Rents for super prime industrial space in Sydney now average $215 per sq m, nearly double the asking rent for similar quality warehouse space in Melbourne.
Rents are up 25 per cent nationally, but much higher in Sydney.Asking rents for institutional-grade warehouses in Sydney have risen almost 40 per cent in the past 12 months to average more than $200 per sq m for the first time, according to research published by CBRE.
The continued surge in asking rents has not been confined to the East Coast market. Industrial rents in Perth hit an annual increase of 30 per cent at the end of March, after a first quarter increase of 4 per cent. “For every building available there are three to five users fighting for it and the person who signs first wins” said CBRE regional industrial and logistics director Cameron Grier.
Mr Blade said institutional developers were using the strong rental growth environment to speculatively build new product.
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