CBRE

FIGURESIPERTHINDUSTRIAL&LOGISTICSIQ42025

comprcss

18%

2H25perthindustrialvacancyrate

Note:Arrowsindicatechangefrompreviousquarter.

c.87,000sqm

Newindustrialsupply4Q25

c.86,500sqm

Grosstakeup4Q25

5.9%

superprimemidpointyield

keypoints

-Grosstake-upofc.86,500sqmwasrecordedfor4Q25andc.255,000sqmforcy2025,exceedingthelong-runannualaverage.

-Newfloorspaceaddedtotalledc.87,000sqmoverthequarter.Thecurrentpipelineofnewdevelopmentsupplybetween2026and2027isforecasttoaveragec.272,000sqmper

annum,whichisabovelong-runannualaverage.

Theprecommitmentratefortheforwardsupplypipeline(20262027)remainselevatedataround70%,

superprimenetfacerentsremainedstableq-o-q,aswereincentives.

owneroccupieractivityincreasedlandvaluesfor0.25halotswhichnowaverageAUD730/sqm-up16.2y-0-y.

InvestmenttransactionsofAUD563millionhavebeenrecordedfor2025(fortransactions之AUD5million),withprivateinvestorsbeingactiveinthemarket.

-superprimemidpointyieldscompressedby13bpsq-o-qto5.9%.primemidpointyieldsremainedstableq-0-qat6.5%.

FIGURES|Industrial&Logistics|Q42025

2CBRERESEARCH?2026CBRE,INC.

Demand

Grosstake-upforcy2025exceededthelong-ruaverage

Grosstake-upofapproximately86,500sqmwasrecordedfor4Q25,bringingthecy2025totaltake-uptoc.255,000sqm,abovethe10yearaverageofc.186,000sqm.whileactivityhasremainedabovethelong-runaverage,leasingconditionshavemoderatedcomparedwith12monthsago.

Grosstakeupforcy2025declinedby14%y-o-y,withleasingenquiryvolumessoftening.This

moderationhasbeenmostevidentinthelargersizesegment(c.10,000+sqm),wheretenantdepthisthinnerrelativetosmaller-formatandsubleaseavailabilityhasincreased.Asaresult,perth's

industrialvacancyrateroseto1.8%in2H25,upfrom1.2%in1H25.

Leasingactivityin4Q25waspredominantlydrivenbyexistingstock,whichaccountedfor80%of

totalgrosstake-up,consistentwiththebroadercy2025trend,whereexistingstockrepresented77%oftotalleasingactivity.

Notabletransactionsduringthequarterincluded:

Australiaposttakingupc.15,000atJandakotAirport

pacificEnergypre-committingtoac.17,000sqmworkshopatperthAirport.

Leasingactivityin4Q25wasconcentratedinthesouthandEastprecincts,accountingfor44%and43%ofgrosstakeuprespectively,whiletheNorthprecinctcaptured13%.Thismirrorsthecy2025distribution,withthesouthandEasteachaccountingfor44%ofannualtake-upandtheNorth12%.

FIGURE1:perthgrosstake-uptopindustrysectors,cy2025

source:CBREResearch.

FIGURE2:perthgrosstake-upbyprecinct,2012-2025

mnEastmnsouthNorth10yrAverage

FIGURE3:perthquarterlygrosstake-up,4Q19-4Q25

Grosstake-upquarterlytotal12monthrollingtotal

source:CBREResearch.

FIGURES|Industrial&Logistics|Q42025

supply

Elevatedpre-commitmentlevelsdespitestrongerforwardsupply

Newfloorspaceaddedtothemarkettotalledc.188,000sqmforcy2025.completionsoverthequartertotalledc.87,000sqm-accountingforalmost50%ofthenewsupplyforcy2025.

