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Savills Research
New South Wales
Spotlight
Sydney Industrial
April 2015
Highlights
 Approximately 757,474 square metres of industrial


accommodation was reported leased in Sydney in
the 12 months to March 2015
Approximately $2.3 billion of industrial property
transactions were recorded in the 12 months to
March 2015
Indicative yields for prime and secondary industrial
stock have tightened in the 12 months to March 2015
 Industrial land values grew over the last 12 months,


with signs of further growth in Western Sydney
Prime rents in the Sydney industrial market remained
stable over the last 12 months
The investment market remains extremely strong as
the weight of capital from local and overseas
investors creates a seller’s market.
Savills Research | Sydney Industrial
April 2015
Savills New South Wales Team
Research
Managing Director
Divisional Director
Simon Hemphill
+61 (0) 2 8215 8892
Managing Director
Simon Fenn
+61 (0) 2 8215 8830
[email protected]
[email protected]
Research
Industrial Sales & Leasing
Analyst
Houssam Yakzan
+61 (0) 2 8215 8980
Divisional Director
Darren Curry
+61 (0) 2 9761 1304
[email protected]
[email protected]
Industrial Sales & Leasing
Divisional Director
Greg Cohen
+61 (0) 2 8215 8836
Divisional Director
Peter Steinhour
+61 (0) 2 9761 1310
[email protected]
[email protected]
Divisional Director
Ray Trimboli
+61 (0) 2 9761 1308
Associate Director
Adam Micola
+61 (0) 2 9761 1313
[email protected]
[email protected]
Valuation & Consultancy
Senior Executive
Moshe Greengarten
+61 (0) 2 9761 1302
Divisional Director
Russell Nicolson
+61 (0) 2 8215 8987
[email protected]
[email protected]
Corporate Real Estate
Project Management
Divisional Director
John Mackenzie
+61 (0) 2 8215 8982
General Manager
David Nicholas
+61 (0) 2 8913 4813
[email protected]
[email protected]
Savills New South Wales
Level 7, 50 Bridge Street
Sydney, NSW 2000 Australia
+61 (0) 2 8215 8888
savills.com.au
savills.com.au/research
2
Savills Research | Sydney Industrial
April 2015
Introduction
Sydney is Australia’s second largest industrial property market behind Melbourne in terms
of the amount of zoned industrial land. Industrial users range from domestic service
industries such as the local mechanic to larger scale users like transport, logistics and
manufacturers. Savills Research refers to the Sydney industrial market across seven main
precincts. These precincts and their respective municipalities are as follows:
Precinct
Suburbs
South Sydney
Botany, Mascot, Alexandria, Rosebery, Matraville
South West Sydney
Moorebank, Prestons, Chipping Norton, Liverpool, Revesby, Kingsgrove
Outer South West Sydney
Ingleburn, Minto, Smeaton Grange, Campbelltown
Central West Sydney
Chullora, Homebush, Rydalmere, Silverwater, Granville, Auburn
Western Sydney
Eastern Creek, Erskine Park, Arndell Park, Wetherill Park, Smithfield, Yennora,
Girraween
North West Sydney
Seven Hills, Kings Park, Blacktown, Baulkham Hills
North Shore
Artarmon, Lane Cove, St Leonards
Source: Savills Research
Infrastructure
In recent years significant ongoing improvements have been made to Sydney’s
metropolitan transport infrastructure, including the M2 and M5 motorways which are
currently being widened to accommodate increasing traffic volumes during peak periods.
Sydney is linked by what is known as the Sydney Orbital Network, which connects the M1,
M2, M4, M5 and the M7. This has allowed direct access from Sydney’s port and airport to
all major warehousing and industrial hubs in the South West, Western and North West
precincts.
Sydney’s next key infrastructure project announced by the NSW Government will be
Australia’s largest integrated transport and urban development known as WestConnex. The
33 kilometre project will bring together a number of Sydney’s freeways which together will
form a vital link to the Orbital Network. The scope of works include the widening of the M4
east of Parramatta, a duplication of the M5 East and new sections of motorway to provide a
connection between the two key corridors
Transport for New South Wales is responsible for delivering transport infrastructure projects
that meet time, cost and quality objectives, constantly conducts feasibility studies into
seeking ways to improve the NSW rail networks. Transport for New South Wales cite the
need for a number of infrastructure projects including the Northern Sydney Rail Freight
Corridor, which will improve freight times from Sydney to Newcastle, north of Sydney.
