INDUSTRIAL First Half 2020 - Research & Forecast Report - Colliers International
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Research &
Forecast Report
Accelerating success.
INDUSTRIAL
First Half 2020
Accelerating success.
MAXIMISE THE
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Joanne Henderson
Director | Research
+61 410 391 093
joanne.henderson@colliers.com
colliers.com.au/colliersedge
CONTENTS
Snapshot | Industrial & Logistics 4
National Overview 5
Sydney 7
Melbourne 10
Brisbane 13
Adelaide 15
Perth 17
Newcastle 19
Our Expertise 21
Accelerating success.
INDUSTRIAL | Research & Forecast Report | H1 2020
INDUSTRIAL & LOGISTICS
SNAPSHOT
Brisbane*
Net Face Capital Incentive Land
Yield
Rent Value Level Value
$/sqm % $/sqm % $/sqm
H1 2020 (Q1) $111 5.94% $1,874 16.2% $321
H2 2019 (Q3) $111 5.94% $1,874 16.2% $321
Sydney
Net Face Capital Incentive Land
Yield
Rent Value Level Value
$/sqm % $/sqm % $/sqm
H1 2020 (Q1) $153 4.70% $3,292 9.3% $1,057
H2 2019 (Q3) $150 4.75% $3,162 9.2% $911
Adelaide Melbourne
Net Face Capital Incentive Land Net Face Capital Incentive Land
Yield Yield
Rent Value Level Value Rent Value Level Value
$/sqm % $/sqm % $/sqm $/sqm % $/sqm % $/sqm
H1 2020 (Q1) $102 7.44% $1,410 11.6% $207 H1 2020 (Q1) $113 5.53% $2,052 14.3% $407
H2 2019 (Q3) $102 7.56% $1,385 11.3% $205 H2 2019 (Q3) $111 5.73% $1,975 14.3% $393
Perth * Includes the following precincts: ATC, North and Outer North, South, South West and Yatala
Net Face Capital Incentive Land
Yield
Rent Value Level Value
$/sqm % $/sqm % $/sqm
H1 2020 (Q1) $79 6.87% $1,153 14.5% $440
H2 2019 (Q3) $79 6.91% $1,146 17.5% $441
Transport Infrastructure Projects, Billions (AUD) Share of Industrial Supply to be Delivered 2020 to 2023
$90
$80
4%
$70 8%
$60
$50
$40 20% 41%
$30
$20
$10
$0
New South Victoria Queensland South Western Multiple
27%
Wales Australia Australia States/Other
Committed Possible Pending Under construction
Sydney Melbourne Brisbane Adelaide Perth
Source: Deloitte Access Economics
Source: Colliers International
4
INDUSTRIAL | Research & Forecast Report | H1 2020
NATIONAL COVID-19 to drive e-commerce structural shift
The value of e-commerce has increased exponentially as a result of
OVERVIEW COVID-19 and the take-up of online retail will gain market share on
brick-and-mortar retail sales as consumers are forced to buy online.
COVID-19 is expected to lead to a significant structural and cultural
shift in the way consumers buy their goods, many of which have not
By Luke Crawford
Associate Director | Research shopped via online platforms before. Long term, these buying habits
luke.crawford@colliers.com are expected to be permanent as consumers become accustomed
to the simplicity of online shopping and as a result COVID-19 will
The outbreak of COVID-19 has had a significant impact on financial accelerate the growth of online retail.
markets globally. As a result, global economic growth will contract
over the short term and many are now starting to draw comparisons Highlighting the persistent demand for online retail goods due to
with the GFC in 2008 with regards to both occupier and investment global lockdown restrictions, Amazon in the US have hired 100,000
markets. The reality is, it remains too early to draw any major employees to cater towards its spike in demand for e-commerce
conclusions and comparisons to the GFC as the COVID-19 situation goods. In Australia, we have seen retailers shift some of their staff to
is still unfolding. However, recent data highlights that the ‘curve is online fulfilment as they try to keep up with demand while there have
flattening’ which remains positive for the Australian economy over also been cases of retailers using their existing stores as smaller
the short term when compared to other countries such as the US fulfilment centres or ‘dark stores’. Notably, this includes Kmart and
and UK. Accent group which owns Athlete’s Foot, Platypus and Hype DC.
Unlike the GFC where rents contracted between 9% and 25% in the Despite recent growth, the proportion of online retail sales in
prime market and 15% and 25% in the secondary market depending Australia remains relatively small at 6.6%, particularly when
on location and yields blow out to 8.5% for prime and 9.5% for compared to other global markets such as the US and UK where it
secondary along the East Coast, industrial and logistics property is as high as 22%. However, given the abovementioned structural
is well placed to ride out the short-term uncertainty. This outlook shift, we are forecasting that the share of online retail in Australia
is underpinned by the recent growth in demand for transport and will more than double over the next few years. For the industrial and
logistics and its key role to play in keeping the basic day to day logistics market, this will result in heighted demand for both larger
necessities of Australians in supply. Notwithstanding this, there are distribution centres and smaller last mile centres close to densely
going to be tenant casualties who are unable to trade through this populated areas.
period and there are going to be others who experience a significant
Online Retail Sales as a % of Total Retail Sales
pick-up in business revenue. Tenant covenants will be increasingly
20%
scrutinised going forward and length of WALE will never be more
important as the flight to quality thematic plays out. 18%
16%
While certain locations may see a fall in rents and a rise in incentives,
we do not expect it to be to the same extent as we saw in the GFC. 14%
Likewise, we do not expect yields to blow out by 150 basis points as 12%
they did in the GFC. While there may be some softening of yields for
10%
secondary assets as risk becomes priced in, core assets with strong
8%
businesses within will remain highly sought after by both domestic
and global capital and yields will remain firm. 6%
The fundamentals for industrial and logistics property remain sound 4%
over the long term and as a result the sector is expected to be 2%
less impacted than others through this period. With the exception 0%
of population growth which will take a hit in the short term as
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Jun-20
Jun-21
Jun-22
Dec-20
Dec-21
Dec-22
net overseas migration drops significantly off the back of border
closures, the other key drivers of infrastructure investment and Historical Base Case High Case
growth in e-commerce will continue to remain strong in the current
Source: ABS, Colliers International
environment.
