The Structural Forces Reshaping Australia’s Industrial Land Market The Industrial Land Shift
Q3 2026
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Introduction
At the same time, industrial land is supporting a broader range of uses. Alongside logistics occupiers, hyperscale data centre operators have become significant purchasers of industrial land, particularly in Sydney and Melbourne, reducing the supply of future warehouse development opportunities within established precincts. The continuation of this trend and a strengthening pre-lease market would mean active land stocks would be absorbed faster than they can be replenished. As a result, the availability of serviced industrial land, rather than the volume of identified land, is increasingly determining industrial development activity, land values and occupier location decisions.
Australia's industrial land market remains characterised by a disconnect between identified land supply and development- ready land. While almost 12,600 hectares of industrial land has been identified nationally, less than 20% is considered active and developer controlled. The primary constraint facing industrial development is not the availability of zoned land, but the delivery of serviced land. Infrastructure, utility capacity, planning coordination and fragmented ownership continue to delay the conversion of identified land into development-ready industrial estates. In some states, the process to convert zoned land into active land supply can take up to five or more years.
Luke Crawford Head of Logistics & Industrial Research – AUS luke.crawford@cushwake.com +61 421 985 784
David Hall Head of CRE & Brokerage Logistics & Industrial - ANZ david.j.hall@cushwake.com +61 428 242 410
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What Does This Mean?
05
04
03
02
01
Market Choice Is Narrowing
Greater Premium For Development Ready Land
Competition For Strategic Land Is Broadening
Occupiers Face New Trade-offs
Future Supply Depends On Conversion
A pricing premium has always existed for development ready land; however, developers and investors are being more aggressive on pricing for sites that offer delivery certainty compared to previous cycles. The depletion of institutional land banks has made land replacement an increasing priority across major markets.
As land availability shifts towards outer-ring precincts, occupiers must increasingly balance occupancy costs against
The emergence of hyperscale data centres is increasing competition for sites in strategically located precincts, reducing the supply of land available for industrial occupiers and influencing where future industrial development is likely to occur.
Australia possesses a substantial industrial land pipeline; however, much of it remains reliant on infrastructure, servicing and planning progression before development can occur. The challenge is increasingly converting identified land into development-ready supply.
Industrial land supply is increasingly concentrated in a small number of precincts, with five submarkets accounting for 65% of active land stock. Alternatively, active land supply in infill precincts represents less than 15% of active land supply nationally.
freight efficiency, labour accessibility and customer proximity.
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Table of Contents
01 02 03 04 05 06
National Overview
Sydney
Melbourne
Brisbane
Perth
Adelaide
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National Industrial Land Supply Snapshot
Despite almost 3,365 hectares of development-ready land nationally, active supply is concentrated within a relatively small number of strategic growth precincts, increasing the reliance on the staged delivery of infrastructure.
3,365 ha Active industrial land stocks
70% Developer controlled active land supply
70%
899 ha 2025 national industrial land take-up
3.2 years Remaining of developer controlled active land supply based on recent take- up trends
NATIONAL 3,365 ha
BRI 700 ha
Methodology/Definitions
PER 420 ha
SYD 829 ha
ADL 159 ha
Land Size
Site Viability
Site Status
MEL 1,258 ha
Active Industrial Land Stocks by City
Active: Development ready (currently serviced or to be serviced within the next 2 years) Long Term: Industrial zoned land without services or required infrastructure (unlikely within the next 2 years)
Exclude sites constrained by: • Flooding • Environmental factors • Significant topography constraints
Vacant industrial land > 1 hectare Unless smaller lots were under one ownership
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Current Land Capacity
Australia's industrial land pipeline has expanded, although development-ready supply remains a smaller share of total land stocks.
Australia's industrial land pipeline expanded significantly over the past 12 months, increasing from approximately 9,600 hectares to approximately 12,575 hectares nationally. The increase was largely driven by the inclusion of several major strategic landholdings, including the Boral site in Melbourne's West and Enterprise-zoned land within the Western Sydney Aerotropolis. As a result, Australia's identified industrial land supply remains sizeable, although much of the additional pipeline represents longer- term development opportunities rather than near-term supply.
Despite the larger headline pipeline, active industrial land supply declined by around 5% to 3,365 hectares nationally. While modest, a strengthening pre-lease market given the broader shift to automation and consolidation, alongside continued data centre acquisitions would likely mean absorption outpaces the rate at which unserviced land can become development ready in several key precincts. Ownership also continues to influence land availability, with approximately 70% of active supply currently controlled by developers.
