TMX Industrial Property Market Snapshot Q4 25

Industrial Property Market Snapshot

Australia & New Zealand QUARTERLY UPDATE – Q4 2025

National Industrial Property Market Overview

Australia & New Zealand Q4 2025

WESTERN AUSTRALIA

• Rental - Slight Increase in face rents

• Incentives - Remain stable

• Land Supply - Constrained development ready land

• Building Supply - Dependent on precommitment

• Demand - Remains consistent

QUEENSLAND

• Rental - Stable across existing and spec facilities

• Incentives - High incentives achievable

• Land Supply - Continues to be constrained in all markets

• Building Supply - Significant take up in Q4 to drive development

• Demand - Strong Q4 to conclude 2025

NEW SOUTH WALES

• Rental - Stable for brownfield, increasing for new builds

• Incentives - Remain consistent between 12.5 - 20%

• Land Supply - Concentrated in Outer West precinct

• Building Supply - Forecast to increase leading into 2026

SOUTH AUSTRALIA

• Rental - Stable on existing and spec facilities

• Incentives - Remain stable for prime industrial

• Land Supply - Remains constrained

• Building SupplyUncommitted specs in Outer North

• Demand - Record gross take up in 2025

VICTORIA

• Rental - Slight increase in West

• Incentives - Vary across markets, remain stable

• Land Supply - Constrained in West and South East

• Building Supply - Strong spec supply, vacancy now above 3%

• Demand - Leasing activity remains strong

Data in the following pages is based on industrial buildings > 5,000sqm

• Demand - Still cautious with renewals considered, tenants focused on efficiencies

NEW ZEALAND

• Rental - Stable

• Incentives - Remain unlikely

• Land Supply - Remains in short supply

• Building Supply - Some new specs planned for 2026

• Demand - Moderately improving

Prime: Buildings less than 10 years old with internal clearances at or above 13.7m. Buildings showcase design excellence offering ESFR sprinklers, a combination of docks/on-grade doors and sufficient truck articulation for loading/unloading.

Secondary: Buildings generally older than 10 years old but still functional with internal clearances up to 12.6m at the ridge. Buildings typically don’t have high sustainability ratings and may have limitations with warehouse access (no. docks/ on grade doors) and restricted heavy vehicle maneuverability on site.

Victoria

Melbourne Property Market Overview

*Key industrial suburbs only listed

WEST

• Altona

• Truganina

• Laverton

• Deer Park

• Tarneit

NORTH SOUTH EAST

• Tullamarine/Melbourne Airport

• Epping

• Campbellfield

• Somerton

• Craigieburn

• Mickleham

• Dandenong South

• Cranbourne West

• Keysborough

• Mentone

• Clayton

Industrial Market Commentary

Incentives remain unchanged while face rents trend marginally higher

Flight to quality continues, secondary stock continues to languish

Construction costs easing with steel and concrete costs key drivers

Tenants prioritise high clearance warehousing that can support automation

Private capital transactions are overtaking institutional deals

particularly in North

Recent Property Transactions

Delivered by TMX

Location: Melbourne Airport

Building Area: 25,090sqm

New South Wales

Sydney Property Market Overview

*Key industrial suburbs only listed

NORTH WEST

• Marsden Park

• Seven Hills

• Glendenning

OUTER WEST

• Wetherill Park

• Eastern Creek

• Kemps Creek

INNER WEST

• Homebush

• Chullora

• Silverwater

SYDNEY

OUTER SOUTH WEST

• Ingleburn

• Minto

• Smeaton Grange

SOUTH WEST

• Milperra

• Prestons

• Moorebank

SOUTH

• Alexandria

• Mascot

• Matraville

Industrial Market Commentary

Incentives remain steady around 12.5% to 20% in most locations

Developers seeking to increase face rents on more recently acquired land estates

Land values hold steady with tradeable land in short supply across Sydney

Just in time demand remained patchy in 2025, particularly from 3PL

Vacancy has steadied with a pause in the quantity of speculative construction

Outgoings growth may be easing, though remain a focus for occupiers

Recent Property Transactions

Queensland

Brisbane Property Market Overview

*Key industrial suburbs only listed

*Logan Motorway Corridor includes Heathwood, Larapinta, Berrinba, Parkinson, Meadowbrook, Kingston

WEST

• Wacol

• Carole Park

• Redbank

• Bundamba

• Swanbank

NORTH

• Banyo

• Geebung

• Northgate

• Brendale

• North Lakes

TRADE COAST

• Eagle Farm

• Brisbane Airport

• Pinkenba

• Murarrie

• Port of Brisbane

SOUTH & LOGAN

• Acacia Ridge

• Archerfield

• Willawong

• Logan Motorway Corridor*

• Crestmead

YATALA

• Yatala

• Stapylton

• Ormeau

BRISBANE

Industrial Market Commentary

Q4 2025

Rental growth has eased across Brisbane with landlords rationalising rates

Restricted land supply in central markets pushing development further south and west

