Occupier demand down over Q3 2025

• Occupier demand in the Perth industrial and logistics market decreased over Q3 2025, with 45,500 sqm of gross take-up recorded across five major occupier moves (≥3,000 sqm). Quarterly tenant activity was below the two-year quarterly average of 67,600 sqm.
• Gross take-up totalled 278,900 sqm over the past 12 months, above the 10-year average of 212,600 sqm. Demand was led by the transport, postal & warehousing (36.4%), wholesale trade (13.6%) and professional, scientific & technical services (12.0%) sectors.

No major developments completed over the quarter

• No major completions (≥3,000 sqm) were recorded over Q3 2025. However, there are currently 12 projects under construction totalling 167,000 sqm, with the latest project expected to complete by Q4 2027.
• Ten projects totalling 117,700 sqm are in the plans approved stage, and four projects totalling 26,200 sqm are in the plans submitted stage. The majority (81.0%) of these projects have not been pre-committed.

No movement in prime rents and yields over Q3 2025

• Average prime existing net rents were stable across all precincts over Q3 2025. The North precinct recorded the strongest annual growth (4.0%), followed by the South (3.6%) and East (3.5%) precincts.
• Prime midpoint yields were stable at 6.25% across all precincts over the quarter. On an annual basis, yields tightened 25 basis points (bps).

Outlook: Robust occupier demand to support rental growth and new supply

• Speculative supply remains prominent in the Perth market despite still-elevated construction, material and labour costs. This new supply is expected to be supported by robust occupier demand.
• Moderate and stable rental growth is expected over the short term in the Perth market, with prime yields expected to remain stable over the rest of 2025.