5
INDUSTRIAL | Research & Forecast Report | H1 2020
Occupier Market On the supply side, construction levels are expected to wane as
developers place their short-term developments on hold. Unlike the
At the beginning of the year we were expecting 2020 to be a
GFC where vacancies were much higher than they are now and
record year in terms of demand. In 2019, approximately 3.8 million
supply was above current levels, a supply and demand mismatch is
sqm of industrial and logistics space was leased (1,000sqm+),
expected to remain in key markets. Broadly speaking, net face rents
representing the second highest annual total on record. While
are expected to remain at current levels with owners instead opting
enquiry levels remain healthy in most markets, demand has shifted
to drive incentives to secure tenants.
towards defensive occupiers including food and beverage retailers,
e-commerce groups (including fast moving consumer goods), Once coronavirus is contained and the impacts to businesses over
transport and logistics providers, data centres and cold storage the medium term are better understood, we expect a significant pick-
occupiers. Other businesses who were previously in the market for up in leasing activity as businesses begin to regroup and move ahead
new or expansionary space have since placed these decisions on with previous capital expenditure plans.
hold as they determine the impacts of COVID-19 on their business. Investment Market
While long term requirements (10+ years) are still coming Investment volumes have weakened over the first quarter of 2020,
through, there has been a notable spike in enquiry for short term with investment activity in the quarter being at its lowest level since
overflow space and fulfillment centres. Highlighting this was the 2010. The weaker activity is the result of several institutions and
announcement in late March that Coles will open three ‘pop-up’ corporates holding off on their divestment mandates as they wait to
distribution centres in New South Wales, Victoria and Queensland see the impact on headline investment metrics such as cap rates,
to cater towards the rapid growth in food and grocery purchases. IRRs and value per square metre rates.
Consumers are increasingly shifting their spending habits to non-
discretionary goods and as a result expenditure at supermarkets Notwithstanding this, there remains substantial levels of capital
is up 3.6% over the past year, while takeaway services and seeking to expand within the Australian logistics sector. More
pharmaceutical goods are up even higher at 5.1% and 6.6% recently, private investors have become more active, particularly
respectively in the year to February 2020, compared to 1.8% for all along the East Coast capital cities. Institutions remain focussed on
retail goods. increasing their assets under management, however, their attention
has shifted towards prime assets in core locations with sound
Another positive that may emerge from the pandemic outbreak will covenants and long WALEs.
be growth in the local manufacturing sector as certain products and
goods are made locally to ensure future availability of these essential Up until recently, risk was often overlooked as groups aggressively
products. The early signs of this are starting to emerge in food and expanded their presence in the market and as a result, there was
pharmaceutical manufacturing industries and will assist the logistics little (if any) discount applied to weaker assets that didn’t have the
sector through both increased domestic and offshore consumption. covenant or length of lease of prime core offerings. However, recent
events have forced groups to reassess risk and chase security
On the other hand, there are industrial and logistics businesses who and subsequently, the flight to quality will persist as the distinction
are struggling in the current environment and will continue to do so and pricing between grades, locations and covenants comes to the
over the foreseeable future. As a result, a large number of occupiers forefront.
have approached their landlords for rental relief, particularly at the
smaller end of the market where businesses don’t have the same What this ultimately means for the industrial and logistics market
economies of scale as larger occupiers. While these requests need is that prime assets (both in regard to location and quality of the
to be assessed on a case by case basis, it is important that they are building) with a strong covenant and long lease will be highly sought.
negotiated in conjunction with the requirements under the National The distinction between these assets and assets with weaker
Code of Conduct (for businesses with a turnover of $50 million or covenants and a shorter length of income will widen. The spread
less). For larger tenants that fall outside of the Code, many landlords between prime and secondary assets is at historical lows and we
remain open for discussion and the assessment will be done on its expect this to widen. The shift will largely be led by the secondary
merits once financial information is provided. market with core offerings expected to retain their current pricing
metrics. Similarly, with bank margins increasing by up to 75 basis
The recent announcement of Government stimulus packages by points in some cases, there will be a flow on effect to prices to better
both federal and state governments will provide a cushion effect reflect this.
to businesses within the logistics space. The fiscal and regulatory
measures are designed to keep small to medium enterprises (SMEs) Given the defensive nature of industrial and logistics property,
operating and employing workers during this time. In addition, land coupled it being a more liquid asset compared to other property asset
tax refunds of up to 25% for eligible landlords will assist in providing classes given the lower price point, industrial and logistics property is
relief to struggling occupiers. expected to remain in favour with investors in 2020.
6
INDUSTRIAL | Research & Forecast Report | H1 2020
SYDNEY
OVERVIEW
Market Indicators - March 2020 Just over 750,000 sqm of new supply entered the market in 2019
and this is forecast to remain steady in 2020. Some speculative
AVERAGE NET FACE RENTS ($/m2) projects may be paused in the current environment.
Prime Secondary
L H L H
Transport and logistics as well as consumer goods/FMCG occupiers
$143 $164 $126 $145
have been the most active in the Sydney leasing market. Collectively,
these groups account for 53% of active lease requirements in
AVERAGE YIELDS Western Sydney.
Prime Secondary
L H L H
Net face yields have remained flat over the past quarter and we
4.46% 4.92% 5.13% 5.67% expect this to remain the case over 2020. Alternatively, incentives
are expected to creep upwards as landlords become more aggressive
AVERAGE CAPITAL VALUE* ($/m2) in their approach to secure a tenant.
Prime Secondary
L H L H The flow of capital seeking logistics assets in the Sydney market
$2,924 $3,685 $2,240 $2,853 remains strong, albeit under the levels recorded in late 2019. The
focus in 2020 will shift towards tenant covenant and length of WALE.
DEVELOPMENT SUPPLY
Risk will now be priced properly in the current environment as the
2020 ANNUAL AVERAGE flight to quality thematic plays out. The spread between prime and
FORECAST (2010-2019) secondary yields is expected to widen from their current 70 basis
point spread.