Australian Industrial Land Supply by Status (hectares)
6,000
5,000
4,000
3,000
Australia Headline Industrial Land Supply Vs Near-term Development Capacity
12,577 ha IDENTIFED SUPPLY Headline National industrial land supply
2,000
730 ha FIVE-YEAR ANNUAL AVEARGE NATIONAL LAND TAKE-UP
Infrastructure, servicing and planning constraints
1,000
3,365 ha ACTIVE SUPPLY ~27% of identified supply
0
c.3.2 YEARS OF DEVELOPER CONTROLLED ACTIVE LAND SUPPLY
Sydney
Melbourne
Brisbane
Perth
Adelaide
2,337 ha DEVELOPER CONTROLLED ACTIVE SUPPLY
Active
Long Term
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Australia’s Industrial Land Supply Is Highly Concentrated A small number of major industrial precincts account for the majority of identified land supply. Established infill markets generally have limited active and long-term development capacity.
Australian Industrial Land Supply by Submarket and Supply Status
3,000
SYD OUTER WEST
2,500
MEL WEST
2,000
1,500
1,000
MEL SOUTH EAST
MEL NORTH
PER NORTH
500
PER SOUTH
ADL OUTER NORTH
BRI WEST
BRI BRI NORTH
ADL SOUTH ADL INNER NORTH
SOUTH
BRI M1 CORRIDOR
0
0
100
200
300
400
500
600
700
Active Land Supply - Hectares
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Industrial Land Take-up Large pre-commitments and data centre acquisitions underpinned a sharp pick-up in land take-up in 2025
In response to larger pre-lease transactions and owner occupier
Australian Land Take-up by City (hectares)
Average Pre-lease Transaction Size (sqm)*
demand, land take-up in 2025 was the equal strongest year on record, reaching almost 900 hectares. By comparison, the 10-year annual average is 635 hectares per annum. Take-up was led by the Melbourne market, with approximately 320 hectares absorbed for the year, while all cities recorded absorption above their respective 10-year averages. The increasing size of pre-lease transactions is materially changing the rate at which industrial land is absorbed. A single commitment now regularly removes 15-20 hectares from the market (up from an average of three hectares a decade ago), reducing the ability of developers to progressively replenish development-ready land.
1,000
40,000
900
35,000
800
30,000
700
600
25,000
500
20,000
400
15,000
300
200
10,000
100
5,000
899 hectares Industrial land take- up in 2025, up 42% from the 10-year annual average
0
-
Sydney Melbourne Brisbane Perth Adelaide
2020 2021 2022 2023 2024 2025 YTD 2026
* National Average
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Capital Appetite For Industrial Land Remains Strong Despite Development Headwinds Despite development feasibility challenges, demand for industrial land has remained strong in recent years. Approximately $9 billion of industrial land transactions above $10 million have been recorded nationally since the beginning of 2024. While data centres have been key contributors to this, several major institutional developers have diminished their industrial land banks, which has prompted several to be actively pursuing land. This has included established groups, such as Goodman, Dexus and ESR, alongside emerging groups such as LogiSPACE. Investors are increasingly paying a premium for development-ready land that can be activated with minimal planning or delivery risk. Similar to the data centre sector, industrial land values are increasingly being driven by deliverability rather than location alone. Sites capable of supporting development within two years are attracting significant competition, creating a two-tier market and the widest pricing differential on record between near-term development opportunities and longer-dated pipeline sites.
What Next? While demand for greenfield land is expected to remain strong as developers seek scalable development opportunities, interest in infill brownfield sites is expected to increase, particularly for assets offering holding income that allows investors to navigate
current development challenges while positioning for redevelopment as market fundamentals improve.
Australian Industrial Land Transactions (>$10 million)
Australian Industrial Land Values by Submarket, 2026 ($/sqm)
$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0
$1,000 $1,500 $2,000 $2,500 $3,000 $3,500
$0 $500
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Sydney
Melbourne
Brisbane
Adelaide Perth
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Data Centres: A Structural Shift In Industrial Demand While much of the discussion surrounding data centres focuses on digital infrastructure, the more immediate real estate implication is land.
Data centre operators have become increasingly active participants in Australia's industrial land market, particularly across Sydney and Melbourne which have accounted for the majority of land transactions. Since 2018, data centre operators have acquired approximately 710 hectares of industrial land across Sydney and Melbourne, with a further wave of transactions to be announced in the coming months. Collectively, these acquisitions are estimated to have removed around 3.5 million sqm of future warehouse supply from the market, highlighting the growing competition between logistics and digital infrastructure users for industrial land. Unlike traditional industrial users, site selection is driven primarily by access to power capacity rather than transport infrastructure. As demand for AI and cloud computing infrastructure accelerates, power availability is expected to become an increasingly important determinant of
Sydney & Melbourne Data Centre Industrial Land Take-up (hectares)
710 hectares Industrial land take-up from data centres in Sydney and Melbourne since 2018
350
300
250
200
26.5 hectares Average lot size of data centre take-up since 2024
150
100
50
17% Data centre share of national land take-up in 2025 (27% in Sydney and Melbourne)
0
industrial land values and development feasibility.