Newsupplydeliveredover4Q25wasconcentratedmainlyinthesouthprecinctaccountingfor57%oftotalfloorspace,followedbytheNorth(30%)andEast(13%).comparedwiththepast10-years,theshareofnewsupplydeliveredintheEasthasbeensignificantlyhigher

averaging30%.

Notabledevelopmentcompletionsrecordedoverthequarterinclude:

Dexus'specfacilityatASCENDIndustrialEstateinJandakot(c.17,000sqm)

TollHealthcare(c.5,500sqm)andLindsayTransport(c.6,000sqm)facilitiesinHazelmere.

Thedevelopmentsupplypipelineisforecasttototalc.290,000sqmfor2026andc.253,000

sqmfor2027.Thisaveragesc.272,000sqmperannumsignificantlyabovethe10-year

averageofc.140,000sqm.However,thepre-commitmentrateiselevatedatcloseto70%overthisperiod.

Around47%ofthe2026-2027pipelinehascommencedconstruction.

Notableprojectsexpectedtoreachpcin2026include:CEVALogisticsfacilityinHazelmere(38,500sqm)

NutrienAgfacilityinEastRockingham(24,750sqm).

Theconcentrationofnewfloorspacetobedeliveredover2026F2027FisforecasttobeaddedintheEast(60%),followedbythesouth(32%).

FIGURE4:Developmentsupplypipeline2014-2028F

mmcompletemnunderconstruction

DAApprovedDevelopmentApplicationstage

----Historic10-yearAverage

FIGURE5:DevelopmentsupplypipelineByprecinct2026F2027F

source:CBREResearch.Asat4Q25projects>3,000sqm.

3CBRERESEARCH?2026CBRE,INC.

FIGURES|Industrial&Logistics|Q42025

4CBRERESEARCH?2026CBRE,INC.

LeasingMarket

perthvacancyincreasesasmarketconditionsmoderate

superprimenetfacerentswerestableq-o-qatanaverageofAUD155/sqm,whileincreasing3.3%y-0-y.

Rentalgrowthhasmoderatedoverthepast24months,followingtherapidescalationinrentssince2021.Morerecently,tenantenquiryvolumeshavesoftenedasoccupiersadjustto

broadereconomicuncertaintyandhighermarketrents.Thishasdrivenanupliftinincentives,withsuperprimeincentivesaveraging15%,stableq-o-qandupfrom5%attheendof2023.ASaresult,superprimeneteffectiverentsincreasedmodestlyby0.4%y-o-ytoAUD132/sqm.

primenetfacerentswerestableq-0-qatAUD145/sqm,andup3.6%y-0-y.primeincentivesremainedstableq-0-qat15%,thoughare5percentagepointshighery-o-y.Reflectingthe

higherincentiveenvironment,primeneteffectiverentsdeclinedslightlyby2.2%y-o-ytoAUD123/sqm.

Inthesecondarygrademarket,netfacerentsrose4.2%q-o-qand11.6%y-o-ytoAUD125/sqm.However,thiscoincidedwithafurtherincreaseinincentives,up5percentagepointsq-o-qto20%,weighingoneffectiverents.secondaryneteffectiverentsnowaverageAUD100/sqm,

down2.0%q-o-qand3.0%y-0-y.

perth'sindustrialvacancyrateincreasedto1.8%in2H25,upfrom1.2%in1H25.Theincrease

reflectsacombinationofnewsupply,backfillspaceandrisingsubleaseavailability,particularlyinthe10,000+sqmsegment,whereconditionshavemoderatedmodestly.

FIGURE6:perthsuperprimeAverageRentsandIncentives

AverageIncentive(RHS)NFR(LHS)NER(LHS)

source:CBREResearch

FIGURE7:perthIndustrialNetFaceRentsbyGrade

superprimeprimesecondary

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

5CBRERESEARCH?2026CBRE,INC.