735,981m2 520,881m2
Sydney Industrial Yields, Prime and Secondary (%) Sydney Leasing Requirements, by Tenant Type
Food / Production / Cold Store Other
10.0% 160
4% 6%
Manufacturing /
9.0% 140
Engineering / Hi-Te ch Transport &
4% Logistics
8.0% 120 38%
Construction / Hire / Service
7.0% 100
6%
6.0% 80
Health /
5.0% 60 Pharmaceutical
12%
4.0% 40
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-12
Mar-20
Wholesaler / Distribution /
Service / Repairs Re tail & FMCG
Bps Spread (RHS) Prime Secondary 15% 15%
Source: Colliers International Source: Colliers International
7
INDUSTRIAL | Research & Forecast Report | H1 2020
By Luke Crawford The focus for 2020 will shift towards tenant covenant and the
Associate Director | Research security offered under the lease. Well located assets in core markets
luke.crawford@colliers.com
with a sound covenant and long WALE will continue to attract strong
Overall, the performance of the Sydney industrial and logistics levels of capital from a diverse buyer pool. There are early signs
market in the last six months has remained strong, however, this is already occurring with several major institutions flagging their
there are some early signs emerging which show some hesitation intention to only participate on such assets in the short term. As a
towards both the leasing and investment markets. 2020 started result, we expect yield metrics for these assets to remain firm as
very strong for the local market with leasing and investment groups increasingly seek quality.
demand remaining significant and this theme was expected to Alternatively, secondary assets are expected to be harder to price in
continue over the year. The outbreak of COVID-19 towards the end changing market conditions with value largely to be determined by
of the quarter has somewhat made the near-term outlook more the tenant’s ability to pay rent. Risk is now being priced properly by
uncertain. Notwithstanding this, growth in e-commerce activity and investors and as a result secondary facilities and assets with weaker
infrastructure investment coupled with heightened demand from covenants will require a discount and subsequently, we anticipate
non-discretionary occupiers is supporting the logistics sector and yields to trend moderately upwards.
demand for warehouses in strategic locations.
In addition, the spread between prime and secondary yields is
Following completions of 755,353 sqm in 2019, new construction expected to widen. In recent years, there was a lack of prime core
activity is expected to remain strong in 2020 with just under assets brought to market and as such secondary assets were highly
750,000 sqm expected to enter the market. However, given a pursued, often without pricing in the appropriate levels of risk.
moderate softening of the leasing market off the back of the current Consequently, the gap between prime and secondary narrowed to 70
economic environment, it is now likely that a number of institutions basis points, well below the historical average of 120 basis points.
will place their short-term speculative developments on hold which
With travel restrictions in place for offshore investors coupled with
may somewhat reduce the level of forecast supply in 2020. For
FIRB restrictions requiring all overseas purchases to be subject to
active and aggressive groups, it presents an opportunity to deliver
FIRB approval, we expect demand to largely stem from local players
non-specialised assets that can be easily let.
in the near term, albeit with offshore capital being deployed via
Investment Market domestic managers.
The rate of capital flows into the Sydney industrial and logistics
market remains strong, however, several institutions are adopting a
Leasing Market
Macro drivers for industrial and logistics tenancy demand such as
wait-and-see approach with regards to acquisitions and divestments.
growth in e-commerce and infrastructure investment continue to
As a result, the depth of capital is not as strong as it was at the
support leasing activity across the Sydney market with take-up being
end of 2019 and investors are becoming more selective in their
recorded from a broad mix of industries.
acquisitions.
In 2019, approximately one million sqm of industrial space was
While 2019 was dominated by local REITs and unlisted funds who
leased across Sydney, over 75% of which stemmed from the
acquired 89% of assets (by volume) over the period, the first quarter
Western markets. Over the first quarter of 2020, approximately
of 2020 has seen the re-emergence of private investors into the
220,000 sqm has been leased and highlights the strong start to
market. Institutions remain active in the Sydney market, however,
2020 prior to COVID-19. By industry, take-up was strongest for
their focus has shifted towards non specialised prime assets in core
Transport and Logistics and Wholesale Trade sectors.
locations (with a solid tenant profile) or opportunistic acquisitions
which offer perceived value. As at Q1 2020, there was 750,090 sqm of industrial and logistics
space available for lease (5,000sqm+) across Sydney, with 93% of
In the 12 months to March 2020, investment volumes ($5 million
these vacancies being existing warehouses. Alternatively, speculative
+) for industrial and logistics assets in Sydney totalled almost $1.5
built facilities continue to record strong take-up with the bulk of
billion, down 32% from the same time last year. Weaker investment
facilities delivered over the past 12 months being leased prior to
volumes are largely attributable to weaker activity over the first
practical completion.
quarter of 2020 when compared to the first quarter of 2019.
While enquires and leasing demand for certain industries has
Investment volumes are likely to remain weak over the first half of
dropped off following COVID-19, there has also been a spike in
2020 and we are already seeing this play out with volumes over the
enquiry for short term overflow space and fulfillment centres (mostly
first quarter of 2020 well down on previous first quarter totals in
from fast moving consumer goods retailers and their logistics
recent years. So far in 2020, approximately $210 million of industrial
providers).
and logistics assets have traded in Sydney, compared to just over
$580 million at the same time last year. The slowdown is the
result of several institutions and corporates postponing divestment
decisions in the near term. We note, there are several large assets
on the market and if they trade would significantly boost investment
volumes.
8
INDUSTRIAL | Research & Forecast Report | H1 2020
Sub-Markets rents grew by 8.0% to $199/sqm, slightly higher than secondary
facilities which grew 6.9% over the same period to average $179/
West sqm (net). The continued growth in rents can also be attributed to
Sydney’s West continues to perform well, accounting for the bulk of an improvement in access to and from the area off the back of major
leasing activity over the past 12 months. Despite supply additions of infrastructure projects including the WestConnex. Due to significant
approximately 720,000 sqm over the past year, vacancy rates across rental increases, many of the traditional industrial and logistics users
the Western markets remain very tight and as a result, occupiers have continued to relocate to more affordable markets along the
seeking space have had to broaden their search area to secure a M5 Motorway or in Western Sydney. Incentives for both prime and
tenancy. secondary stock are currently sitting within the 5-8% range.
