2025-05-19-莱坊-Brisbane_Industrial_Precincts_Report_Q1_2025_9页_1mb

Brisbane Industrial Market Q1 Summary

Market Overview

• Industrial turnover in Q1 was $277 million, with lower yields showing modest firming.
• Super prime yields remained stable, with a focus on high-value transactions like Stockland's 43,369sqm estate sold for $102.50 million at a prime yield of 6.35%, reflecting a CMY of 6.35%.
• Prime yields continued to sharpen at 6.10%, down 4bps quarter-on-quarter and 16bps year-on-year, supported by strong demand and land value appreciation. Secondary yields tightened to 663bps year-on-year.

Vacancy and Leasing Trends

• Vacancy rates increased by 21% to 782,562sqm (5.2% vacancy rate), driven by new developments and backfill, with 335,232sqm from speculative projects and 447,330sqm existing vacancy.
• Leasing take-up decreased by 9% quarter-on-quarter to 159,483sqm, but remained 16% higher year-on-year. The slowdown was attributed to reduced activity in early 2025.
• Specific precinct trends:
  • South: Vacancy rose 10% due to secondary space, with prime vacancy down 46% year-on-year.
  • North: Vacancy significantly increased by 45% to 99,761sqm, largely from new developments, impacting yields and space availability.

Rentals and Land Values

• Prime and secondary rents saw growth of 1.3% and 2.2% respectively, with prime rents up 6.7% year-on-year. Land values continued to climb, particularly for sub-5,000sqm and 1-5ha sites, rising 32% and 26.5% year-on-year.
• New supply forecasts indicate rental growth for 2025, with projected net rentals at $160–202/sqm.
• Yield certainty improved through transactions, averaging stable prime incentives, but market tightness persists due to limited land availability.

Overall Market Conditions

• Despite a slow start to 2025, overall leasing and turnover showed resilience, influenced by buyer engagement and underlying demand.
• High vacancy in northern precincts, driven by developments, anticipates continued year-on-year growth in vacancies and land values.