2018 2019 2020 2021
2022 2023 2024 2025 2026
Sydney Melbourne
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Data Centres: What Is The Impact To Occupiers?
Data centre operators are paying significant premiums for strategically located industrial sites, and in some cases, the premium can exceed what an industrial developer can pay by more than 50%. This has implications beyond competition for industrial land. As data centre transactions become a more established component of the market, they have the potential to increase statutory land values, driving a potential sharp increase to land taxes and council rates in key industrial precincts. What does this mean for occupiers? Based on recent transactions in Sydney and Melbourne, data centre sales could contribute to statutory land value increases of more than 10% per annum over the next three years, adding to existing occupancy cost pressures. As competition for power-connected industrial land intensifies, occupiers may increasingly need to consider exposure to statutory valuation increases alongside rent and outgoings when assessing long-term location strategies.
Sydney Data Centre Land Pricing Premium to Industrial Buyers ($/sqm), Transactions Since 2020
$2,500
+35%
+42%
$2,000
+67%
$1,500
$1,000
$500
$0
Raw & Zoned
Zoned & Serviced
Zoned, Benched & Serviced
Data Centres
Developers & Owner Occupiers
Average Prime Outgoings by City ($/sqm)
$0 $20 $40 $60 $80
Sydney
Melbourne
Brisbane
Perth
Adelaide
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Development Lead Times Vary Significantly
The timeframe required to bring industrial land to market differs materially by state and is influenced by planning approvals, infrastructure delivery, utility availability and servicing requirements. While planning approvals are an important milestone, the provision of roads, power, water, sewer and telecommunications infrastructure often determines when land can be developed. As a result, the volume of zoned industrial land does not necessarily reflect the amount of
ZONED & UNSERVICED (Indicative time for delivery)
UNZONED & UNSERVICED (Indicative time for delivery)
ZONED & SERVICED (Indicative time for delivery)
STATE
1.5 – 2.5 years Development application, development consent, construction certificate and construction of facility
3 - 6 years Infrastructure servicing, subdivision (where required), development consent, construction certificate and construction of facility
6 - 10 years Rezoning, precinct planning, infrastructure delivery, subdivision, development consent, construction certificate and construction of facility 4 - 8 years Planning Scheme Amendment, Precinct Structure Plan, subdivision, infrastructure servicing, Statement of Compliance, building permit and construction of facility 5 - 7 years Planning scheme amendment, structure planning, Reconfiguring a Lot approval, operational works approval, infrastructure delivery, utility connections and construction of facility 4 – 7+ years Scheme amendment/rezoning, subdivision approval, servicing works, clearance of conditions, building permit and construction of facility
NEW SOUTH WALES
1.5 – 2.0 years Planning permit, building permit and construction of facility
2 - 4 years Subdivision permit, infrastructure servicing, Statement of Compliance, building permit and construction of facility
VICTORIA
1.5 – 2.0 years Development approval, operational works approval (where required) and construction of facility
3 - 4 years Reconfiguring a Lot approval, operational works approval, infrastructure servicing, utility connections and construction of facility
land that is available for immediate development.
QUEENSLAND
1.5 – 2.0 years Development approval, building permit and construction of facility
2 - 3 years Subdivision approval, servicing works, clearance of conditions, building permit and construction of facility
WESTERN AUSTRALIA
1.5 – 2.0 years Planning consent, building consent and construction of facility
2 - 3 years Land division consent, infrastructure servicing, planning consent, building consent and construction of facility
4 – 7+ years Code Amendment, land division consent, infrastructure servicing, planning consent, building consent and construction of facility
SOUTH AUSTRALIA
SYDNEY
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Sydney Overview
Indicative scheme only, subject to council and planning approvals
PRIME BRADFIELD – 1432 The Northern Road & 12-24 Derwent Road, Bradfield NSW Marketed by David Hall, Fab Dalfonso & Archie Cropley
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Market Snapshot
Sydney’s industrial land supply has increased over the past year, with approximately 3,650 hectares of vacant industrial land identified across the city. Of this total, 829 hectares is considered active supply, broadly unchanged from the previous study. The stability in active supply is notable given the strong level of land absorption during 2025 and reflects the progression of additional land into the development-ready pipeline. Longer- term supply has also increased to approximately 2,823 hectares, and reflects the inclusion of all Enterprise zoned land within the Aerotropolis. The defining feature of Sydney’s supply profile is its concentration within the Outer West, which accounts for almost 80% of active supply and approximately 85% of the longer-term pipeline. The Mamre Road Precinct remains the principal source of development-ready land, while Badgerys Creek and Bradfield within the Aerotropolis are beginning to support additional occupier activity. Outside the Outer West, the North West and South West contain a combined 167 hectares of active supply, with opportunities generally concentrated within a small number of major estates. Although Sydney possesses one of Australia's largest industrial land pipelines, the pace of development will be determined by the coordinated delivery of enabling infrastructure, utilities and servicing across Western Sydney, with several large land holdings unlikely to deliver industrial floorspace within the next five years. As a result, the importance of the timely servicing and infrastructure delivery within the Aerotropolis is critical.