The vacancy rate across the Western markets currently averages The investment market remains active with strong demand for
5.1% for buildings 5,000 sqm +. We note, the vacancy rate in the mixed-use and commercial development sites. Given the changing
Outer West, North West and Western submarkets are tighter at nature of the surrounding area to residential, it is very likely that
sub 4.0% with several leasing options in the South West being the certain suburbs in South Sydney including Alexandria will become
catalyst behind the more elevated rate. more of a commercial office precinct over the next decade. Prime
Enquiry levels remain healthy across Sydney’s West with industrial and logistics buildings are currently being traded at
approximately 515,000 sqm in active briefs within the market, 36% of between 4.25% and 4.50%, while secondary assets are transacting
which are focussed on the Outer West submarket and a further 29% at 4.75% and 5.25%. Yields in the area reflect the development
are looking at the West submarket. By tenant type, 38% of this active potential of many sites with an upside to higher density uses.
demand stems from transport and logistics providers and 15% from North
consumer goods/retail/fast moving consumer goods. Alternatively, Overall, demand for industrial and logistics space has remained
a number of other groups have paused their current expansion or generally static in the last six months within the North submarket
relocation plans and subsequently we expect these occupiers will and is partly a function of a lack of available stock. Rents have
take up their options or extend their current lease. recorded modest rental growth over the past year, with prime rents
Average net face rents in the prime market have increased by 2.1% increasing 3.8% to $208/sqm (net), while modest outperformance
over the 12 months to March 2020 and unchanged over the past was recorded in the secondary market, up 5.0% to $170/sqm over
quarter to measure $128/sqm. For the secondary market, rental the same period. Incentives broadly range between 5.0% and 10.0%
growth of 4.2% has been recorded over the past year (to average for prime and 6.0% to 12.0% for secondary assets.
$117/sqm net), albeit with this growth occurring in 2019 with rents With very limited availability of stock, occupiers with requirements in
remaining stable over the first three months of 2020. Incentive excess of 2,000 sqm continue to seek accommodation in alternative
metrics for both the prime and secondary market currently ranges markets. The market is dominated by mostly SME businesses at the
between 8-12%. higher end of the supply chain such as pharmaceutical, medical and
Investment yields have remained stable over the past quarter and we IT companies or those with strong ties to the North Shore market.
expect a divergence between prime and secondary assets will occur The only major addition to supply in the market will stem from the
over the coming months while core assets with covenant strength Northern Beaches Business Park at Cromer which will provide
will continue to exhibit tight cap rates. Prime assets in Sydney’s approximately 25,000sqm of industrial space. The timing of this
West currently range between 4.5% and 5.0% while secondary are remains subject to securing a pre-commitment. Investment yields for
higher at 5.25% to 5.75%. Land prices across the West market have prime assets in the area currently range between 4.5% to 5.0% and
increased by almost 8.0% over the past year to range between $675 secondary assets range between 5.25% and 5.75%.
(5ha+) and $960/sqm (
INDUSTRIAL | Research & Forecast Report | H1 2020
MELBOURNE
OVERVIEW
Market Indicators - March 2020 Underpinned by several significant pre-commitments in the West,
leasing take-up has been well above the long term average and has
AVERAGE NET FACE RENTS ($/m2) stemmed largely from transport and logistics providers and retailers.
Prime Secondary
Investment volumes have slowed as many adopt a wait and see
L H L H
approach. Yields are expected to soften over the next 12 months,
$105 $120 $74 $85
albeit concentrated in the secondary market as risk becomes priced
in. Prime yields currently range between 5.25%-5.80% while
AVERAGE YIELDS secondary yields range between 6.25% to 6.85%.
Prime Secondary
L H L H Recent leasing demand and enquiries are starting to shift towards
defensive occupiers and those operating in the non-discretionary
5.25% 5.80% 6.20% 6.85%
space. This includes cold storage providers, food and beverage
retailers, e-commerce providers and transport and logistics groups.
AVERAGE CAPITAL VALUE* ($/m2)
Prime Secondary The COVID-19 outbreak has the potential to revive Australia’s
L H L H manufacturing capabilities and reduce our reliance on global supply
chains as more goods are made locally. With Melbourne historically
$1,823 $2,311 $1,091 $1,391
having strong ties to the manufacturing sector, Melbourne is well
placed to capture demand from businesses in this space.
DEVELOPMENT SUPPLY
The prime market recorded rental growth of 1.1% YoY to March 2020
2020 ANNUAL AVERAGE
FORECAST (2010-2019) while secondary rents outperformed, increasing 5.0% over the same
period. Rental growth is expected to ease in 2020 and incentives are
711,996m2 384,340m2 expected to increase in selected markets.
Melbourne Land Prices Vs Capital Values Melbourne Prime and Secondary Rents (sqm)
Indexed to 100 in Mar-05
350 $120
$110
300
$100
250
$90
200 $80
150 $70
100 $60
50 $50
$40
0
Mar-20
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Prime Secondary
Land Values (ex City Fringe) Prime Capital Values
Source: Colliers International Source: Colliers International
10INDUSTRIAL | Research & Forecast Report | H1 2020
By Luke Crawford
Associate Director | Research Sub-Markets
luke.crawford@colliers.com
City Fringe
The Melbourne industrial and logistics property market has
Given its proximity to the CBD and the Port of Melbourne, the City
performed strongly over the past six months, with take-up being
Fringe industrial market continues to attract investors, developers
well above the long-term average, driven by a diverse tenant pool
and occupiers alike. Well located industrial properties are increasingly
including 3PL groups and retailers. For the investment market, there
being redeveloped to accommodate alternative and higher order
has been significant levels of capital seeking entry into the market
uses further to rezoning, whilst core industrial assets remain in high
and this has continued to place pressure on yield metrics.
demand, particularly within the strategically located Port Melbourne
However, given the outbreak of COVID-19 late in the Q1 2020 sub-market. Reflective of the tightly held nature of City Fringe site
quarter, there has been a noticeable slowdown in both investment ownership, land values remain well above those in the inner ring or
and occupier markets with many adopting a wait and see approach. suburban industrial areas. Outgoings have increased by around 50%
However, long term the fundamentals remain sound as there is a over the past 12 months in line with increases in land tax and other
$73 billion transport infrastructure pipeline in Melbourne and coupled statutory expenses.
with the higher take-up of online retail and likely rebound in local
Tenant demand has been strongest for 500-3,000 sqm tenancies,
manufacturing post COVID-19, the outlook remains favourable.