Incentive levels achieving PreCovid highs for 5,000sqm+ facilities

Likely to see renewed push for speculative product with recent take up

Vacancy rate decreased in Q4 due to significant take up

Recent Property Transactions

Designed, procured & delivered by

Location: Cairns, Queensland

Building Area: 2,823sqm

South Australia

Adelaide Property Market Overview

*Key industrial suburbs only listed

OUTER NORTH

• Edinburgh

• Direk

• Regency Park

• Wingfield

• Pooraka INNER NORTH

INNER WEST

• Adelaide Airport

• Mile End

• Torrensville

• Edwardstown

• Glandore

• St Marys INNER SOUTH

OUTER SOUTH

• Lonsdale

Industrial Market Commentary

Q4 2025

Recent Property Transactions

Designed,

Location: Edinburgh, South Australia

Building Area: 8,920sqm

Western Australia

Perth Property Market Overview

*Key industrial suburbs only listed

NORTH

• Wangara

• Balcatta

• Malaga

CORE

• Perth & Jandakot Airport

• Kewdale

• Welshpool

• Bibra Lake

EAST

• Forrestdale

• Brookdale

SOUTH

• Henderson

• East Rockingham

PERTH

Industrial Market Commentary

Q4 2025

Limited availability of tenancies above 5,000sqm

Pre-lease rent growing steadily due to lack of spec stock

Consistent leasing demand

Development land supply mainly available in south

Vacancy has tightened across the quarter

Speculative stock construction low and relies on pre-commitment

Recent Property Transactions

Procured & delivered by TMX

Location: Jandakot, Western Australia

Warehouse Area: 5,540sqm

Container-rated Hardstand: 9,860sqm

Industrial Market Commentary

Q4 2025

Flight to quality dynamics are emerging

Increased level of tenant negotiation leverage

Locational efficiency proving key

Improving levels of tenant enquiry

Rising vacancy in smaller warehouses in Auckland

Rents holding steady across NZ markets

*NZ typically itemises rents for warehouse, office, canopy, hardstand, yard and parking. Above rents are normalized to reflect overall GLA, as per AU methodology.

Our team of Property Experts across ANZ

Portfolio Management Services

Our unique integrated property portfolio service offering allows us to assist with…

Rental

• Rent review

• Rental audits

• Benchmarking

Property Negotiations

• New and renewed leases

• Make Goods

• Surrender and assignments

• Sale of freehold sites

Outgoings

• Reviews and reconciliations

• Identify cost saving opportunities

Building & Compliance

• Repairs and maintenance responsibilities and negotiations

Centralised Platform

• Capture critical dates

• Document repository

In addition to undertaking complete portfolio management services, our team has recently completed additional services for clients including:

• Lease renewal

• Renegotiating lease terms

• Surrender of lease

• Outgoings audits

• Make good negotiations

• Market rent review & analytics

• Lease audit

• Property review & advice

• Stay vs go analysis

Construction Project Management

Managing your construction of an industrial warehouse project, from standard facilities through to automated, purpose-built distribution centers.

Working with hundreds of clients in your shoes, we’ve found that a lack of in-house expertise to navigate property procurement and construction journeys, can hinder expansion.

Through our team of industry specialists with end-to-end capabilities, we support this process, ensuring certainty from the business case, through to project delivery.

End-to-end Support

Know your costs

Develop a robust base building to avoid variations and unforeseen costs during construction.

Timeline control

Delivery timeline certainty will ensure clarity on transition timeframe and coordination with operations.

Early access

Early access to commence operational fit-out to provide financial benefit to minimize ongoing rental payments.

Ensure optimum quality

Quality of the build will ensure longevity in the asset for the term of the lease.

Indicative Construction Costs

All below figures are based on a generic 13.7m high warehouse shell including high level services

When facilities need to be upgraded or new facilities need to be constructed, we are here to support and add value to the process.

The latest construction rates are below for your reference, sourced from across our current projects. We can support in any early feasibility works that you may have to ensure that your next project achieves the full benefit to optimise your operations.

Study

TMX undertook an end-to-end process for Coles, including:

• Developing a detailed technical design document and architectural plans.

• Property procurement facilitated through a developer tender and selection process.

• Negotiation of Agreement for Lease

• Complete project management including automation

Construction Project Management Team

Supply Chain Solutions

Addressing challenges at all stages of your digital and physical supply chain.

Supply Chain Strategy

Take a three-sixty-degree view of your supply chain.

Freight & Logistics

Transport your goods from supplier to end customer in the most efficient way.

Advanced Manufacturing

Create value by systematically eliminating waste and inefficiency.

Network Design DC Design & Optimisation

Improve the flow of your products, from source to end consumer.

Merchandise Planning

Carefully curated product ranges, and accurate demand and fulfilment plans.

Design your warehouse solution for now, and in the future.

Program Management

Equip your business with systems to support future growth.

Investment Feasibility

Market-based research customized for your needs.

Supply Chain Team

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