Australian Logistics & Industrial Capital Markets Outlook 2025

2025 L&I CAPITAL MARKETS SURVEY

CUSHMAN & WAKEFIELD | 39

ng of Capital Deployment

Survey Charts Timing of Capital Deployment

Timing of Capital Deployment

2025 L&I CAPITAL MARKETS SURVEY

3%

Q1 2025 Q2 20

Survey Charts Timing of Capital Deployment

40%

Q3 2025 Q4 20

57%

2025 Div

3%

Immediate Barriers to Entry

Q1 2025 Q2 2025

40%

Q3 2025 Q4 2025

57%

Cap rate uncertainty

3%

High Net W

Access to capital

3%

2025 Divestment Intentions 2025 Divestment Intentions 2025 Divestment Intentions Developer High Net Worth Individual/Family O ce Other Private Equity REIT Sovereign Wealth Fund Super Fund Syndicate Unlisted Fund Developer High Net Worth Individual/Family O‹ce Other Private Equity REIT Sovereign Wealth Fund Super Fund Syndicate Unlisted Fund

Cost of debt

7%

Mismatch in pricing expectations

25%

67%

28%

Immediate Barriers to Entry

25% Victoria

Lack of suitable stock

33%

33%

67%

28%

50%

Nothing - actively looking

33%

33%

Rema adjustme

50%

38%

Cap rate uncertainty

3%

50%

57% 0%

10%

20%

30

43%

50%

38%

Access to capital

3%

52%

44% 44%

Futu

43%

57%

Cushman & Wakefield

Source: Cushman & Wakefield Research

22%

Cost of debt

7%

52%

44% 44%

57%

29%

22%

Mismatch in pricing expectations

25%

25%

75%

57%

29%

Divesting/

Lack of suitable stock

25%

25% 0% 20% 40% 60% 80% 100% 75%

Unsure at this stage No plans for divestments Nothing - actively looking

37%

0% 20% 40% 60% 80% 100% Planning to divest

0%

10%

Planning to divest 20%

30%

40%

Unsure at this stage No plans for divestments

Victorian Tax Impacts Victorian Tax Impacts Victorian Tax Impacts

Cushman & Wakefield

Source: Cushman & Wakefield Research

Remain active yet are making pricing adjustments or below the line adjustments Future Victorian investments on hold Remain active yet are making pricing adjustments or below the line adjustments

&$"

35%

$%"

Future Victorian investments on hold

50%

#"

Actively trying to buy

Actively trying to buy

7%

Divesting/planning to divest some Victorian assets Divesting/planning to divest some Victorian assets

!"

8%

37%

%"

'%"

(%"

&%" )%"

$%"

*%"

37%

40%

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

40%

AUSTRALIA L&I OUTLOOK 2025 20

AUSTRALIA L&I OUTLOOK 2025 20