partly the result of a lack of larger sites available for lease. The
Investment Market vacancy rate within the market remains tight, particularly the prime
market at 3.8% (500sqm+). However, growth in net face rents has
After recording $1.3 billion in investment volumes in 2019, activity been limited in the prime market over the past year largely as a result
has slowed over the first quarter of 2020 with many investors, of the growth in outgoings. Prime net face rents currently average
particularly institutions waiting on the sidelines over the short term. $200/sqm and vary depending on the size and composition of space
Consequently, we anticipate volumes in 2020 to be well under being leased. Secondary net face rents average $110/sqm. Incentives
the levels recorded in previous years with sales activity in the first broadly range between 5-10% for prime and 10-15% for secondary
quarter of 2020 is at its lowest level since 2010. However, should which is the lowest across the Melbourne submarkets.
shutdowns and other restrictions be scaled back in the first half of
Looking ahead, a number of buildings will become available later in
2020, we anticipate that the second half of 2020 will be particularly
2020 and as a result, the total vacancy rate is expected to increase.
busy as investors progress ahead with their divestment mandates.
However, the bulk of these availabilities are within the secondary
Given the global and local economic uncertainty, we expect there market and as a result, prime grade vacancy will remain tight and
to be a flight to quality with regards to both asset type and tenant rents are expected to remain relatively stable over the next 12
covenant. Consequently, we expect there may be some softening months.
of yield metrics over the next 12 months, albeit concentrated in the
Within the investment market, limited transactions have occurred
secondary market as risk becomes priced in. The current spread of
over the past six months by virtue of the tightly held nature of the
100 basis points between prime and secondary yields in Melbourne
market. The most recent notable investment sale to occur in the
suggests this spread will widen in the current environment, trending
precinct was 1-23 Wirraway Drive, Port Melbourne which was
towards the long-term average of 153 basis points and the secondary
acquired by GPT from a private investor, with a 6-year lease in place
market is expected to bear the brunt of this movement.
to Computershare for more than $30 million, reflecting an initial
Leasing Market yield of sub-5%. This has reset pricing for prime industrial assets in
Port Melbourne which now sit at 4.75%-5.25%. No change in yield
Overall, tenancy demand has been significant across the Melbourne
metrics has been recorded for secondary assets which remain at
market, led by the West where high levels of activity has been
5.75-6.25%.
recorded from transport and logistics providers as well as retailers.
Leasing enquiries have dropped off as a result of COVID-19 as West
businesses look to assess the impacts on their operations. However, The Melbourne West industrial and logistics market continues to
we are starting to see a pick-up in demand from defensive occupiers be one of the most active markets in Australia and accounted for
and those operating in the non-discretionary space and this has a large share of Melbourne’s pre-commitment activity over the
included cold storage providers, food and beverage retailers, past six months. Major pre-commitments in 2020 include Uniqlo
e-commerce providers and transport and logistics groups. (46,000 sqm) and Bridgestone (24,000 sqm) at Charter Hall’s
Midwest Estate in Truganina while CEVA Logistics pre-committed
While these occupiers are expected to account for a large share of
to 37,307sqm within Frasers West Park Industrial estate, also at
leasing volumes over the next 12 months, the COVID-19 outbreak
Truganina.
has the potential to revive Australia’s manufacturing capabilities
and reduce our reliance on global supply chains as more goods are The speculative development market has also been active and
made locally. With Melbourne historically having strong ties to the follows GPT committing Godfrey Hirst Carpets (14,402 sqm) and Pet
manufacturing sector, Melbourne is well placed to capture demand Stock (12,088 sqm) to the stage 1 of their Gateway Logistics Hub.
from businesses in this space. LOGOS also secured EFM Logistics Services Group (23,222 sqm) to
their Marshall Court, Altona site and Aliro have leased half of their 45
11INDUSTRIAL | Research & Forecast Report | H1 2020
National Drive, Truganina development to Quatius Logistics (8,500 have since announced their exit from the Australian market, however,
sqm). construction of the facility continues to progress. Enquiries in the
market remain at heathy levels, albeit down from the heights seen in
The existing building market has been more subdued over the past
the pre-COVID-19 period.
six months, however, lease deals to Austpac (15,100 sqm) at 25
Briggs Drive, Derrimut and Monza Imports (5,049 sqm) at 209-213 The investment market remains tightly held with few assets trading
Maidstone Street, Altona were concluded over the past quarter. over the past six months. Prime yields currently average 6.0% while
secondary yields are higher at 6.9%.
Despite the strong start to 2020, leasing enquiries have dropped off
in recent weeks given the uncertainty of COVID-19 and subsequently South East and Outer East
a number of occupiers are putting their leasing decisions on The South East and Outer East industrial and logistics market of
hold. However, defensive occupiers remain active, highlighted by Melbourne recorded a strong start to 2020 with approximately
Fernhurst’s recent pre-commitment to a 7,070 sqm purpose-built 79,500 sqm leased across 11 transactions (3,000 sqm+), almost
cold storage facility at the Charter Hall Drystone Industrial Estate double the 10-year average. Given the strong leasing demand, the
within Truganina. vacancy rate in the precinct is extremely tight at 2.2%. The prime
There has been little movement in rentals over the last 12 months for market continues attract strong levels of demand with the vacancy
both prime and secondary markets and this party reflects the level of rate currently sitting at 1.0% and subsequently there are a lack of
supply which has entered the market. Prime net face rents currently leasing options available. The sweet spot for demand has been in
average $82/sqm, while secondary net face rents are lower at $65/ the 5,000-10,000 sqm range, where nine transactions have occurred
sqm. At this level, prime rents are 28% below the Melbourne average year to date.
which accentuates the area’s appeal to prospective tenants and as Since the outbreak of COVID-19, new enquiries have dropped,
a result, almost 340,000 sqm of leasing activity in 2019 stemmed particularly for long term lease deals. However, demand from
from tenant migration from other Australian industrial and logistics non-discretionary occupiers has remained solid. More recently,
markets. Tenant migration from the City Fringe (38%), North (30%) this included Vincent Cold Storage agreeing to a five-year lease
and interstate markets (18%) were the dominant locations in which for a 8,655 sqm cold storage warehouse at 102-108 Bridge Road,
tenants moved from in 2019. Keysborough.