In order to support the growing demand for imports and exports, NSW Ports recently
completed the expansion of the Intermodal Logistics Centre (ILC) at Enfield. The new
terminal is located 18 kilometres west of Port Botany when fully operational, will have
capacity to handle 300,000 TEU port – rail capacity per year.
Furthermore, Government studies into the potential development of an additional
intermodal freight terminal at Moorebank in South Western Sydney would significantly
increase freight movements onto the rail network. If developed, this will further help improve
container movement within metropolitan Sydney and help reach Government targets of
doubling container movement by rail to and from Port Botany to 40 percent. Development
of the site is likely to begin over the next year.
savills.com.au/research
3
Savills Research | Sydney Industrial
April 2015
Leasing Activity
Savills identified approximately 757,474
square metres of industrial leases (>500
square metres) in Sydney in the 12 months to
March 2015. This is up on the 12 months
prior (692,295 square metres) and down on
the five year average (915,730 square
metres). The number of leases identified in
the 12 months to March 2015 totalled 104.
By comparison, a total of 161 transactions
were recorded in the same period last year.
Just over 234,614 square metres of space
was precommitted in the 12 months to march
2015. This is slightly below the five year
average of 243,000 square metres. The total
number of precommitment leases in the 12
months to March 2015 totalled 16, up on the
same period last year (9).
The following tables detail the major leases reported throughout the past 12 months.
Select Sydney Industrial Leases to March 2015
GLA (sq m)
Rent
$/sq m
Tenant
3-29 Birnie Ave, Lidcombe
8,670
135 N
Booktopia
Mar-14
Unit C, 5-7 Murtha St, Arndell Park
7,278
110 N
Ingram Micro
Mar-14
Yennora Distribution Centre, Yennora
6,209
75 N
Doble Transport
Mar-14
Unit D, 5-7 Murtha St, Arndell Park
6,017
100 N
Agility Logistic
Apr-14
Shirley St, Rosehill
11,962
117 N
The Winning Group
Jun-14
5-7 Unwin St, Rosehill
19,338
115 N
Couriers Please
Aug-14
37 Bessemer St, Blacktown
10,052
85 N
Amber Tiles
Feb-15
29A Davis Rd, Wetherill Park
9,824
75 N
A & J Packing Pty Ltd
Feb-15
26-32 Cosgrove Rd, Enfield
1,674
105 N
Parcel Freight Logistics
Mar-15
4 Inglis Rd, Ingleburn
8,172
108 N
Food Corporation
Date
Property
Mar-14
Source: Savills Research
Select Sydney Industrial Precommitments Leases to March 2015
GLA (sq m)
Rent
$/sq m
Tenant
38-46 Bernera Rd, Prestons
13,917
258 N
Ingham
Apr-14
1-2 Turnbull Cl, Greystanes
8,000
137 N
Supply Network
Jun-14
Kangaroo Ave, Eastern Creek
41,200
98 N
TT Industries (Ryobi)
Jun-14
Lockwood Rd, Erskine Park
15,300
105 N
Pelikan Artline
Jun-14
Kangaroo Ave, Eastern Creek
13,400
100 N
Fisher & Paykel
Jun-14
52 Quarry Rd, Erskine Park
3,500
120 N
DUT Transport
Jul-14
Pembroke Rd, Minto
7,465
110 N
Quantium Solutions
Nov-14
11-13 Gibbons Rd, Winston Hills
8,800
175 N
Toshiba
Mar-15
Narrellan
15,034
105.5 G
Date
Property
Apr-14
GMK Logistics
Source: Savills Research na= not currently available
Select Sydney ‘Build to Lease’ Industrial Leases to December 2014
GLA (sq m)
Rent
$/sq m
Tenant
Kangaroo Ave, Eastern Creek
16,845
115 N
FDM Logistics
57-75 Templar Rd, Erskine Park
5,586
110 N
EHI Australia
Date
Property
May-14
Feb-15
Source: Savills Research
savills.com.au/research
4
Savills Research | Sydney Industrial
The Sydney industrial market
experienced an increase in
speculative development over
the last 12 months. Developers
are predominantly building
surplus space following a large
precommitment to a site. In the
last 12 months, Savills has
recorded over 80,000 square
metres of leasing activity in
‘build to lease’ developments.
