> **来源：[研报客](https://pc.yanbaoke.cn)** # Brisbane Industrial State of the Market Solid leasing demand and tightening vacancy supports rents Q4 2025 - Rental growth continued in Q4, with prime and secondary rents up $1.4\%$ and $0.7\%$ , bringing annual growth to $6.3\%$ and $3.3\%$ , respectively. Prime incentives eased to $12.6\%$ , down 30 bps q/q, but remain 90 bps higher y/y. - Vacancy fell by 59,301sqm over Q4 to an overall vacancy rate of $5.0\%$ . The South precinct recorded the largest fall of 64,234sqm over the quarter to $5.3\%$ with most of the take-up in existing secondary space. - Highest quarterly leasing take-up in three years lifted the total 2025 take-up to 847,797sqm, $4 \%$ higher y/y. - Prime yields were stable over the quarter at $5.89\%$ , with increasing purchaser competition balanced by changing monetary policy expectations. Following the $204.5 million UniSuper purchase of a portfolio of South West assets in late 2025, greater portfolio sales activity is expected during 2026. Vacancy rate by precinct as $\%$ Brisbane Industrial Vacancy Rate Brisbane leasing take-up Brisbane net face rents Leasing take up by Industry Industrial Market Indicators - Q4 2025 <table><tr><td>Precinct</td><td>Prime net face rent ($/sqm)</td><td>% change q/q</td><td>Land values <5,000 sqm ($/sqm)</td><td>Land values 1-5 ha ($/sqm)</td><td>Vacancy (sqm)</td><td>Vacancy Rate (%)</td><td>Take-up (sqm)</td><td>Prime core market yield</td></tr><tr><td>Trade Coast</td><td>215</td><td>2.8</td><td>1,360</td><td>927</td><td>169,046</td><td>4.3</td><td>33,153</td><td>5.64%</td></tr><tr><td>Northern</td><td>185</td><td>1.6</td><td>900</td><td>720</td><td>75,379</td><td>4.3</td><td>10,715</td><td>5.80%</td></tr><tr><td>South</td><td>166</td><td>0.6</td><td>825</td><td>661</td><td>245,532</td><td>5.3</td><td>117,792</td><td>5.93%</td></tr><tr><td>South West</td><td>167</td><td>1.2</td><td>760</td><td>645</td><td>184,386</td><td>5.5</td><td>68,773</td><td>6.06%</td></tr><tr><td>South East</td><td>163</td><td>0.6</td><td>940</td><td>790</td><td>97,480</td><td>5.7</td><td>21,000</td><td>6.05%</td></tr><tr><td>Brisbane</td><td>179</td><td>1.4</td><td>957</td><td>749</td><td>771,823</td><td>5.0</td><td>251,433</td><td>5.89%</td></tr></table> Brisbane industrial land values $/sqm Brisbane Industrial Supply '000sqm by type Recent Significant Tenant Commitments <table><tr><td>Tenant</td><td>Property</td><td>Precinct</td><td>Lease Type</td><td>Size (sqm)</td><td>Net rent ($/sqm)</td><td>Term (yrs)</td></tr><tr><td>Wallenius Wilhelmsen</td><td>44 Stradbroke St, Heathwood</td><td>South</td><td>Existing</td><td>30,086</td><td>u/d</td><td>u/d</td></tr><tr><td>Manheim</td><td>50 Tradecoast Dr, Eagle Farm</td><td>Trade Coast</td><td>Speculative</td><td>22,504</td><td>185</td><td>10</td></tr><tr><td>Country Care Group</td><td>26 Industrial Cr, Acacia Ridge</td><td>South</td><td>Existing</td><td>9,714</td><td>148</td><td>10</td></tr><tr><td>Indya Foods</td><td>1B, 278 Orchard Rd, Richlands</td><td>South West</td><td>Existing</td><td>5,051</td><td>125</td><td>1</td></tr><tr><td>State of QLD</td><td>46-50 Mica St, Carole Park</td><td>South West</td><td>Existing</td><td>4,783</td><td>203</td><td>10</td></tr></table> Recent Significant Sales <table><tr><td>Property</td><td>Precinct</td><td>Price ($m)</td><td>GLA (sqm)</td><td>$/sqm</td><td>Purchaser</td><td>Vendor</td><td>Yield (%)</td><td>WALE</td></tr><tr><td>95 Gilmore Rd, Berrinba</td><td>South</td><td>101.80</td><td>41,318</td><td>2,464</td><td>Cadence Property</td><td>CapitaLand</td><td>u/d</td><td>-</td></tr><tr><td>Fife Industrial Portfolio*</td><td>South West</td><td>204.5</td><td>52,320</td><td>3,909</td><td>Uni Super/ Richmond Bridge</td><td>Fife Capital</td><td>5.76</td><td>7.2</td></tr><tr><td>405 Newman Rd, Geebung</td><td>North</td><td>72.50</td><td>22,388</td><td>3,350</td><td>Gateway Capital</td><td>QIC/Fife Capital</td><td>6.00</td><td>4.5</td></tr><tr><td>140 Wecker Rd, Mansfield</td><td>South</td><td>53.00</td><td>13,164</td><td>4,026</td><td>Pittwater Industrial Pty Ltd</td><td>EG Funds</td><td>5.92</td><td>3.6</td></tr><tr><td>38 Birdwood Cr, Redbank</td><td>South West</td><td>27.96</td><td>33,906 site</td><td>825^</td><td>Kent Removals</td><td>Goodman Group</td><td>Site</td><td>-</td></tr></table> * Three properties located at 43-91 Rudd St, Oxley, 11-29 Argyle Pde, Darra and 104 Bandarra St, Richlands ^on site area Major Developments <table><tr><td>Property</td><td>Precinct</td><td>GLA (sqm)</td><td>Completion Date</td><td>Developer</td><td>Lease type</td></tr><tr><td>4499-4651 Mount Lindsey Hwy, North Maclean</td><td>South</td><td>40,939</td><td>Complete</td><td>Charter Hall</td><td>Pre-committed</td></tr><tr><td>347 Lytton Rd, Morningside</td><td>Trade Coast</td><td>19,290</td><td>Complete</td><td>Fife Capital</td><td>Speculative</td></tr><tr><td>15 & 25 Goulburn Rd, Willawong</td><td>South</td><td>15,298</td><td>Q1-26</td><td>Mainfreight</td><td>Owner Occupied</td></tr><tr><td>50-80 Manton St, Morningside</td><td>Trade Coast</td><td>11,679</td><td>Q1-26</td><td>Centennial</td><td>Speculative</td></tr><tr><td>6-32 Weedman St, Redbank</td><td>South West</td><td>14,946</td><td>Q2-26</td><td>Goodman</td><td>Pre-committed</td></tr></table> Industrial Logistics, QLD Mark Clifford +61732468802 Mark.clifford@au.knightfrank.com Industrial Investments, QLD Elliot Ryan +61732468828 elliot.ryan@au.knightfrank.com Valuation & Advisory, QLD Tom Hadfield +61731936822 tom.hadfield@au.knightfrank.com Research & Consulting Ben Burston +61290366756 ben.burston@au.knightfrank.com Research & Consulting Jennelle Wilson +61732468830 jennelle.wilson@au.knightfrank.com Research & Consulting Wade Leofa +61735168816 Wade.leofa@au.knightfrank.com