2026-01-29-莱坊-Sydney_Industrial_State_of_the_Market_Q4_2025_8页_1mb

报告摘要

Sydney Industrial State of the Market - Q4 2025 Summary

Core Market Overview

The Sydney industrial market in Q4 2025 showed a mix of moderate rental growth, rising incentives, and increased vacancy rates. Leasing volumes were strong, with a 34% year-over-year (y/y) increase to 1.3 million sqm, driven by large pre-commitments. The Outer West and South West accounted for 88% of the take-up, highlighting their importance in the market.

Key Trends

Leasing Activity

Leasing volumes increased by 34% y/y, totaling 1.3 million sqm in 2025.
Outer West led with 641,000 sqm of leasing activity, supported by 63% existing space and 30% pre-commitments.
South West had 430,000 sqm of take-up, with transport/logistics, manufacturers, and retailers as the main occupier groups.
Inner West recorded 118,184 sqm of take-up, with retailers and transport/logistics being the top sectors.
South saw a smaller take-up of 30,000 sqm, with subdued demand.

Vacancy Rates

Total vacancy reached a new high of 768,874 sqm in Q4 2025.
Outer West vacancy climbed to 370,000 sqm, making up 14% of the total.
South West vacancy stood at 226,030 sqm, or 12% of the total.
Inner West vacancy increased to 88,814 sqm, representing 12% of the total.
Sublease space accounted for 23% of total availability.

Rents and Incentives

Prime industrial rents across Western Sydney increased by 2.4% in 2025, ranging from $180 to $290/sqm.
Incentives reached a historical high of 21% in Western Sydney, leading to a 2.6% decline in net effective rents.
Outer West prime net face rent remained stable at $213/sqm.
South West prime net face rent was $205/sqm.
Inner West prime net face rent rose by 6.9% y/y to $241/sqm.
South prime net face rent was $350 - $475/sqm.

Yields

Prime yields in Western Sydney averaged 5.39%, with a 13bps compression over the year.
Outer West prime yield tightened 19bps to 5.31%.
South West prime yield compressed 23bps to 5.43%.
Inner West prime yield remained stable at 5.13%.
South prime yield was stable at 5.13%, while secondary yields were at 6.09%.

New Supply

Total new supply in 2025 reached 442,000 sqm, with 59% pre-committed and 41% speculative.
Outer West accounted for 67% of the total new supply.
South West saw 170,000 sqm of new supply, with 80% speculative.
Inner West added 46,000 sqm, including Goodman's Chullora Industrial Hub.
South had no new major supply in 2025.

Investment Activity

Investment activity totaled $4 billion in 2025, with cross-border investors accounting for around half of the transaction volume.
Notable transactions included:
- BGO and Centuria acquiring three warehouses in the Outer West for $201 million.
- PGIM Real Estate and Cadence Property purchasing the St Mary's Intermodal Facility for $145 million.
- Wentworth Capital acquiring Rydalmere Metro Centre for $152 million.
Prime yields compressed by 13bps over the year, averaging 5.39% in Western Sydney.

Market Grades

Prime Grade industrial assets are modern, well-maintained, and include an office component of 10-30%.
Secondary Grade assets are older, in poorer condition, and have an office component of 10-20%.

Vacancy Methodology

Vacancies are categorized into:
1. Existing Buildings - available for lease.
2. Speculative Buildings - vacant despite practical completion.
3. Spec. Under Construction - buildings under construction for lease within 12 months.

Contact Information

Ben Burston - Research & Consulting
+612 9036 6756
ben.burston@au.knightfrank.com
Orlando Maciel - Industrial Logistics, NSW
+612 9036 6728
orlando.maciel@au.knightfrank.com
Marco Mascitelli - Research & Consulting
+612 9036 6656
marco.mascitelli@au.knightfrank.com
Angus Klem - Industrial Logistics, Investments
+612 9028 1110
angus.klem@au.knightfrank.com
Naki Dai - Research & Consulting
+612 9036 6673
naki.dai@au.knightfrank.com
Jack Needham - Valuation & Advisory, NSW
+612 9036 6663
jack.needham@au.knightfrank.com