Transaction activity has been steady, however concentrated in the While demand for long term tenancies has waned, there has
sub $10 million over the past quarter given the lack of prime core been a notable increase in short term enquires within the market,
assets offered to the market. The most recent sale was Dexus’ particularly from food retailers (including supermarkets) who require
acquisition of 22 Business Park Drive, Ravenhall for $9.0 million on a overflow space given the recent spike in demand.
short-term sale and leaseback to AS Colour. Average yields for prime
Rents have recorded modest increases over the past 12 months
assets currently range between 4.75% to 5.25% while secondary
with prime assets averaging $94/sqm in the South East and $103/
assets currently range from 6.5% to 7.0%.
sqm in the Outer East. A more substantial increase was recorded
North for the secondary markets and currently averages $76/sqm in the
The North sub-market has seen continued strong tenant demand, South East and $77/sqm in the Outer East. Incentives broadly range
particularly for new and prime grade stock. Reflecting this was between 10-20% across both prime and secondary grades.
Mazda’s recent pre-commitment of 37,323 sqm within Frasers’ 4Ten
Following a strong 2019 where approximately $600 million traded off
Epping Business Park. Melbourne Airport continues to remain an
the back of several large sale and leaseback transactions, investment
attractive option for occupiers given the affordable economic rent and
activity has slowed. A recent transaction in the precinct was 180
recent leasing demand has stemmed from Bapcor (48,000 sqm) and
Browns Road, Noble Park which was acquired by a private investor
Agility Logistics (30,000 sqm).
from Quintessential Equity for $14.7 million. Prime yields currently
Despite strong tenant demand, rents have remained largely range between 5.50%-5.75% and 6.25%-6.75% for secondary
unchanged over the past year with prime net face rents currently across the market.
averaging $85/sqm while secondary assets average $70/sqm (net
face). Incentives remain at 15% for prime and 12% for secondary
assets. The catalyst behind subdued rental growth has been the
elevated vacancy rate which currently stands at 8.4% across the
market. We note, the bulk of these vacancies exist at the larger end
of the market (20,000sqm+) where there is just over 250,000 sqm
available for lease. Leasing options for other size ranges is limited,
particularly within the sub 10,000 sqm size range.
Rental growth is expected to remain subdued within the market given
the elevated vacancy rate and new supply additions which will enter
the market. Most notably, this will include the Kaufland Distribution
385-397 Francis St, Brooklyn
Centre (113,600 sqm) at MAB’s Merrifield Business Park. Kaufland
Sold on behalf of QUBE.
12INDUSTRIAL | Research & Forecast Report | H1 2020
BRISBANE
OVERVIEW
Market Indicators* - March 2020 Pre-commitment development activity dominates and drives leasing
demand. The flight to quality remains an ongoing theme while
AVERAGE NET FACE RENTS ($/m2) demand for existing assets is steady, albeit lacking urgency.
Prime Secondary
Leasing demand and enquiries have been underpinned by transport
L H L H
and logistics providers while more recently there has been an
$107 $114 $72 $90 uptick in demand recorded from manufacturing occupiers. The
South precinct has been particularly active and reflects new supply
AVERAGE YIELDS entering the market.
Prime Secondary
L H L H Despite the uncertain market conditions, developers continue to
support development activity. In 2020, industrial completions across
5.70% 6.18% 7.00% 7.75%
Brisbane are set to potentially total almost 400,000 sqm (projects
under construction or already complete), moderately above the
AVERAGE CAPITAL VALUE* ($/m2) 375,000 sqm of new supply added in 2019.
Prime Secondary
L H L H Despite a generally tight vacancy rate across the market, rental
$1,736 $2,012 $932 $1,289 growth is expected to remain subdued over the next 12 months, with
isolated increases in incentives expected particularly for secondary
grade assets. The patchy leasing market and new supply is the
DEVELOPMENT SUPPLY catalyst behind this outlook.
2020 ANNUAL AVERAGE Recent market evidence supports a continued firm yield outlook
FORECAST (2010-2019) for core assets. Secondary assets are likely to experience some
401,120m2 269,295m2 softening as leasing, covenant and asset risk becomes priced in.
* Includes the following precincts: ATC, North and Outer North, South, South West and Yatala
Brisbane Industrial Supply (sqm) Brisbane Prime and Secondary Yields (%)
450,000
11.0%
400,000
10.0%
350,000
9.0%
300,000
8.0%
250,000
7.0%
200,000 6.0%
150,000 5.0%
100,000 4.0%
Mar-20
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
50,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Prime Secondary
Source: Colliers International
Note: 2020 - Completed and under construction projects only Source: Colliers International
13INDUSTRIAL | Research & Forecast Report | H1 2020
By Karina Salas
(21,200 sqm - Berrinba Logistics Park).
Associate Director | Research
karina.salas@colliers.com Although vacancy is moderate across the market, the patchy leasing
market coupled with the development supply pipeline is expected to
Leasing Market hamper rental growth over the medium term, with isolated increases
Increasing occupier demand drives take up albeit in incentives expected particularly for secondary grade assets. The
rents forecast to hold steady average prime grade net face rents across all precincts held steady
Occupier demand in the Brisbane industrial and logistics market has in Q1 2020 at $111/sqm, while the average secondary grade net face
remained steady over the past six months despite the uncertainties rents followed a similar trend, holding steady at $81/sqm. Incentives
triggered by the COVID-19 outbreak, with increasing demand from across all precincts broadly range between 15-20% with the ATC
industrial operators within the pharmaceutical and logistics sectors. region being at the lower end of this range.