Landvalues

owneroccupierdemanddrivingcontinuedgrowthinlandvalues

During4Q25,averagelandvaluesincreasedacrossboth0.25halotsandlarger1.6halots.Average0.25halandvaluesrosetoAUD730/sqm,up16%y-o-y.GrowthwasstrongestintheNorthprecinct,wherevaluesincreased19%y-o-ytoAUD800/sqm,followedbytheEastprecinct(+17%y-o-ytoAUD

775/sqm)andthesouthprecinct(+12%y-o-ytoAUD615/sqm).

owner-occupierdemandhasremainedtheprimarydriverofgrowthin0.25halots,supportedbythelimitedavailabilityofsmallersites,whichtendtotransactmoresporadicallyandaretypicallylocatedwithinmoreestablishedindustrialprecincts.Thesecharacteristicscontinuetoattractstrongbuyerinterest,

Forlarger1.6halots,averagelandvaluesincreasedmoremodestly,rising7%y-o-ytoAUD555/sqm.

Growthinthissegmenthaslaggedsmallerlots,reflectinglowerowner-occupierparticipationandmoresubduedinvestoractivityamidelevatedfinancingandconstructioncosts.In4Q25,averagelandvaluesfor1.6halotswereAUD600/sqmintheNorth,AUD465/sqmintheEast,andAUD465/sqminthe

south,withthesouthprecinctrecordingthestrongestannualgrowthat+13.4%y-o-y.

FIGURE8:AverageLandvalues,1.6halots(4Q17to4Q25)

650

550

500

450

400

350

300

250

200

150

EastNorthsouth

source:CBREResearch

FIGURE9:AverageLandvalues,0.25halots(4Q23to4Q25)

w4Q23w4Q24w4Q25

FIGURE10:AverageLandvalues,1.6halots(4Q23to4Q25)

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

6CBRERESEARCH?2026CBRE,INC.

InvestmentMarket

perthsuperprimeyieldsdecrease

InvestmentsaletransactionvolumesreachedAUD563millionincy2025,justbelowtheAUD582millionrecordedtheprioryearandbelowthe10-yearannualaverageofAUD713million(for

transactions2AUD5million).privateinvestorshaveprimarilydriventransactionvolumesthisyear,alongwithsomeowneroccupierpurchases.

Notabletransactionsrecordedover4Q25include:

GDIpropertyGroupdivesting5and15woodstreetinBassendeanforAUD29.5million(leasedtouGLptyLtd,whosignedanew5-yearleaseinoct2024).

cosgroveacquiring6wellardstreetinBibraLake(leasedtoBluescopesteel)forAUD27million.

During4Q25yieldcompressionwasrecordedonlyinsuperprimeassetswithmidpointyields

decreasingby13bpsq-o-qto5.9%.primeandsecondarygrademidpointyieldsremainedstableq-o-qat6.5%and7.0%,respectively.

AnuptickinAustralia'sinflationrateduring4Q25hascreatedsomeuncertaintyontheoutlookforinterestratesandinvestmentmarketsaswelookaheadto2026.Themarketiscurrentlypricinginabout35basispointsofinterestrateincreasesasperthe14January2026ASX30DayInterbankcashRateFuturesImpliedyieldcurve.

FIGURE11:perthAveragecurrentyieldandyieldchangeBYGrade

FIGURE12:perthIndustrialInvestmentsales(greaterthanAUD5million)

2.5

mnEastNorthmnsouth---10yearannualAverage

Tonote:doesnotincludelandsales.

source:CBREResearch

FIGURES|Industrial&Logistics|Q42025

7CBRERESEARCH?2026CBRE,INC.

FIGURE13:AverageperthprimeRentsandIncentives

AverageIncentive(RHS)NFR(LHS)——NER(LHS)source:CBREResearchQ42025

FIGURE14:AverageLandvalues(0.25halots)

EastNorthsouth

source:CBREResearchQ42025

FIGURE15:AverageperthsecondaryRentsandIncentives

source:CBREResearchQ42025

FIGURE16:perthIndustrialMidpointyieldsBYGrade

superprime