Figures Perth Industrial and Logistics 2Q23

July 23, 2023 10 Minute Read

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​Key Points:

  •  Australia’s e-commerce penetration rate has stabilized and equates to 12.7% (or AUD 53 billion over the past 12 months).
  • Gross take-up in 2Q23 has totaled half a million sqm, which is significantly below the 5-year quarterly average rate (c.900,000 sqm) – owing to record low vacancy rates (national average stable at 0.6%, as at 1H23).
  • Around 23% of the total new floorspace to be delivered in 2023 was completed in 2Q23, with total new supply for the CY2023 expected to reach a record high of 3.2 million sqm.
  • Rental growth over the quarter continues to climb, with the supply-weighted average super prime grade assets increasing by 5.0% q-o-q due to a chronic shortage of space. Melbourne recorded the highest q-o-q growth in super prime net face rents (+7.5%).
  • The national average midpoint yield for super prime grade asset now stands at 5.36%.
  • Investment sales for income producing assets (≥ AUD 10 million) in 2Q23 totaled AUD 1.6 billion.