2025-04-17-莱坊-Melbourne_Industrial_State_of_the_Market_Q1_2025_8页_1mb

Melbourne industrial market vacancy stabilizes after a period of increase, with leasing volumes returning to normal levels and new supply forecasts cooling significantly for 2025. Prime net face rents rose 0.7% quarter-on-quarter to $145/sqm, while prime incentives increased further to 17.5%. Total take-up surged 79.9% quarter-on-quarter to 324,426 sqm, and the vacancy rate dropped to 3.1%.

Key precinct highlights:

• West: Now largest industrial area at 35.1% of city stock; vacancy rose to 5.3%, new supply down sharply, but capital values improved.
• North: Take-up jumped 50.4% q/q due to pre-commitments; vacancy steady at 5.3%.
• Southeast: Highest vacancy among precincts at 1.7%; forecasted new supply of 247,274 sqm leads all regions.
• East: Lowest vacancy at 1.5%; recorded highest lease deal since 2012, driven by large pre-commitment.

Overall, new supply for 2025 is forecast much lower, at around 577,253 sqm, compared to previous levels. Prime yields remained flat, but land values and capital values showed volatility, with a 7.9% peak decline and slight quarterly increases. Investment sales stayed flat in 2024. The market indicates a shift toward higher incentives in certain areas, with speculative warehousing dominating vacancy issues in some precincts.