> **来源：[研报客](https://pc.yanbaoke.cn)** # Sydney Industrial Market Summary - Q2 2026 ## Core Content Overview This report provides a quarterly update on the Sydney industrial market, focusing on leasing activity, investment trends, and vacancy levels across key precincts: Outer West, South West, Inner West, and South. ## Main Points ### Leasing Overview - **Prime industrial rents remain stable** across all precincts in Q2 2026, with Western Sydney net face rents ranging between \$200 - \$300/sqm. - **Tenant demand** is heavily concentrated in Western Sydney, with Outer West and South West accounting for 82% of total leasing take-up. - **Vacancy levels** dropped slightly to c.738,000 sqm, with speculative developments making up 42% of total availability. - **New supply** in 2026 is expected to reach c.650,000 sqm, with 43% delivered in H1 2026. ### Investment Overview - **Transaction volumes** totalled \$1.12 billion in H1 2026, with confidence remaining strong despite lower volumes than previous years. - **Major transactions** include: - Aliro Group acquiring two Goodman assets for \$438 million. - Centuria selling a cold storage facility at 67-69 Mandoon Road, Girraween for \$98 million. - **Prime yields** range between 4.75% - 5.75% across Western Sydney, with yields remaining stable over the quarter but tightening slightly year-on-year. ## Key Precinct Insights ### Outer West - **Leasing take-up** in H1 2026 totalled 175,475 sqm, driven by existing space (74%) and speculative take-up (16%). - **Prime net face rents** remained stable at \$220-250/sqm. - **Vacancy** stood at 367,493 sqm in Q2, representing 76% of total new supply forecast for 2026. - **Prime incentive** averaged 23%, up 160 bps year-on-year. - **Prime yield** averaged 4.75–5.75%, with a slight tightening of 6 bps year-on-year. - **New supply** is expected to reach 367,493 sqm by year-end, with 76% being speculative space. ### South West - **Leasing take-up** in H1 2026 totalled 72,708 sqm, driven by existing space (56%) and pre-commitments (35%). - **Prime net face rents** remained stable at \$220-250/sqm. - **Vacancy** dropped to sub 200,000 sqm, with speculative developments accounting for 40% of vacancy. - **Prime incentive** averaged 23%, up 130 bps year-on-year. - **Prime yield** averaged 4.75–5.75%, with a tightening of 10 bps year-on-year. - **New supply** is expected to reach 165,600 sqm by year-end. ### Inner West - **Leasing take-up** in H1 2026 totalled c. 51,000 sqm, driven by take-up of speculative stock. - **Prime net face rents** averaged \$220-300/sqm, with incentives averaging 20%. - **Vacancy** stood at 145,947 sqm in Q2, with the majority being speculative space. - **Prime yield** averaged 4.75–5.50% for prime and 5.50–6.50% for secondary. - **New supply** forecast for 2026 is 105,000 sqm, all completed. ### South - **Leasing take-up** in H1 2026 totalled 5,000 sqm, reflecting moderate tenant demand. - **Prime net face rents** remained stable at \$405/sqm. - **Vacancy** was reported at 57,000 sqm in Q1, with incentives averaging 17.5%. - **Prime yield** averaged 4.50–5.00%, stable over the quarter and year-on-year. - **New developments** in 2026 are all completed, with Stockland's Momenta being 50% pre-leased. ## Key Trends - **Leasing activity** is heavily concentrated in Western Sydney, particularly in Outer West and South West. - **Transport/logistics and manufacturing occupiers** accounted for 56% of leasing activity in 2026 YTD. - **Speculative developments** continue to play a significant role in both vacancy and supply, making up a large portion of available space in all precincts. - **Prime yields** have remained stable across the market, with some tightening observed in certain areas. - **Major development completions** include Stockland Momenta in Banksmeadow, ESR's Birmingham Industrial Park, and Goodman's Chullora Industrial Hub. ## Data Digest - **Prime Grade** assets are modern, well-maintained, with office components between 10-30%. - **Secondary Grade** assets are older, in reasonable or poor condition, with office components between 10-20%. - **Take-up** refers to the absorption of existing assets, speculative developments, or pre-commitments. ## Methodology - **Vacancy data** includes: - **Existing Buildings** – existing buildings for lease. - **Speculative Buildings** – buildings for lease which have been speculatively constructed and are vacant. - **Spec. Under Construction** – buildings for lease being constructed and will be available within 12 months. ## Contact Information - **Research & Consulting**: Ben Burston, +61 2 9036 6756, ben.burston@au.knightfrank.com - **Capital Markets**: Michael Kwok, +61 2 9036 6620, michael.kwok@au.knightfrank.com - **Industrial Logistics, NSW**: Orlando Maciel, +612 9036 6728, orlando.maciel@au.knightfrank.com - **Valuation & Advisory, NSW**: Jack Needham, +61 2 9036 6663, jack.needham@au.knightfrank.com