38 There is very little by way of new industrial property supply that is either under construction or recently completed in Darwin. Over the 18 months to June 2022, we only know of a handful of industrial buildings that were completed, including circa 1,450 square metres at 29 McCarthy Close, Wishart and around 1,750 square metres at 32 Dawson Street, East Arm. Approximately 1,900 square metres is currently under construction on Raphael Road in Winnelie. The most recent ABS data release indicates the value of industrial approvals lifted in the 2022 financial year to $27 million, with this result predominantly made up of warehouse approvals. There are no major pre-lease or design and construct requirements currently active in Darwin that will underpin new supply. The largest requirement is for hard stand linked to an LNG project. As a result, the near-term outlook for new supply looks minimal. If and when demand improves on positive economic growth, there is a plentiful supply of land to accommodate it. In particular, there is ample available land to build on in Berrimah, Tivendale, East Arm and Wishart. Supply Darwin demand and industrial building approvals Industrial Market Monitor | 2nd Half 2022
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