Occupier demand up significantly over Q4 2025

• Occupier demand in the Perth industrial and logistics market increased significantly over Q4 2025, with 139,100 sqm of gross take-up recorded across 17 major occupier moves (≥3,000 sqm). This was the strongest quarterly reading recorded since Q2 2015.
• Gross take-up totalled 363,300 sqm over the past 12 months, above the 10-year average of 215,100 sqm. Demand was led by the transport, postal & warehousing (40.3%), professional, scientific & technical services (9.4%) and retail trade (8.5%) sectors.

Five major developments completed over the quarter

• Five major completions (≥3,000 sqm) were recorded over Q4 2025, totalling 59,100 sqm. There are currently 14 projects under construction totalling 181,300 sqm, with the latest project expected to complete by Q3 2027.
• Six projects totalling 99,700 sqm are in the plans approved stage, and two projects totalling 12,200 sqm are in the plans submitted stage. The majority (77.1%) of these projects have not been pre-committed.

Prime rents and yields unchanged over Q4 2025

• Average prime existing net rents were stable across all precincts over Q4 2025. Annually, the North precinct recorded the strongest 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: Rental growth to be supported by robust occupier demand and low supply

• Occupier demand is expected to remain robust and will continue to be supported by the transport, postal & warehousing and manufacturing sectors. This may continue to drive vacancy rates down further.
• Rents are expected to continue to increase due to low supply and strong occupier activity. Prime yields are expected to remain stable over the short term.