Figures Australia Industrial and Logistics 1Q24

Key Points:

• Australia’s e-commerce penetration rate is marginally increasing and equates to 13.1% (or AUD 56 billion over the past 12 months).
• Gross take-up in 1Q24 was the lowest quarterly take-up recorded since 2015, totaling c.413,300 sqm.
• Around 15% of the total new floorspace to be delivered this years was completed in 1Q24, with new supply for the CY2024 expected to total a record high of c.3 million sqm.
• Rental growth this quarter was higher than 4Q23 as all major markets across Australia recorded an increase in rents. The supply-weighted average super prime grade asset rent increased by 3.4% q-o-q, and 16% y-o-y.
• The national average midpoint yield for super prime grade asset now stands at 5.8%.
• Investment sales for income producing assets (≥ AUD 10 million) in 1Q24 totaled AUD 0.4 billion.