With a further 70,000 square
metres of new supply expected
to be completed in 2015.
The ‘Transport & Logistics’
industry leased the most
industrial accommodation,
taking 403,000 square metres
or 53 percent of leased stock.
The ‘Wholesale’ sector
(including retailers, bulky
goods, supermarkets,
agricultural, textile, liquor,
pharmaceutical, and furniture
traders) accounted for 222,500
square metres or 30 percent of
leased stock.
The remainder of the take up in
the last 12 months was made
up by the ‘Manufacturing’ and
‘IT and Telecommunications’
sectors.
Looking at the current levels of
enquiry in the market, Savills
expects the ‘Wholesale’ sector
to dominate leasing activity in
Sydney over the short to
medium-term.
April 2015
Sydney Industrial
Metropolitan Leases by Lease Size (sq m)
Mar-05 to Mar-15
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
< 2,000
2,000 - 5,000
5,000 - 10,000
10,000 - 15,000
> 15,000
Source: Savills Research
Sydney Industrial
Metropolitan Leases by Lease Size (sq m and number)
12 months to Mar-15
450,000
50
400,000
45
350,000
40
35
300,000
30
250,000
25
200,000
20
150,000
15
100,000
10
50,000
5
0
0
< 2,000
2,000 - 5,000
sq m (LHS)
5,000 - 10,000
10,000 - 15,000
> 15,000
No (RHS)
Source: Savills Research
Leases in the Western precinct accounted for the majority of industrial stock reported
leased in the 12 months to March 2015, with 413,000 square metres (including
precommitments) or 55 percent. The Western precinct also recorded the majority of
Sydney’s precommitment activity (204,400 square metres) for the past 12 months.
The Western precinct has experienced a flurry of development in the last 12 months, which
has been predominantly driven by precommitment activity. This is expected to continue
with approximately 300,000 square metres of industrial space in the pipeline due to
complete by the end of 2015 on sites owned by Goodman Group, Australand, DEXUS, GPT,
Fitzpatrick Investments and Fife Capital.
Industrial take up of warehouse space greater than 15,000 square metres represented the
majority of industrial leases in the last five years, while leases in this region represented 55
percent of Sydney's reported leasing activity in the 12 months to March 2015.
The FY 2014/15 YTD figure for February for total container trade reached 998,374 TEU, up
by 4.2 percent compared to the same period last year. The main drivers for this increase
were the import of full containers, (up 4.7 percent), full export containers (up 1.6 percent),
and the export of empty containers. Anecdotal evidence suggests the increase in container
movement is a likely driver of speculative development and helping support current rental
levels across Sydney.
savills.com.au/research
5
Savills Research | Sydney Industrial
April 2015
Average net face rents remained stable across all precincts over the March 2015 quarter.
Prime industrial net rents as at March 2015 in South Sydney range between $130 per
square metre to $190 per square metre, secondary buildings ranged $90 per square metre
to $115 per square metre.
Prime industrial net rents in Western Sydney ranged between $100 per square metre and
$120 per square metre and between $70 per square metre and $95 per square metre for
secondary buildings. Savills expects subdued growth in secondary rents in Western Sydney
as new supply captures tenants seeking new facilities.
Sydney Industrial
Average Prime Net Face Rents by Precinct ($/sq m)
Mar-05 to Mar-15
$180
$160
$140
$120
$100
$80
$60
$40
South
South West
Central West
Western
North West
North Shore
Source: Savills Research
Rental levels above this range are being achieved for facilities equipped with specialised fitouts, with tenants paying a premium for technically advanced facilities that provide
improved warehousing efficiency.
Sales Activity
Savills recorded approximately $2.3
billion worth of industrial transactions
in the 12 months to March 2015, up
from $1.5 billion in the previous year;
and up on the five year average ($1.4
billion). This level of transactional
activity has returned to pre-GFC levels.
Savills recorded a total of 95 properties
sold, up from the previous 12 months
total of 64.
Sydney Industrial
Metropolitan Industrial Sales by Price Range ($m)
(>$5m) Mar-05 to Mar-15
$2,500
$2,000
$1,500
$1,000
This increased transactional activity
was the result of eight portfolio sales
which included Altis, Abacus, Valad,
Pact and W.H Soul Pattinson. Vendors
are taking advantage of tightening
yields and increased demand for
industrial assets giving rise to a
significant sell down of non-core
assets 2014.
