Australia Real Estate: Australian Industrial & Datacentres – Demand Outpacing Supply

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Australia Real Estate: Australian Industrial & Datacentres – Demand Outpacing Supply

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16 Jun 2026 03:55:57 ET │ 27 pages

Australia Real Estate

Australian Industrial & Datacentres – Demand Outpacing Supply

CITI'S TAKE

Australian Real Estate Team

Australian industrial real estate fundamentals remain firmly constructive:

demand is outstripping supply, national rents grew 1.4% y-y in 1Q26, and Howard Penny AC

vacancies have stabilized near 5–6% — among the lowest in the world. From +61-2-8225-4819

an Industrial & Datacentre point of view, Goodman Group remains our howard.penny@citi.com

highest-conviction name, with a 6.4GW power bank and $14.5bn

development WIP (73% data centres) underpinning a multi-year earnings Suraj Nebhani, CFA

compounder. Lease execution across Tokyo, Paris, Los Angeles, and suraj.nebhani@citi.com

Australia is the single most important near-term re-rating catalyst. We Akshit Batrahighlight GPT Group as our key value pick and Stockland (SGP) as a key large

cap residential pick. akshit.batra@citi.com

Industrial — Demand continues to outstrip supply in 2026. National take-up of

0.9mn sqm in 1Q26 exceeded supply additions, and we expect full-year 2026 take-

up to exceed 3.0mn sqm — above the long-term average of 2.6mn sqm. Australia

remains a landlord-favourable market, in stark contrast to tenant-friendly EMEA

and Americas dynamics. Despite ~80% average rental growth since 2020,

Australian cities remain among the most affordably priced industrial markets

globally — suggesting meaningful headroom for further appreciation.

Goodman Group —. GMG's 9% FY26 EPS growth guidance is a floor, not a ceiling.

Performance fees and fair value gains remain unrecognized upside as leases

crystallise.