.85% on average.•Prime and secondary capital-values remain steady at $2,621/sqm and $1,978/sqm, respectively.•Investment remains subdued with only 21 sales YTD, though the start of the year is typically quiet. North Strongest new supply forecast of any precinct in 2026 6.4% 126k VacancyLast QTR = 5.9%Q1-2025 = 4.3% Take-up Q1-2026+98% q/q 21.7% $143/sqm Prime net face rent+0.0% q/q Prime incentiveLast QTR = 21.7%Q1-2025 = 18.3% 6.13% 303k Prime yield+30 bps q/q+30 bps y/y Sqm new supplyforecast in 2026+137k sqm in 2027 KEY TRENDS •Prime net face rental growth in the North has been moderate overthe past year, rising 3.6% to average $143/sqm, with no change •The North saw its strongest level of leasing activity since Q2 2022,with 126,000 sqm of take-up recorded. However, this was largelydriven by a single major transaction at Merrifield Business Parktotalling 90,000 sqm. Source: Knight Frank Research •Incentives remain elevated but vary considerably by suburb, rangingfrom 10.0% in Tullamarine and Melbourne Airport to 32.5% in •The North has the highest volume of forecast new supply of anyprecinct in 2026, with 304,000 sqm expected to be delivered. •The majority of this is attributable to the 209,000 sqm Amazonwarehouse, with remaining additions spread across 4Ten Epping, West Robust leasing activity across Q1-2026 totalling 210k sqm 5.2% 210k VacancyLast QTR = 4.6%Q1-2025 = 3.6% Take-up Q1-2026+92.2% q/q 26.1% $140/sqm Prime incentiveLast QTR = 26.6%Q1-2025 = 21.3% Prime net face rent+1.6% q/q 6.00% 200k Sqm new supplyforecast in 2026+230k sqm in 2027 Prime yield+17 bps q/q+17 bps y/y KEY TRENDS •The West recorded the strongest leasing activity of any precinct overQ1 2026, with 210,000 sqm of warehousing leased across 10 •Despite this robust take-up, the vacancy rate rose again, increasingfrom 4.6% to 5.2% over the quarter. With no new supply deliveredduring Q1 2026, the implication is that net absorption remains Source: Knight Frank Research •Forecast new supply in the West stands at 200k sqm for 2026, noneof which is speculative. This comprises two major pre-commitments, •Speculative development is forecast to return in 2027, with 44% of •Incentives remain the highest of any Melbourne industrial precinctat 26.6%. Despite easing 0.5% over Q1 2026, they are expected to Southeast Vacancy stabilises after a steep ascent over Q4-2025 3.6% 22k VacancyLast QTR = 3.6%Q1-2025 = 1.7% Take-up Q4-2025-69% q/q 19.6% $151/sqm Prime incentiveLast QTR = 19.4%Q1-2025 = 16.9% Prime net face rent+4.0% q/q +4.9% y/y168k 5.88% Prime yield+38 bps q/q+38 bps y/y Sqm new supplyforecast in 2026+225k sqm in 2027 KEY TRENDS •Prime net face rents in the Southeast average $151/sqm, up 4.0% q/qand 4.9% y/y. Despite this growth, rising incentives of 19.6% have •Leasing activity was subdued over Q1 2026, with only twotransactions exceeding 5,000 sqm recorded. The largest was a pre-commitment by Kumho Tyres at ESR Enterprise Industry Park for Source: Knight Frank Research •The vacancy rate in the Southeast has stabilised at 3.6%, following a •Of the three major industrial precincts (exceeding 3 million sqm),prime yields remain the tightest in the Southeast at 3.88%, despite •Two supply completions were recorded in the Southeast during Q12026. At Eclipse Business Park, two pre-committed warehouses weredelivered, leased toDexionandOrorarespectively, while a further East Robust annual net face rental growth across the precinct 2.4% 0k VacancyLast QTR = 1.5%Q1-2025 = 1.5% Take-up Q1-2026+0% q/q 22.5% $143/sqm Prime net face rent+3.6% q/q Prime incentiveLast QTR = 21.3%Q1-2025 = 18.8% 5.75% 42k Prime yield+25 bps q/q+25 bps y/y Sqm new supplyforecast in 2026+50k sqm in 2027 Source: Knight Frank Research KEY TRENDS •Prime net face rents in the East average $143/sqm, up 3.6% q/q and7.5% y/y. Rental growth across secondary grade warehousing hasbeen far more subdued, rising just 2.2% y/y to average $115/sqm. •Leasing activity was limited over Q1 2026, with no transactions Source: Knight Frank Research •The vacancy rate in the East has been on a steady incline since 2023,consistent with the broader market, now sitting at2.4%.Notably, theEast remains the only precinct with a vacancy rate still below its 10- •New supply has returned to the East in 2026 and 2027, withindustrial development forecast a