$500
$0
$5-$10m
$10-$15m
$15-$20m
$20-$30m
>$30m
Source: Savills Research
savills.com.au/research
6
Savills Research | Sydney Industrial
April 2015
The Sydney industrial investment market remains extremely strong as the weight of funds
from local REITs, coupled with overseas third party capital seeking to grow their portfolios,
has created a seller’s market. Exacerbated by the lack of investment grade stock available
for purchase, prime and secondary yields have continued to tighten over the first quarter of
2015.
In the 12 months to March 2015, $554 million of reported transactions occurred in the
South precinct, accounting for 25 percent of the industrial sales in this period, a large
portion of which was acquired by developers buying industrial sites for residential rezoning.
However, the continued reduction in industrial stock in the South precinct, Savills expects
existing stock to become more desirable to tenants and investors alike.
Sydney Industrial Land Values ($/sq m) March 2015
Precinct
3,000 - 5,000 sq m
10,000 - 20,000 sq m
10ha +
South Sydney
500-700
450-600
na
South West Sydney
275-325
225-275
180-200
Outer South West Sydney
200-250
125-170
80-100
Central West Sydney
500-600
350-450
300-350
Western Sydney
300-375
250-350
250-300
North West Sydney
275-350
250-325
225-275
North Shore
600-700
400-600
na
Source: Savills Research
-note: the above rates reflect benched and serviced land values.
Select Sydney Industrial Land Sales to March 2015
Date
Property
Price ($m)
Area (sq m)
Price ($/sq m)
Jun-14
43-49 Stennett Rd, Ingleburn^
72.50
280,000
259
Jun-14
QuarryWest, Greystanes
50.50
265,000
191
Jun-14
2-28 McPherson St, Banksmeadow
33.10
93,000
365
Oct-14
Honeycombe Dr, Eastern Creek
8.65
27,900
310
Nov-14
Lot 11 Templar Rd, Erskine Park
6.90
42,913
161
Dec-14
Mamre Rd, Erskine Park
80.00
500,000
160
Source: Savills Research ^site includes small improvements and land lease
The following tables highlights a selection of industrial sales in the last 12 months.
Select Sydney Industrial Investment Sales to March 2015
Date
Property
Price($m)
GLA (sq m)
Price ($/sq m)
Yield (%)
Oct-14
133-145 Lenore Dr, Erskine Park
74.35*
44,702
1,663
6.25%
Oct-14
38-46 Bernera Rd, Prestons
69.80
22,100
3,158
6.64%
Oct-14
9-10 John Morphett Pl, Erskine Park
61.72
42,186
1,463
6.99%
Dec-14
7 Gundah Rd, Mount Kuring-Gai
55.00
41,880
1,313
8.04%
Dec-14
5 Inglis Rd, Ingleburn
22.35
20,400
1,096
7.53%
Dec-14
44 Biloela St, Villawood
19.50
15,845
1,231
8.45%
Dec-14
165 Newton Rd, Wetherill Park
18.50
12,529
1,477
7.90%
Dec-14
2-13 Lord Street, Botany
153.50
43,617
3,519
na
Feb-15
127 Orchard Rd, Chester Hill
37.00
25,830
1,432
7.03%
Source: Savills Research ^excluding surplus land
na = not currently available * approximately
savills.com.au/research
7
Savills Research | Sydney Industrial
April 2015
Select Sydney Industrial Vacant Possession Sales to March 2015
Date
Property
Price ($m)
GLA (sq m)
Price ($/sq m)
Feb-14
133 Vanessa St, Kingsgrove
14.85
13,034
1,139
Apr-14
42 Birnie Ave, Lidcombe
12.20
8,070
1,512
Apr-14
24-32 Forge St, Blacktown
6.69
6,713
996
Sep-14
35 Bryant St, Padstow
14.00
36,850
380
Sep-14
67-77 Airds Rd, Minto
5.60
5,799
966
Source: Savills Research
The most active purchaser in
the market in the 12 months to
March 2015 was the 'Fund'
category recording $ 672
million (29 percent) worth of
industrial property transactions.
Likewise, the 'Fund' category
was the most active in terms of
number of transactions
recorded with 34 sales.