Sydney Industrial Land Supply
Sydney Industrial Land Status
3,652 ha Total Vacant Industrial Land Stocks
829 ha Active Industrial Land Stocks
2,823 ha Inactive Industrial Land Stocks
Zoned Industrial Land
Vacant Industrial Land Supply
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Submarket State Of Play
Sydney's industrial land supply profile varies considerably across its submarkets, both in terms of the quantum of land available and its capacity to support near-term development. The Outer West accounts for the majority of active and longer-term supply, although infrastructure delivery and ownership constraints continue to influence the rate at which land can be absorbed. Elsewhere, supply is increasingly concentrated within a limited number of major estates, and development-ready land across established infill markets remains extremely scarce.
ACTIVE LAND SUPPLY
LONG TERM LAND SUPPLY
SUPPLY DYNAMICS & CONSTRAINTS
SUBMARKET
• Active supply is concentrated within the Mamre Road Precinct at Kemps Creek, which collectively accounts for around half of the submarket’s active land stocks. The balance includes select estates at Badgerys Creek and Bradfield, as well as remaining parcels at Eastern Creek, Horsley Park and Erskine Park. • Fragmented private ownership remains a constraint to development. The progression of the longer-term pipeline will ultimately depend on infrastructure delivery and servicing timeframes. • Although the headline number is substantial, servicing and associated infrastructure are expected to occur at a pace similar to demand. Data centre activity also presents upside risk to land absorption given the availability of scalable sites. • Active supply is concentrated within a small number of major estates, including ESR’s Moorebank Intermodal Precinct and Charter Hall estates at Minto and Smeaton Grange. • Opportunities outside these estates remain limited, particularly for larger requirements, with the average lot size below three hectares and the ability to deliver sites at scale constrained. • Longer-term supply is limited at just 59 hectares and is largely concentrated within smaller, privately owned lots at Leppington, Austral and Gregory Hills. Site consolidation will be important to the development of much of this land. • Active supply is underpinned by the Marsden Park Business Park and ESR’s Huntingwood Logistics Estate. • Outside these estates, land availability is fragmented and generally limited in scale, restricting opportunities for larger industrial developments. • At 132 hectares, the longer-term supply pipeline remains modest relative to the Outer West and is concentrated around St Marys and Riverstone. Several large parcels towards Marsden Park North are actively seeking rezoning to industrial use which will provide a long-term supply relief. • Development-ready land remains extremely scarce, with just 13 hectares of active supply across the West and Central West and no active supply identified within the North or South. • Longer-term supply is higher, and includes the 65-hectare Botany Industrial Park, although extensive remediation works are required before development can occur. • Future supply will increasingly rely on the redevelopment of existing industrial assets.
2,526 hectares
OUTER WEST
649 hectares
SOUTH WEST
86 hectares
59 hectares
NORTH WEST
81 hectares
132 hectares
ESTABLISHED INFILL MARKETS
13 hectares
106 hectares
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Industrial Land Take-up And Years Remaining
Sydney recorded almost 250 hectares of industrial land take-up during 2025, up from 2024 levels and above the market’s recent annual average. Activity was overwhelmingly concentrated within the Outer West, led by continued pre-lease and speculative development within the Mamre Road Precinct and includes commitments at Fife/Stockland’s Kemps Creek Industrial Estate and more recently GPT at their Yiribana West Logistics Estate. Data centre take-up in the precinct has remained strong, headlined by AirTrunk conditionally acquiring IFM’s 53 hectare site at the northern end of the precinct. Outside of the Mamre Road Precinct, land take-up was strong at the Moorebank Intermodal Precinct, with the Kmart pre-commitment absorbing around 20 hectares of land, while occupier appetite within the Aerotropolis is increasing and stems from ALDI’s 19 hectare commitment within Ingham Property Group’s estate at Bradfield. Take-up has remained solid in 2026, with close to 100 hectares of take-up being recorded in H1 2026, and the finalisation of several large pre-lease and data centre acquisitions will result in a material jump in take-up in H2 2026.
