Brisbane Industrial and Logistics Figures Q3 2024

Key Points

• Gross take-up fell by 14% compared to last quarter, totalling c.97,400 sqm. Wholesale trade occupiers dominated lease activity in 3Q24.
• New floorspace added to the market in 3Q24 totalled c.243,300 sqm, double the completions recorded in 2Q24. The CY2024 pipeline is expected to total c.788,000 sqm, with 40% of this floorspace pre-committed.
• Brisbane’s industrial rents increased further over the quarter. Super prime, prime and secondary net face rents increased by 1.7%, 1.4% and 1.9% (q-o-q), respectively.
• Land values over 3Q24 appreciated by approximately 6% and 4% q-o-q for 0.25 ha lots and 1.6 ha lots, respectively.
• A total of AUD 198 million in sale transactions (for transactions ≥ AUD 5 million) was recorded in 3Q24, representing a decrease of 12% compared to the previous quarter.
• Yields have remained unchanged over the quarter– with the midpoint yield in 3Q24 for super prime grade assets remaining at 5.8% across the Brisbane market.