Figures

Figures Sydney Industrial and Logistics 4Q24

January 16, 2025 10 Minute Read

Gross take-up over the quarter has decreased significantly compared to 3Q24, totalling circa 123,000 sqm over 4Q24. The Manufacturing sector dominated total floorspace leased (50%).
Average vacancy rate rises marginally and remains relatively low at 2.1% (as at 2H24).
Around one-third of the CY2024 supply pipeline reached completion this quarter, bringing the total new supply for the year to c. 890,000 sqm.
Rental growth increased over the quarter with super prime net face rents increasing by 2.2%. The y-o-y growth rate stands at 5.8% for average super prime grade assets across for Sydney market). Incentives across all asset grades continue to rise and currently average 16%.
Average land values over the quarter for all lot sizes have remained relatively flat with ‘infill’ precincts demonstrating the strongest resilience on a y-o-y basis.
A total of AUD 685 million of investment sales has been recorded in 4Q24, across 23 transactions (for sales ≥ AUD 5 million).
Super prime and prime midpoint yields remain stable over the quarter and stand at 5.5% and 5.6%, respectively.