Figures

Figures Perth Industrial and Logistics 4Q24

January 16, 2025 10 Minute Read

Strong pre-leasing over 4Q24 resulted in gross take-up of c.119,300 sqm for the quarter, and a total of c.296,000 sqm for CY2024, significantly above the 10-year average.
New floorspace added totalled c.34,900 sqm over 4Q24, bringing the CY2024 total to c.191,000. The current pipeline of new development supply between 2025 and 2027 is forecast to total an annual average of c.179,000 sqm, which is above the 10-year average.
The pre-commitment rate for the forward pipeline (2025-2027) is close to 60% as of 4Q24.
Super prime net face rents were stable q-o-q, up 11.1% y-o-y. Super prime incentives have increased to an average of 13%.
1.6 ha lot values were steady q-o-q at an average of AUD 518/sqm, up 8.0% y-o-y. The smaller 0.25 ha lot values increased by 1.6% q-o-q to an average of AUD 622/sqm, up 14.1% y-o-y.
Sales transaction volumes have totalled AUD 567 million for CY2024 - below the 10-year average of AUD c.700 million.
Yields were steady q-o-q across all grades with super prime and prime midpoint yields remaining at 6.3% and 6.5%, respectively.