Figures Sydney Industrial and Logistics 1Q24

Key Points: 

• Gross take-up over the quarter increased significantly compared to 4Q23, totalling circa 124,000 sqm over 1Q24. The Transport, Postal & Warehousing dominated total floorspace leased (55%).

• Average vacancy remains low at 0.5% (as at 2H23).

• Development supply was subdued this quarter, with 87,000 sqm in new floorspace added.

• Positive rental growth continues although at a slowing pace. Super prime net face rents recorded an average y-o-y growth rate of 14%.

• Average land values for all lot sizes have decreased with ‘infill’ precincts showing the most resilience.

• A total of AUD 260 million of investment sales has been recorded in 1Q24, across 11 transactions (for sales ≥ AUD 5 million).

• Super prime and prime midpoint yields have remained stable at 5.33% and 5.50%, respectively.