Sydney Industrial Land Take-up (hectares)
100 150 200 250 300 350
0 50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year Average
Sydney 2025 Industrial Land Take-up Share by Submarket
829 ha ACTIVE LAND SUPPLY
661 ha DEVELOPER CONTROLLED ACTIVE SUPPLY
4%
12%
Outer West South West North West North West Central West South
225 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
225 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
3.6 YEARS ACTIVE LAND SUPPLY REMAINING
2.9 YEARS DEVELOPER-CONTROLLED ACTIVE LAND SUPPLY
83%
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Melbourne Overview
494-510 Boundary Road, Dingley Village VIC Marketed by Kosta Filinis & Gareth Jackson
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Market Snapshot
Melbourne's industrial land pipeline has expanded materially over the past year, with approximately 5,083 hectares of vacant industrial land identified across the metropolitan area. Of this total, 1,258 hectares is considered active supply, with the remaining 3,824 hectares representing longer-term development opportunities that remain constrained by servicing, infrastructure delivery and planning requirements. The increase in identified land largely reflects the inclusion of several strategic development opportunities, most notably the Boral landholdings in Melbourne’s West, and sites within the outer South East. The expansion highlights the market's ability to respond to sustained occupier demand by bringing additional land into the longer-term pipeline, despite continued strong levels of land absorption. Melbourne's active land supply is broadly concentrated across the West (555 hectares) and North (369 hectares), which together account for over 70% of all development-ready land. The South East contains a further 329 hectares, although the majority of its future pipeline sits within longer-term precincts such as Officer and Pakenham. Development-ready opportunities within established eastern precincts remain extremely limited. Melbourne's extensive industrial land pipeline provides significant long-term development capacity. However, the pace at which this pipeline translates into development-ready supply will depend on the timely delivery of infrastructure, utility capacity and precinct servicing.
Melbourne Industrial Land Supply
Melbourne Industrial Land Status
5,083 ha Total Vacant Industrial Land Stocks
1,258 Active Industrial Land Stocks
3,824 ha Inactive Industrial Land Stocks
Zoned Industrial Land
Vacant Industrial Land Supply
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Submarket State Of Play
Melbourne's industrial land pipeline is increasingly concentrated within a limited number of major precincts. Although this reflects the natural evolution of the city, differences in infrastructure delivery, ownership patterns and planning progress mean each corridor will contribute to future supply at a different pace.
ACTIVE LAND SUPPLY
LONG TERM LAND SUPPLY
SUPPLY DYNAMICS & CONSTRAINTS
SUBMARKET
• The West accounts for Melbourne's largest industrial land pipeline; however, around half of the supply (approximately 1,300 hectares) cannot be delivered until 2032 at the earliest, which materially distorts headline supply. • Delivery of future land supply remains closely tied to infrastructure sequencing, utility servicing and planning progress across key growth precincts. • As a result, the market is likely to experience ongoing short-term supply pressure despite the scale of the broader pipeline. Should current data centre demand persist, competition for industrial land is expected to strengthen further, reducing land availability for traditional logistics and industrial occupiers. • The North is increasingly becoming Melbourne's major freight and logistics corridor, supported by the proposed Beveridge Interstate Freight Terminal, the Northern Freight Precinct, Melbourne Airport expansion and the future Outer Metropolitan Ring. • While the longer-term pipeline is substantial at almost 800 hectares, much of this land cannot support near-term development until freight infrastructure, precinct servicing and planning are progressively delivered, meaning the headline supply materially overstates development ready supply. • The active land supply pipeline is centred on Craigieburn, Mickleham and Melbourne Airport; however, the North’s longer term strategic land supply shifts further towards Beverage. • The South East remains Melbourne's most established industrial market, anchored by Dandenong South and other State Significant Industrial Precincts that continue to receive strong planning protection for industrial and employment uses. • Although the submarket contains more than 900 hectares of longer-term supply, much of this is concentrated within Officer and Pakenham where development remains reliant on major transport infrastructure and Precinct Structure Plan delivery before meaningful land release can occur. • Development-ready land across core precincts including Dandenong South continues to tighten, with redevelopment increasingly replacing greenfield expansion in these areas as the primary source of new supply. • Industrial land availability within the East is effectively exhausted, with just six hectares of active supply remaining and no meaningful longer- term land supply. • New industrial development opportunities are expected to be confined to redevelopment of existing industrial assets, with ongoing scarcity expected to continue supporting land values and encourage occupiers seeking larger requirements to relocate towards Melbourne’s key growth corridors.
