2024-12-04-莱坊-Brisbane_Industrial_Precincts_Report_Q3-Q4_2024_9页_1mb

报告摘要

Brisbane Industrial Market Q3 Summary

Overall Investment: Q3 saw strengthened investment turnover as institutional buyers regained momentum and greater interest rate certainty emerged. Total quarter turnover reached $356 million, with a Q2 to Q3 uplift of $55 million in super prime sales (over $10M), tightening by 5 basis points (bps). The largest sale was a $200 million multi-tenanted facility on the Gold Coast (technically outside Brisbane but significant due to scale).
Yield Changes: Super prime yields remained largely untested but slightly firming to 5.78%. Prime yields tightened by 15bps in Q3 to 6.16% (a 20bps lower year-over-year). Secondary yields sharpened by 13bps year-over-year, supported by land value appreciation.
Vacancy Rates: Vacancy increased 11% quarter-over-quarter to 701,455 sqm, driven by speculative development (46% of total vacancy). Leasing activity dropped, with Q3 take-up lower by 10% year-over-year. However, rental growth persisted despite vacancy risks, with Prime rents stable at $158/sqm net (6% year-over-year increase) and secondary rents rising marginally to $139/sqm net (3% year-over-year).
Land Values and Prices: Land values surged, with sub-5,000sqm lots up 25.7% year-over-year to $700/sqm and 1-5ha sites increasing 15.5% to $560/sqm. New supply added 11% vacancies, particularly in northern precincts.
Regional Breakdown:
- Gold Coast: Not technically in Brisbane, but notable: high-value sale at 5.53% yield.
- North & South East: Q3 vacancy rises, but leasing activity increased. South East led Q3 take-up, with prime rents higher than other regions.
- South: Strong activity, but vacancy offset by speculative construction.
- Greater North: Investment focus on institutional deals; vacancy driven by speculative builds under construction.
Key Trends: Improved certainty around interest rates and transaction activity contributed to slight yield firings, but vacancy risks and speculative development continue to pose challenges. Overall, the market shows resilience with strong demand but increasing supply concerns.