The flight to quality remains an ongoing theme with tenant activity
focussed on the prime market as occupiers seek the operational Investment Market
efficiencies derived from newer facilities. Demand continues to be The predominance of sale and leaseback
skewed towards new construction with a steady stream of major transactions
commitments to either D&C or speculatively developed space. Transaction volumes have risen significantly over the past year
In contrast, the general leasing market is patchy with notably with approximately $1.6 billion changing hands in the 12 months
less demand for existing accommodation, particularly within the to March 2020, up from $1.1 billion at the same time last year. The
secondary market where a large portion of current vacancies exist. strong result over the past year stemmed from four $100 million plus
The movement of tenants upgrading to higher quality premises sales which collectively accounted for 40% of investment volumes.
has been facilitated by favourable incentive metrics which in some Institutions were the most active groups on the acquisition side,
precincts are as high as 20%, particularly in Outer precincts like the representing 89% of sales (by volume) over the past 12 months while
South and South West. corporates accounted for 36% of vendors by volume and came off
the back of several large sale and leaseback transactions. Notably,
During 2019, approximately 400,000 sqm of industrial and logistics sale and leaseback activity in Brisbane was headlined by the Arnotts
space was leased (5,000sqm+) with 65% of this demand stemming facility in Virginia which was sold by KKR following their acquisition
from the pre-commitment and speculative market. By sector, leasing of the Campbell Soup business to the Centuria Industrial REIT for
demand and enquiries have been underpinned by transport and $211.8 million.
logistics providers while more recently there has been an uptick in
demand recorded from manufacturing occupiers. Like other markets, Across Brisbane the average prime yield currently stands at 5.94%
take-up is shifting towards occupiers who provide non-discretionary and generally ranges between 5.5% to 6.5% depending on the
goods, and this is highlighted by a logistic operator who has recently asset’s location. Secondary assets are priced at 7.38% on average
sub-leased 10,000 sqm to support the supply of medical equipment and range between 6.75% to 8.0%, reflecting a 144 basis point
to the State Government for a period of 12 months. spread to the prime market.
The South precinct has been particularly active over the past six Looking ahead, investment volumes are expected to weaken as
months and has represented the bulk of Brisbane’s leasing volumes institutions and corporates hold off on their divestment plans in the
over the period. The increased rate of activity in the precinct partly short term. With demand from local and offshore groups waning
reflects new supply entering the market with 151,000 sqm added in given the uncertainty in the market, private investors have become
2019. Notable lease deals to occur in the precinct include Lincoln increasingly active as they capitalise on a period of weaker capital
Sentry, a subsidiary of Dulux, leasing 9,766 sqm at 243 Bradman depth. The strength of private investors was evidenced by the
Street in Acacia Ridge. recent sale of 731 Curtin Avenue East in Pinkenba which sold to City
Freeholds (Sydney based private investor) for $34.7 million while
Despite the uncertain market conditions, developers continue to the residual buyer panel largely consisted of both local and interstate
support development activity for projects backed with long-term investors. Reflecting a yield of 5.8%, the sale provided clarity that
leases representing about 76% of the development activity completed yield metrics for well-located assets will hold up in the current
in 2019. Similarly, we expect to see a deferral of speculative projects COVID-19 climate.
over the short term. Supply levels in 2019 totalled circa 375,000
sqm, underpinned by the South and ATC regions which collectively Similar to the leasing market, the current economic environment is
accounted for 62% of supply in 2019. expected to result in a flight to quality for well-located core assets
with strong covenants. The lack of available investment opportunities
Looking forward into 2020, industrial and logistics completions in recent years has seen investors move up the risk curve with
across Brisbane are set to potentially total circa 400,000 sqm buyers more receptive to taking on leasing risk or less functional
(projects under construction or already complete). The South and secondary assets, however, recent events are expected to result
South West submarkets are expected to capture 82% of new supply in a moderate repricing of assets as risk becomes priced in. Given
over the period and will primarily stem from purpose-built facilities this, a greater distinction between prime and secondary assets is
including Rheinmetall (32,042 sqm - Redbank Motorway Estate), anticipated with yields for core offerings with a strong business
DHL (20,567 sqm - Wembley Business Park) and CEVA Logistics profile expected to remain close to current levels.
14INDUSTRIAL | Research & Forecast Report | H1 2020
ADELAIDE
OVERVIEW
Market Indicators - March 2020 Transaction activity above $5 million was strong in the last quarter
of 2019, however, activity has since slowed with just one major sale
being recorded in the first quarter of 2020.
AVERAGE NET FACE RENTS ($/m2)
Prime Secondary
There is still some activity in the market below $5 million which is
L H L H being driven by private investors and owner occupiers.
$88 $121 $56 $75
Institutional capital was a key feature of the Adelaide industrial market
AVERAGE YIELDS accounting for 72% of total sales volumes during 2019, however this
Prime Secondary may fall in 2020 with a limited supply of institutional grade assets being
L H L H offered. The second half of 2020 could see some institutional and
6.40% 7.75% 8.00% 9.70% private owners divesting non-core assets.
New Supply reached decade highs with circa 206,000 sqm of space
AVERAGE CAPITAL VALUE* ($/m2)
completed during 2019 and 298,000 sqm expected to be completed
Prime Secondary
in 2020. Pre- commitment activity has driven the new supply with
L H L H very limited speculative development. Institutional developers have
$1,088 $1,486 $656 $1,045 become more prominent with most of these new developments being
constructed by large institutional developers.
DEVELOPMENT SUPPLY
2020 ANNUAL AVERAGE
FORECAST (2010-2019)
298,853m2 84,072m2
Adelaide Industrial Supply (sqm) Prime Net Face YoY Rental Growth
350,000 20.0%
15.0%
300,000
10.0%
250,000
5.0%
200,000 0.0%
150,000 -5.0%
-10.0%
100,000
-15.0%
50,000
Mar-10
Mar-12
Mar-14
Mar-13
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-11
Mar-20
Sep-10
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-11
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Inner North West Outer South Outer North Average
Source: Colliers International Source: Colliers International
15INDUSTRIAL | Research & Forecast Report | H1 2020
By Kate Gray distancing measures with many retailers seeing significantly higher
Director | Research volumes of online sales across several categories. We have also
kate.gray@colliers.com
seen interesting partnerships with Coles and Woolworths teaming
Market Overview with Australia Post to deliver basic boxes to the vulnerable in the
community. This also expands the delivery network of both major
The pandemic outbreak of COVID-19 and the social distance supermarkets. Going forward, the structural shift towards online
measures which have been put in place to contain the spread created retail is expected to be permanent as consumers increasingly opt
a great deal of uncertainty in the Adelaide industrial and logistics to buy their goods online. For the Adelaide industrial and logistics
market. However, sentiment is beginning to improve for both the local market, this will result in a greater demand for well-located
occupier and investment market with enquiries reverting towards the warehouse space.
levels recorded pre COVID-19. Greater certainty following the release
New supply in 2020 is forecast to reach over 204,000 sqm with
of the Code of Conduct and subsequent ‘flattening of the curve’ have
over 197,500 sqm completed in 2019. This is the highest level of
been the catalysts behind the improved sentiment within the market
new industrial supply since 2007. Major projects to be added to the
in recent weeks.