WEST
555 hectares
2,141 hectares
NORTH
369 hectares
762 hectares
SOUTH EAST
329 hectares
921 hectares
EAST
6 hectares
0 hectares
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Industrial Land Take-up And Years Remaining
Melbourne recorded just over 280 hectares of industrial land take-up in 2025, the highest level nationally and almost 25% above the 10-year average. Activity remained concentrated within a small number of institutional estates and was increasingly influenced by hyperscale data centre acquisitions across the West and North. Unlike previous years, where take-up was primarily driven by industrial development, 2025 saw data centre operators become a significant source of industrial land absorption, accounting for around a quarter of total land take-up for the period. Melbourne's South East remains an active development market, and as a result, the submarket accounted for almost half of land take-up in 2025, and stems from continued development across institutional estates including Salta's Nexus Estate at Dandenong South and ESR's Greenlink Estate at Cranbourne West. Momentum has continued into 2026, with more than 100 hectares already absorbed. Recent transactions include Zerra DC's acquisition of approximately 18 hectares at the former Ford Broadmeadows site, reinforcing the growing influence of digital infrastructure on Melbourne's industrial land market.
Melbourne Industrial Land Take-up (hectares)
100 150 200 250 300 350
0 50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year Average
Melbourne 2025 Industrial Land Take-up Share by Submarket
1,258 ha ACTIVE LAND SUPPLY
903 ha DEVELOPER CONTROLLED ACTIVE SUPPLY
19%
South East
260 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
260 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
West
47%
North
East
34%
4.8 YEARS ACTIVE LAND SUPPLY REMAINING
3.5 YEARS DEVELOPER-CONTROLLED ACTIVE LAND SUPPLY
BRISBANE
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PERTH ADELAIDE CONTACT INFORMATION
Brisbane Overview
Pumicestone Road and Clinker Road, Elimbah QLD Sold by Morgan Ruig & Mitch Taulelei
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Market Snapshot
Brisbane has approximately 1,700 hectares of identified industrial land, of which around 700 hectares is considered development-ready. Although this remains one of Australia's larger active industrial land pipelines, development-ready supply has declined by approximately 25% over the past 12 months as continued land take-up, estate sell-downs and the reassessment of several previously identified sites have reduced the volume of land capable of supporting near- term development. The reduction highlights the distinction between identified land supply and development-ready land, reinforcing that Brisbane's headline land pipeline overstates the volume of land capable of supporting near-term industrial development. However, Brisbane's planning and servicing timeframes also compare favourably with Sydney and Melbourne, supporting the market's ability to replenish development-ready supply and accommodate future demand. The South continues to contain the city’s largest concentration of active industrial land, supported by major institutional estates at Crestmead and North Maclean. The North and West also provide substantial future development opportunities, although, much of this supply is increasingly concentrated within outer growth precincts. By contrast, land availability within Brisbane's established industrial markets continues to tighten. The Trade Coast remains Brisbane's most supply-constrained precinct, with the bulk of remaining land supply located within the Brisbane Airport estate. As a result, redevelopment is expected to become increasingly important sources of future industrial supply. Brisbane Industrial Land Status
Brisbane Industrial Land Supply
1,699 ha Total Vacant Industrial Land Stocks
700 Active Industrial Land Stocks
999 ha Inactive Industrial Land Stocks
Zoned Industrial Land
Vacant Industrial Land Supply
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Submarket State Of Play
Brisbane's industrial land pipeline is becoming increasingly polarised between constrained infill markets and large greenfield growth corridors. The South continues to underpin near-term industrial development, whereas most of the longer-term pipeline is located within Brisbane's northern and western growth areas where infrastructure delivery, servicing and fragmented ownership will influence the timing of future land releases.
ACTIVE LAND SUPPLY
LONG TERM LAND SUPPLY
SUPPLY DYNAMICS & CONSTRAINTS
SUBMARKET
• The Trade Coast remains Brisbane's most strategically important and supply-constrained industrial market, protected as a Major Enterprise and Industrial Area given its role supporting the Port of Brisbane and Brisbane Airport. • The majority of remaining development opportunities are located on leasehold land within the Port and Airport precincts, limiting freehold acquisition opportunities and favouring pre-lease development. • With virtually no remaining greenfield opportunities, redevelopment of existing stock will become the primary source of future industrial supply. • The South represents Brisbane's most strategically important industrial growth corridor over the short to medium term, supported by institutional land ownership, scalable development opportunities and connectivity to Brisbane's freight network. • Active supply is concentrated within Crestmead and North Maclean, where institutional ownership is facilitating the delivery of larger, masterplanned industrial estates that are increasingly difficult to replicate elsewhere in Brisbane. • Industrial development continues to shift west as established precincts including Wacol, Richlands and Redbank approach maturity, with future supply increasingly concentrated around Bundamba and Swanbank. • Although these precincts provide significant development capacity, occupiers are increasingly balancing lower occupancy costs against longer freight movements reduced labour accessibility compared with established western precincts. • The North is becoming Brisbane's next major industrial growth corridor, supported by long-term employment planning around Caboolture and Elimbah East. Near term development capacity includes pockets within Brendale, Caboolture and North Lakes. • Much of the identified pipeline remains tied to future precinct planning and servicing and several major land holdings remain mor than four years away from becoming active land supply. • Strong owner occupier demand and development activity at key estates has rapidly diminished active land supply stocks across the submarket. Despite the healthy overall pipeline of supply, much of it remains fragmented by ownership, limiting the coordinated delivery of large-scale industrial estates. Ownership consolidation is likely to be the primary determinant of future supply rather than planning alone. • Established estates at Yatala and Stapylton continue to accommodate development, including Frasers Vantage estate, with future land releases east of the M1 Motorway remaining contingent on coordinated planning, which are expected to progressively stage development over time.
