2026-02-18-莱坊-Perth_Industrial_State_of_the_Market_Report_Q4_2025_2页_522kb

报告摘要

Perth Industrial Market Summary - Q4 2025

核心内容概述

Perth's industrial market experienced a slowdown in rental growth during Q4 2025, with prime net face rents averaging $154/sqm, up 4.8% year-over-year (y/y) but flat quarter-over-quarter (q/q). Despite the stabilization in rents, land values continued their upward trajectory, with small-sized lots averaging $627/sqm, up 12.2% in 2025 and 1.8% q/q. Prime industrial yields remained unchanged at 6.50% for the ninth consecutive quarter, indicating sustained demand and limited supply.

主要观点

租金增长放缓：尽管租金在2025年全年保持增长，但Q4租金增长趋于平稳，反映出市场供需关系的调整。
土地价值持续上升：无论是小面积还是中等面积的土地，其价值均呈现增长趋势，显示出投资者对工业用地的信心。
激励措施普遍：机构投资者在工业物业交易中普遍提供激励，平均达到 9.6%，有助于吸引买家并推动交易活动。
区域差异显著：东区仍然是租金最高的区域，平均 $164/sqm，比全市平均水平高出约 1%。
市场收益率稳定：核心市场收益率维持在 6.50%，表明投资者对工业资产的回报预期保持一致。

关键市场数据

平均数据

Prime net face rent: $154/sqm
% change y/y: 4.8%
Prime incentive: 9.6%
Prime net effective rent: $140/sqm
Land values (<5,000 sqm): $627/sqm
Land values (1-5 ha): $492/sqm
Prime core market yield: 6.50%

各区域数据

Precinct	Prime Net Face Rent ($/sqm)	% change y/y	Prime Incentive (%)	Prime Net Effective Rent ($/sqm)	Land Values <5,000 sqm ($/sqm)	Land Values 1-5 ha ($/sqm)	Prime Core Market Yield (%)
North	153	5.2	8.8	139	709	450	6.50
East	164	5.8	10.0	148	644	544	6.25
Inner South	158	5.3	10.0	142	669	556	6.38
Outer South	143	2.9	9.7	129	488	419	6.88

经济指标预测

GSP (Gross State Product) growth:
- 2023: 2.5%
- 2024: 0.8%
- 2025: 1.7%
- 2026 (forecast): 2.8%
- 2027 (forecast): 3.1%
- 2028 (forecast): 3.3%
- 2029 (forecast): 3.1%
人口增长：
- 2023: 3.4%
- 2024: 2.9%
- 2025: 2.1%
- 预计未来几年将逐步放缓至 1.6%。
失业率：
- 2023: 3.7%
- 2024: 3.7%
- 2025: 4.0%
- 预计将逐步上升至 4.6% 在2026年，随后稳定在 4.3%。
通货膨胀：
- 2023: 4.0%
- 2024: 2.4%
- 2025: 3.7%
- 预计将逐步下降至 2.5%。
现金利率：
- 2023: 4.4%
- 2024: 4.4%
- 2025: 3.6%
- 预计将维持在 3.4%。
10年期政府债券收益率：
- 2023: 4.0%
- 2024: 4.5%
- 2025: 4.8%
- 预计将逐步下降至 4.3%。

近期重大交易

Property	Suburb	Precinct	Price ($M)	Land Size (sqm)	Building Size (sqm)	$/sqm	Purchaser	Vendor
16 Ashby Close	Forrestfield	East	15.9	8,080	4,502	3,537	PFS Holdings	Wallis Property
6 Wellard Street	Bibra Lake	Inner South	27.0	41,261	7,740	3,488	Cosgrove Group	Bohemia Estates
514 Abernethy Road	Kewdale	East	9.1	13,723	3,287	2,755	Springform	ESR JV GIC
38 Bannister Road	Canning Vale	Inner South	25.0	32,876	15,600	1,603	Private	Charter Hall

联系信息

Research & Consulting
- Tony McGough
- +61 406 928 820
- tony.mcgough@au.knightfrank.com
Industrial Logistics, WA
- Geoff Thomson
- +61 407 245 801
- geoff.thomson@au.knightfrank.com
- Lachlan Lewis
- +61 411 227 727
- lachlan.lewis@au.knightfrank.com
Valuation & Advisory, WA
- Cameron Thomson
- +61 408 782 929
- cameron.thomson@au.knightfrankval.com.au