The 'Developer' buyer category
has become more prevalent in
the last 12 months making up
16 percent of total investment
($369 million). With residential
developers acquiring over $330
million of industrial facilities
earmarked for residential
redevelopment.
Undisclosed
0%
Sydney Industrial
Metropolitan Industrial Sales Buyer Profile (%)
(>$5m) 12 months to Mar-15
Private Investor
8%
Fund
29%
Developer
16%
Foreign Investor
10%
Trust
28%
Source: Savills Research
Government
1%
Syndicate
2%
Owner Occupier
6%
In the last 12 months, heightened demand for industrial development sites was evident with
acquisitions of larger strategic land banks by a range of A-REITs and private equity groups.
As developers work through their development pipeline, the ability to secure a tenant with a
requirement of over 30,000 square metres has become increasingly difficult as land banks
deplete. These land bank acquisitions allow A-REITs to grow their funds management
business organically by developing new stock through market demand. Savills has
recorded over $448 million of land sales during this period, totalling approximately 185
hectares of gross site area. Altis, Stockland, Charter Hall, Australand, DEXUS, Mirvac and
Goodman Group all acquired large land bank sites in the last 12 months.
A-REITs continued to acquire prime industrial assets across Sydney, with Goodman,
Mirvac, Charter Hall, DEXUS, GPT, Australian Industrial REIT and 360 Capital all buying
logistic type assets over the last 12 months. Savills expects this buyer pool for industrial
property to remain acquisitive throughout 2015, further fuelling the argument of a seller’s
market as assets available for purchase remain scarce.
In December 2014, DEXUS announced the acquisition of the Lakes Business Park, 2-13
Lord Street Botany for $153.5 million. The site is located in Sydney’s south adjoining their
Joseph Banks Corporate Park. Gentrification of the surrounding suburbs has seen large
pockets of industrial buildings being demolished to make way for high density residential
buildings. With no short-term expectation for residential rezoning of the Lakes Business
Park or Sir Joseph Banks Corporate Park, they are well located to service the strong
demand from logistics users seeking to remain near the port.
savills.com.au/research
8
Savills Research | Sydney Industrial
April 2015
Average prime yields for industrial stock in the Western precinct tightened by 62.5 basis
points in the 12 months to March 2015. Prime industrial yields in the March 2015 quarter
typically ranged between 6.75% and 7.50%. Recent sales transactions at sub 7.00% are
likely to place further pressure on average industrial yields over the next 12 months.
Sydney Industrial
Average Prime Market Yields by Precinct (%)
Mar-05 to Mar-15
10.00%
9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
South
South West
Source: Savills Research
Central West
Western
North West
North Shore
Savills also recorded a tightening of average prime industrial yields by across all precincts,
with the North Shore precinct (- 25 basis points), South West, Central West and North West
precincts (-50 basis points), and the South and Outer South West precincts (-87.5 basis
points) benefitting from increased investor demand.
Sydney Industrial
Average Prime Capital Values by Precinct ($/sq m)
Mar-05 to Mar-15
$2,540
$2,040
$1,540
$1,040
$540
$40
South
South West
Source: Savills Research
Central West
Western
North West
North Shore
Average industrial capital values in Western Sydney as at March 2015 ranged between
$1,338 per square metre and $1,778 per square metre for prime stock, and between $778
per square metre and $1,188 per square metre for secondary stock. When compared to the
12 months prior, prime capital values increased by 9.2 percent, whilst secondary capital
values increased by 9 percent.