TRADE COAST
69 hectares
138 hectares
SOUTH
203 hectares
164 hectares
WEST
127 hectares
296 hectares
NORTH
216 hectares
185 hectares
M1 CORRIDOR
85 hectares
217 hectares
BRISBANE
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Industrial Land Take-up And Years Remaining
Industrial land take-up reached a record 171 hectares in 2025, more than double the 10-year average. Activity was underpinned by several large pre-commitment deals, most notably Officeworks and Asahi at Goodman’s Redbank estate, which collectively absorbed almost 25 hectares of land. Similarly, owner occupier demand was significant as developers increasingly responded to market conditions by delivering smaller industrial lots within masterplanned estates. This included the Southway Business Park at Coomera where over 80% of lots have been sold since their early 2025 launch. By submarket, demand was more broadly distributed across the city than in previous years, with the North and M1 Corridor accounting for a larger share of absorption, led by owner occupier demand. The broad distribution of land take-up across Brisbane’s reflects an increasingly supply-led market, where occupiers are pursuing development-ready opportunities rather than focusing solely on traditional industrial precincts.
Brisbane Industrial Land Take-up (hectares)
200
150
100
50
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year Average
Brisbane 2025 Industrial Land Take-up Share by Submarket
700 ha ACTIVE LAND SUPPLY
383 ha DEVELOPER CONTROLLED ACTIVE SUPPLY
8%
M1 Corridor West North South Trade Coast
28%
13%
125 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
125 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
24%
5.6 YEARS ACTIVE LAND SUPPLY REMAINING
3.1 YEARS DEVELOPER-CONTROLLED ACTIVE LAND SUPPLY
27%
PERTH
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Perth Overview
177 Planet Street, Welshpool WA Sold by Nick Goodridge & Ross Palframan
PERTH
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Market Snapshot
Perth's industrial land market remains highly constrained, particularly across core precincts surrounding major infrastructure. A diversified pre-leasing market and solid owner occupier demand has continued to absorb development-ready land, limiting opportunities within established industrial markets. Approximately 1,428 hectares of industrial land has been identified across the city, with 420 hectares considered active supply. Much of the remaining pipeline is located within longer- term growth precincts where infrastructure delivery, utility servicing and environmental approvals will determine the timing of future land releases. A defining feature of Perth’s active pipeline is its concentration within a relatively small number of estates. 10 lots or estates account for more than 60% of Perth’s active land supply, including Jandakot Airport and estates at Doobarda. By comparison, core infill precincts contain just over 80 hectares of active supply, led by the Perth Airport and Roe Highway Logistics Park. Longer term, future industrial growth is expected to be concentrated within precincts including Bullsbrook and the Western Trade Coast. However, the pace at which these precincts are brought to market will remain dependent on coordinated infrastructure investment, utility servicing and the staged release of land.
Perth Industrial Land Supply
Perth Industrial Land Status
1,428 ha Total Vacant Industrial Land Stocks
420 Active Industrial Land Stocks
1,008 ha Inactive Industrial Land Stocks
Zoned Industrial Land
Vacant Industrial Land Supply
PERTH
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Submarket State Of Play
Perth's industrial land pipeline is distributed across three distinct growth corridors, each playing a different role in accommodating future industrial demand. The East remains the city's primary freight and logistics precinct, the North supports longer-term strategic expansion, and the South continues to underpin near-term development, with differences in infrastructure delivery, land ownership and planning influencing the timing of future supply.
ACTIVE LAND SUPPLY
LONG TERM LAND SUPPLY
SUPPLY DYNAMICS & CONSTRAINTS
SUBMARKET
• The East remains Perth's most tightly held industrial submarket, reflecting its strategic role servicing Perth Airport, the Kewdale intermodal terminal and the broader freight network. As a result, opportunities for large-scale industrial development remain limited. • Development-ready supply is concentrated within Hazelmere and Kenwick; however, the next phase of industrial development will increasingly rely on fragmented landholdings surrounding these precincts, requiring site consolidation, utility servicing and, in some locations, environmental approvals before meaningful supply can be delivered. • With few opportunities to establish new industrial estates in proximity to Perth's primary freight infrastructure, redevelopment and incremental land releases are expected to dominate future supply, reinforcing continued pricing pressure for serviced industrial land.
