> **来源：[研报客](https://pc.yanbaoke.cn)** # Perth Industrial State of the Market Rental growth slows but land values continue their ascent Q4 2025 - Prime net face rents in Perth averaged \(154/sqm in 25-Q4, rising 4.8% y/y but flat q/q - The East is still the most expensive precinct to rent industrial space in Perth averaging $164/sqm - Incentives are becoming increasingly common, particularly amongst institutions, they average $9.6\%$ for prime - Land values for small sized lots average \(627/sqm having risen 12.2% in 2025; they rose 1.8% q/q - Prime industrial yields remain flat at $6.50\%$ for the ninth consecutive quarter WA is forecast to have the strongest population growth of any state over the next 5-years Perth industrial prime rents Perth industrial land values Perth industrial rents Perth industrial core market yield Industrial Market Indicators - Q4 2025 <table><tr><td>Precinct</td><td>Prime net face rent ($/sqm)</td><td>% change y/y</td><td>Prime Incentive (%)</td><td>Prime net effective rent ($/sqm)</td><td>Land values <5,000 sqm ($/sqm)</td><td>Land values 1-5 ha ($/sqm)</td><td>Prime core market yield (%)</td></tr><tr><td>North</td><td>153</td><td>5.2</td><td>8.8</td><td>139</td><td>709</td><td>450</td><td>6.50</td></tr><tr><td>East</td><td>164</td><td>5.8</td><td>10.0</td><td>148</td><td>644</td><td>544</td><td>6.25</td></tr><tr><td>Inner South</td><td>158</td><td>5.3</td><td>10.0</td><td>142</td><td>669</td><td>556</td><td>6.38</td></tr><tr><td>Outer South</td><td>143</td><td>2.9</td><td>9.7</td><td>129</td><td>488</td><td>419</td><td>6.88</td></tr><tr><td>Average</td><td>154</td><td>4.8</td><td>9.6</td><td>140</td><td>627</td><td>492</td><td>6.50</td></tr></table> GDP growth forecast Australia comapred to Western Australia, $\%$ change y/y Source: Knight Frank Research, Oxford Economics Population growth forecast WA compared to Western Australia, % change y/y Source: Knight Frank Research, Oxford Economics Recent Significant Sales <table><tr><td>Property</td><td>Suburb</td><td>Precinct</td><td>Price ($M)</td><td>Land size (sqm)</td><td>Building size (sqm)</td><td>$/sqm</td><td>Purchaser</td><td>Vendor</td></tr><tr><td>16 Ashby Close</td><td>Forrestfield</td><td>East</td><td>15.9</td><td>8,080</td><td>4,502</td><td>3,537</td><td>PFS Holdings</td><td>Wallis Property</td></tr><tr><td>6 Wellard Street</td><td>Bibra Lake</td><td>Inner South</td><td>27.0</td><td>41,261</td><td>7,740</td><td>3,488</td><td>Cosgrove Group</td><td>Bohemia Estates</td></tr><tr><td>514 Abernethy Road</td><td>Kewdale</td><td>East</td><td>9.1</td><td>13,723</td><td>3,287</td><td>2,755</td><td>Springform</td><td>ESR JV GIC</td></tr><tr><td>38 Bannister Road</td><td>Canning Vale</td><td>Inner South</td><td>25.0</td><td>32,876</td><td>15,600</td><td>1,603</td><td>Private</td><td>Charter Hall</td></tr></table> Source: Knight Frank Research, MSIC Economic indicators - WA <table><tr><td></td><td>2023</td><td>2024</td><td>2025</td><td>2026 (f)</td><td>2027 (f)</td><td>2028 (f)</td><td>2029 (f)</td></tr><tr><td>GSP (% change y/y)</td><td>2.5</td><td>0.8</td><td>1.7</td><td>2.8</td><td>3.1</td><td>3.3</td><td>3.1</td></tr><tr><td>Population Growth (% change y/y)</td><td>3.4</td><td>2.9</td><td>2.1</td><td>1.8</td><td>1.6</td><td>1.6</td><td>1.6</td></tr><tr><td>Unemployment Rate (%)</td><td>3.7</td><td>3.7</td><td>4.0</td><td>4.6</td><td>4.4</td><td>4.3</td><td>4.3</td></tr><tr><td>Inflation (% change y/y)</td><td>4.0</td><td>2.4</td><td>3.7</td><td>2.9</td><td>2.5</td><td>2.5</td><td>2.5</td></tr><tr><td>Cash Rate (%)</td><td>4.4</td><td>4.4</td><td>3.6</td><td>3.6</td><td>3.4</td><td>3.4</td><td>3.4</td></tr><tr><td>10-year Government Bond Yield (%)</td><td>4.0</td><td>4.5</td><td>4.8</td><td>4.4</td><td>4.3</td><td>4.3</td><td>4.3</td></tr></table> Source: Knight Frank Research, Oxford Economics Research & Consulting Tony McGough +61406928820 tony.mcgough@au.knightfrank.com Industrial Logistics, WA Geoff Thomson +61407245801 geoff.thomson@au.knightfrank.com Industrial Logistics, WA Lachlan Lewis +61411227727 Iachlan.lewis@au.knightfrank.com Research & Consulting Laurence Panozzo +61401251876 laurence.panozzo@au.knightfrank.com Industrial Logistics, WA Dean Munns +61428 890 283 dean.munns@au.knightfrank.com Valuation & Advisory, WA Cameron Thomson +61408782929 cameron.thomson@au.knightfrankval.com.au