Australian Logistics & Industrial Capital Markets Outlook 2025

LOGISTICS & INDUSTRIAL OUTLOOK 2025

Timin

2025 Preferred Risk Profiles

Development

18%

17%

26%

Value Add

39%

25%

24%

Core Plus

53%

36%

9%

58% 2025 L&I CAPITAL MARKETS SURVEY 0% 20% 40% Core

14%

13%

60%

80%

100%

Very interested Somewhat interested Neutral

Not very interested Not interested at all

aide

Survey Charts Timing of Capital Deployment

2025 Pricing Outlook 2025 Pricing Outlook

2025 Di

Remain the same

17%

3%

25-50 basis point expansion

4%

25-50 basis point compression

15%

Q1 2025 Q2 2025

40%

0-25 basis point expansion

8%

Q3 2025 Q4 2025

57%

High Net

0-25 basis point compression

57%

100%

0% 10% 20% 30% 40% 50% 60%

AUSTRALIA L&I OUTLOOK 2025 19

Immediate Barriers to Entry

Victori

Immediate Barriers to Entry

R adjustm

Cap rate uncertainty

3%

Access to capital

3%

F

Cost of debt

7%

Mismatch in pricing expectations

25%

Lack of suitable stock

25%

Nothing - actively looking

37%

0%

10%

20%

30%

40%

Cushman & Wakefield

Source: Cushman & Wakefield Research

Source: Cushman & Wakefield Research