Figures Australia Industrial and Logistics 3Q24

Key Points

• Australia’s e-commerce penetration rate continues to increase equates to 13.5% (or AUD 58 billion over the past 12 months).  
• Gross take-up in 3Q24 increased compared to the previous quarter, however unlikely to surpass the long-run average by year-end.
• Around one-quarter of the total new floorspace to be delivered this year was completed in 3Q24, with new supply for the CY2024 expected to total around 3 million sqm.
• Rental growth this quarter has slowed across most major markets across Australia. Super prime net face rents (supply-weighted average) increased by 1.6% q-o-q. Rental growth for the Brisbane market has remained the most resilient and, as such, has the highest y-o-y net face rent growth of 13%.
• The national average midpoint yield for super prime grade asset now stands at 5.9%.
• Investment sales for income producing assets (≥ AUD 10 million) in 3Q24 totalled just over AUD 5 billion, bringing the 2024YTD total above the long-run average of AUD 6.3 billion.