Adelaide market include distribution centres to Metcash at Gepps
The Code of Conduct provides the framework for negotiation of rent Cross, Sigma Healthcare and Huhtamaki at Pooraka, OI Glass at West
relief for tenants. To be covered by the code, the business needs Croydon and the expansion of the Woolworths distribution centre at
an annual turnover of below $50 million and be qualified for the Gepps Cross.
JobKeeper Program (see sales fall by more than 30%). Our early
observations are that the industrial and logistics sector is better Market Outlook
placed than the retail sector.
The outlook for the Adelaide industrial market remains positive.
Infrastructure investment remains key for growth in the Adelaide The Adelaide industrial market which has a traditionally strong
industrial and logistics market, with the most recent state budget manufacturing base is expected to benefit post COVID-19, with
committing A$5.4 billion to the final stages of the North-South several key industries expected to see more onshore manufacturing.
Corridor. The state government stimulus has set aside $350 million Health equipment such as X-ray, ventilators, drug production,
for ‘shovel ready’ infrastructure projects, which are likely to support and personal protective equipment is likely to see more onshore
the industrial sector in the medium term. The A$1.2 billion of defence manufacturing. With Adelaide being the HQ for defence and space
infrastructure construction continues at Osborne and is nearing investment in Australia we expect that these industries will continue
completion, which will support the frigates and submarine projects to grow post the pandemic.
due to commence in 2020 and 2023 respectively. In the mining
With the structural shift to online retail expected to be permanent,
sector, BHP announced that they are hiring 1,500 staff nationally
logistics will be the big winner as retailers invest heavily in their
with many in operational and skilled trade roles. We have also seen
online platforms and supply chain networks. The growth in online
several large manufacturers pivot production to new product lines
shopping is expected to increase at a greater rate than pre COVID-19
with Bickfords producing hand sanitizer and Detmold Packaging
and this will continue to drive the e-commerce sector both locally
producing medical personal protective equipment including surgical
and globally. Logistics providers are set to benefit with increased
masks.
consumer deliveries as a result.
Manufacturing which has seen a decline over the last decade due
Although we expect rental growth to plateau in the short term, a
to cheaper offshore alternatives are now coming into focus as a key
combination of increased demand for modern and efficient logistics
in managing crisis situations and building onshore capabilities. The
accommodation and a limited supply pipeline will ensure steady
COVID 19 pandemic is likely to lead to a rethink of supply chains and
rental growth over the medium to long term within the Adelaide
an existing and historic reliance on significant offshore production for
market. Industries which were traditionally view as being in decline
some industries. Adelaide with a strong manufacturing base is well
are expected to have a resurgence which places Adelaide as a key
positioned to capitalize from this change.
beneficiary of this growth. The short term impacts of COVID-19 on
Our recent industrial sentiment survey across Australia shows that manufacturing may see longer term benefits for South Australia with
most landlords are focused on the tenant solvency and pricing/ new technology allowing for more onshore manufacturing post the
valuation benchmarks as the biggest challenges over the next 12 pandemic.
months. We also see industrial and logistics assets being the most
preferred asset class for investors over the next 12 months.
Sales activity has slowed in the first quarter with the sale of the
Thebarton Square campus being the largest sale recorded. Many
of the listed funds which have industrial portfolios have performed
better than others with a higher exposure to office and retail. These
investments have held up in the current market, with tenants less
likely to be significantly affected by the social distance restrictions.
Logistics have been a big winner from COVID-19 and social Thebarton Square, Thebarton
Sold for $17.25m on behalf of Australasian Property Developments Pty Ltd.
16INDUSTRIAL | Research & Forecast Report | H1 2020
PERTH
OVERVIEW
Market Indicators - March 2020 The COVID-19 pandemic has significantly increased uncertainty
and has further impacted both consumer and business confidence
AVERAGE NET FACE RENTS ($/m2) in WA. Some tenants impacted by the government mandated
Prime Secondary pandemic responses and global trading conditions have sought rent
relief. However, a co-ordinated global fiscal and monetary stimulus
L H L H
response to this crisis could have beneficial outcomes for the states
$73 $86 $55 $70
resources sector and the investment outlook.
AVERAGE YIELDS It is still too early to see any distinct build-up of industrial space
Prime Secondary vacancy, however, a vacancy increase is looking like a high
L H L H probability, given the significant business disruptions that has taken
6.25% 7.49% 7.24% 8.43% place to date. But this isn’t expected to be widespread or on a large
scale. Though any increase will see a flight to quality that will impact
AVERAGE CAPITAL VALUE* ($/m2) secondary grade stock in the future, unless a significant positive
Prime Secondary economic turnaround emerges.
L H L H
There has been no reportable movement in market yields, but
$1,016 $1,251 $673 $936
considering the interest rate outlook, we expect Prime yields to remain
stable during 2020. The low cost of funds and lack of more favourable
DEVELOPMENT SUPPLY yield alternatives will likely continue to see investor interest in the
higher yielding Perth market.
2020 ANNUAL AVERAGE
FORECAST (2010-2019) The current land demand outlook is subdued. Vacant land pricing will
242,314m2 likely remain stable with some negative adjustment undertones.
168,437m2
New supply outlook is currently forecasted to also be subdued. After
2020, the market is likely to experience new record low building
completions during the following two year.
Perth Industrial Supply (sqm) Perth Prime and Secondary Yields (%)
400,000 9.5%
350,000 9.0%
8.5%
300,000
8.0%
250,000 7.5%
200,000
7.0%
6.5%
150,000 6.0%
100,000 5.5%
Mar-14
Mar-18
Mar-19
Mar-10
Mar-12
Mar-13
Mar-15
Mar-16
Mar-17
Mar-11
Mar-20
50,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Prime Secondary
Source: Colliers International Source: Colliers International
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