Melbourne Industrial and Logistics Figures Q4 2025

Key Points:

• Gross take-up for 4Q25 totalled c.190,000 sqm, representing a  quarter on quarter decline as tenant enquiry remained subdued.
• New floorspace added to the market totalled c.150,000 sqm across 15 major projects, with majority of completions taking place in Melbourne’s West. A significant share of the forward pipeline is not yet under construction, elevating uncertainty around start dates and completion timing. 
• The average vacancy rate lifts to 4.7% (as at 2H25). Average net effective rents continue to decline and decreased by 0.7% over the quarter.
• Land values recorded a marginal increase over the quarter, underpinned by firm activity in the Inner and North precincts. Elsewhere, feasibility constraints continue to weigh on pricing.
• Investment sales totalled approximately AUD 339 million in 4Q25, across 13 transactions valued at or above AUD 5 million.
• Yields across all grades and precincts held stable over 4Q25.