EAST
73 hectares
275 hectares
• The North contains Perth's largest longer-term industrial land pipeline, with future supply centred on the Neerabup and Wangara precincts, where DevelopmentWA continues to control a significant proportion of development-ready land. • Development activity is increasingly focused around Bullsbrook, reflecting its long-term role in accommodating freight, logistics and aviation- related industries identified through State planning and DevelopmentWA's staged industrial land program. • While the identified pipeline is substantial, future land releases remain dependent on coordinated infrastructure delivery and the staged rollout of government owned estates, meaning several large holdings are several years away from being considered active land supply.
NORTH
70 hectares
395 hectares
• The South continues to underpin Perth's industrial land pipeline, with Forrestdale and Jandakot accounting for the majority of development- ready supply. Major estates including Catalpa Business Park, Dexus’ Ascend Industrial Park at Jandakot Airport and South Connect have underpinned much of Perth's recent industrial land absorption. • Institutional ownership has supported a relatively consistent pipeline of serviced land; however, opportunities within established estates are progressively diminishing, increasing reliance on future land releases within the Western Trade Coast, including Latitude 32, and Doobarda, where infrastructure delivery and environmental approvals are critical in facilitating development.
SOUTH
277 hectares
339 hectares
PERTH
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Industrial Land Take-up And Years Remaining
Perth recorded 95 hectares of industrial land take-up in 2025, the highest annual level on record and well above the 10-year average of 61 hectares. Unlike the East Coast markets, where several large transactions drove activity, Perth’s result was supported by a broader range of occupier requirements, with just 15% of land take-up (by number) attributable to the five largest transactions. This reflects Perth's dominance of sub-6,000 sqm industrial requirements. The East recorded the strongest absorption at 42 hectares, led by pre-commitment activity within Hazelmere. Perth’s South contributed a further 38 hectares, supported by speculative development at Dexus’ Ascent Industrial Park and continued land absorption across the Forrestdale and Rockingham precincts. Land take-up so far in 2026 has remained solid with just over 40 hectares absorbed; however, the key challenge for maintaining current land take-up volumes will be the availability of serviced industrial land within Perth's core precincts. As development progressively shifts towards outer growth areas, occupiers will increasingly need to balance occupancy costs against higher freight and distribution costs.
Perth Industrial Land Take-up (hectares)
100
80
60
40
20
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year Average
Perth 2025 Industrial Land Take-up Share by Submarket
420 ha ACTIVE LAND SUPPLY
305 ha DEVELOPER CONTROLLED ACTIVE SUPPLY
16%
East
65 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
65 ha BASE CASE ANNUAL TAKE-UP (Five-year annual average)
44%
South
North
40%
6.5 YEARS ACTIVE LAND SUPPLY REMAINING
4.7 YEARS DEVELOPER-CONTROLLED ACTIVE LAND SUPPLY
ADELAIDE
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CONTACT INFORMATION
Adelaide Overview
25-27 Hakkinen Road, Wingfield SA Sold by Jay Nash & Hamish Crouch
ADELAIDE
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Market Snapshot
Adelaide's industrial land market is characterised by a relatively small but well-defined development pipeline, with future supply increasingly concentrated in the Outer North. Although identified land remains available, only a limited proportion is currently development- ready, reinforcing the importance of rezoning, servicing and infrastructure delivery. Approximately 715 hectares of industrial land has been identified across Adelaide, with only 159 hectares currently considered development-ready. The balance represents longer-term opportunities that remain dependent on infrastructure delivery, utility servicing and planning approvals before development can occur. The Outer North continues to underpin Adelaide's future industrial land pipeline, supported by recent strategic employment land rezonings at Waterloo Corner. While these rezonings have increased Adelaide's identified industrial land supply, they are unlikely to provide meaningful short-term relief to the market. Conversely, opportunities across established industrial precincts, including the Inner North and West, continue to diminish, with redevelopment and industrial intensification becoming increasingly important sources of future supply. As Adelaide's established industrial precincts mature, future supply will increasingly depend on bringing strategically located zoned land to market while supporting redevelopment within existing employment areas.
Adelaide Industrial Land Supply
Adelaide Industrial Land Status
715 ha Total Vacant Industrial Land Stocks
159 Active Industrial Land Stocks
557 ha Inactive Industrial Land Stocks
Zoned Industrial Land
Vacant Industrial Land Supply
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