> **来源：[研报客](https://pc.yanbaoke.cn)** # Melbourne Industrial Market Summary - Q1 2026 ## Core Content Overview The Melbourne industrial market experienced challenging economic conditions in Q1 2026, yet leasing activity remained strong as occupiers consolidated and downsized into higher quality warehousing. Despite rising vacancy rates, prime net face rents and incentives showed growth, with new supply forecasted for 2026 and 2027. ## Main Market Indicators ### Leasing Activity - **Total Market Take-up**: 357,957 sqm, up 98% q/q. - **Vacancy Rate**: 4.5%, above the 10-year average of 2.6%. - **Prime Net Face Rent**: $153/sqm, up 5.5% y/y. - **New Supply Forecast**: 714,000 sqm in 2026, 643,000 sqm in 2027. ### Precinct Analysis | Precinct | Prime Net Face Rent ($/sqm) | Q1 2026 q/q Growth (%) | Y/Y Growth (%) | Vacancy Rate (%) | Take-up (sqm) | |--------------|-----------------------------|-------------------------|----------------|------------------|--------------| | City Fringe | 190 | 0.0 | 5.6 | 1.8 | 0 | | North | 143 | 0.0 | 3.6 | 6.4 | 125,768 | | East | 143 | 3.6 | 7.5 | 2.4 | 0 | | Southeast | 151 | 4.0 | 4.9 | 3.6 | 22,171 | | West | 140 | 1.6 | 6.1 | 5.2 | 210,018 | ### Investment Trends - **Prime Industrial Yields**: Softened by 27 bps to 5.85%, with the total market average at 6.43%. - **Capital Values**: Prime at $2,621/sqm, Secondary at $1,978/sqm. - **Land Values**: Small and medium lots saw growth of less than 5.0% over the last 3 years. - **Investment Activity**: Only 21 sales recorded YTD, with the year typically quiet. ## Key Trends ### North - **Take-up**: 126,000 sqm, up 92.2% q/q. - **Vacancy Rate**: 6.4%, up from 4.6% in the previous quarter. - **Prime Net Face Rent**: $143/sqm, up 3.6% q/q and 6.1% y/y. - **Prime Incentive**: 21.7%, up from 18.3% in Q1 2025. - **New Supply Forecast**: 304,000 sqm in 2026, with the majority attributed to the Amazon warehouse. - **Major Transactions**: 90,000 sqm at Merrifield Business Park. ### West - **Take-up**: 210,000 sqm, up 98% q/q. - **Vacancy Rate**: 5.2%, up from 4.6% in the previous quarter. - **Prime Net Face Rent**: $140/sqm, up 1.6% q/q and 6.1% y/y. - **Prime Incentive**: 26.6%, the highest in Melbourne. - **New Supply Forecast**: 200,000 sqm in 2026, with speculative development expected in 2027. - **Major Pre-commitments**: ALDI and Coles for distribution centres. ### Southeast - **Take-up**: 22,171 sqm, with the largest transaction being a pre-commitment by Kumho Tyres at ESR Enterprise Industry Park. - **Vacancy Rate**: 3.6%, stabilised after a sharp increase in Q4 2025. - **Prime Net Face Rent**: $151/sqm, up 4.0% q/q and 4.9% y/y. - **Prime Incentive**: 19.6%, contributing to effective rental growth of only 1.5% y/y. - **New Supply Forecast**: 168,000 sqm in 2026, increasing to 225,000 sqm in 2027. - **Supply Completions**: Two at Eclipse Business Park and two at Battery Court in Cranbourne West. ### East - **Take-up**: 0 sqm, with no transactions exceeding 5,000 sqm recorded. - **Vacancy Rate**: 2.4%, still below the 10-year average of 2.7%. - **Prime Net Face Rent**: $143/sqm, up 3.6% q/q and 7.5% y/y. - **Prime Incentive**: 22.5%, with secondary grade incentives at 18.3%. - **New Supply Forecast**: 42,000 sqm in 2026, increasing to 50,000 sqm in 2027. - **Major Pre-commitment**: 30,000 sqm at Mountain Highway Logistics Hub by Cool-Drive. ## Market Insights - **Prime Grade Properties**: Characterised by modern design, good condition, and office components ranging from 5-30%. - **Secondary Grade Properties**: Older design, in reasonable to poor condition, with office components between 10-20%. - **Vacancy Methodology**: Includes existing buildings for lease, speculative developments, and spec. under construction. - **Supply Completions**: Occurred in key areas such as Eclipse Business Park and Battery Court. ## Contact Information - **Research & Consulting, VIC**: Tony McGough, +61406928820, tony.mcgough@au.knightfrank.com - **Industrial Investments**: Harley Bown, +61423 395 582, harley.bowen@au.knightfrank.com - **Research & Consulting, VIC**: Laurence Panozzo, +61401251876, laurence.panozzo@au.knightfrank.com - **Industrial Logistics, VIC**: Stuart Gill, +61417322080, stuart.gill@au.knightfrank.com - **Valuation & Advisory, VIC**: Michael Schuh, +61412443701, michael.schuh@vic.knightfrank.com.au ## Recent Research - **Australian Industrial Review** - **Build to Rent Update** - **PBSA Update** - **CBD Office Market Report** This summary captures the key trends, indicators, and insights from the Melbourne industrial market in Q1 2026, highlighting the impact of economic conditions, leasing activity, rental growth, and supply dynamics across different precincts.