savills.com.au/research
9
Savills Research | Sydney Industrial
April 2015
Key Market Indicators
Key Market Indicators - December 2014
South Sydney
Prime
Secondary
Low
High
Low
High
Rental Net Face ($/sq m)
130
190
90
115
Yield – (% Net Face Rental)
6.75
7.50
8.00
9.00
IRR (%)
8.75
9.25
9.00
9.75
30
40
30
40
1,733
3,040
1,000
1,438
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
South West Sydney
Prime
Secondary
Low
High
Low
High
95
120
65
95
Yield – (% Net Face Rental)
7.00
7.25
8.00
9.00
IRR (%)
9.00
9.25
9.00
9.75
18
22
18
22
1,267
1,714
722
1,188
Rental Net Face ($/sq m)
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
Outer South West Sydney
Prime
Secondary
Low
High
Low
High
80
100
65
80
Yield – (% Net Face Rental)
7.00
8.00
8.25
9.25
IRR (%)
9.00
9.50
9.25
10.00
15
20
15
20
1,000
1,429
703
970
Rental Net Face ($/sq m)
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
Central West Sydney
Prime
Secondary
Low
High
Low
High
Rental Net Face ($/sq m)
105
135
80
100
Yield – (% Net Face Rental)
7.00
7.50
8.00
9.00
IRR (%)
8.25
9.25
9.00
9.75
Outgoings – total ($/sq m)
Capital Values ($/sq m)
20
27
20
27
1,400
1,929
889
1,250
Source: Savills Research
North West Sydney
Prime
Secondary
Low
High
Low
High
95
115
70
90
Yield – (% Net Face Rental)
7.25
7.75
8.25
9.00
IRR (%)
9.00
9.25
9.25
9.75
18
25
18
25
1,226
1,586
778
1,125
Rental Net Face ($/sq m)
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
savills.com.au/research
10
Savills Research | Sydney Industrial
April 2015
Western Sydney
Prime
Secondary
Low
High
Low
High
Rental Net Face ($/sq m)
100
120
70
95
Yield – (% Net Face Rental)
6.75
7.5
8.00
9.00
IRR (%)
8.75
9.25
9.00
9.75
18
27
18
27
1,333
1,778
778
1,188
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
North Shore
Prime
Secondary
Low
High
Low
High
Rental Net Face ($/sq m)
135
190
105
130
Yield – (% Net Face Rental)
8.00
9.00
9.00
10.00
IRR (%)
9.25
9.50
9.50
10.00
40
50
40
50
1,500
2,400
1,077
1,486
Outgoings – total ($/sq m)
Capital Values ($/sq m)
Source: Savills Research
Outlook
Over the next 12 months Savills anticipates the Sydney industrial investment market to
remain extremely strong as the weight of capital from local REITs, coupled with overseas
third party capital seeking to invest in Australia, adding further pressure on prime yields.
The upcoming sale of GIC’s portfolio (circa $900 million) and the current offering by
Goodman of a 55,500 square metre chilled distribution centre in Eastern Creek will be hotly
contested with cap rates expected to be sub 6%.
In the last 12 months, industrial-zoned land banks have become highly sought after as AREITs and private equity groups spent over $448 million for 185 hectares of land as they
focus their attention on building their portfolios. Examples include purchases made by Altis,
Stockland, Goodman, Mirvac, DEXUS and Australand of >10 hectare sites which will be
ready to develop in 2015/2016.
Savills believes land values for larger sites (>10 hectares) will lift as A-REITs compete to
acquire well located land in Sydney’s Western precincts. These rates currently range
between $250-$350 per square metre for serviced and benched sites.
Looking forward, Savills anticipates owner occupiers will continue to seek two to four
hectare sites which will put further pressure on supply, as demand will continue to drive
value. ‘Build to lease’ development remains active as DEXUS, Australand, Fitzpatrick
Investment and Goodman are all developing facilities in Western Sydney without prior
tenant commitment. Approximately 165,000 square metres of speculative space is expected
to come to the market between now and the final quarter of 2015.
Over the last three months, new leasing enquiries have predominantly been from major
logistic companies and retailers seeking circa 20,000-25,000 square metres of space in
Western Sydney. However, Savills are aware of a couple of ‘mega shed’ requirements
ranging from 50,000 square metres to 70,000 square metres. This demand is expected to be
met through precommitments.
Over the next 12 months, Savills expects to see rental growth for industrial stock across
most Sydney precincts, especially so in the South precinct where the reduction in industrial
stock due to the gentrification of suburbs such as Mascot, Botany, Alexandria and St Peters
will put upward pressure on rents.
savills.com.au/research
11
Savills Research | Sydney Industrial
April 2015
Savills New South Wales Team
Our highly regarded research
divisions are dedicated to
understanding and giving indepth insight into the
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We also provide in-depth
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The Savills Research &
Consultancy team has years
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respected along with Savills
Research teams across the
globe.
For our latest reports, contact one of the
team or visit savills.com.au/research
National Head of Research
Tony Crabb
+61 (0) 3 8686 8012
[email protected]
Savills provide free research
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savills.com.au/research
12
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