0 20 40 60 80 100 -20 -10 0 10 20 30 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 % annual change $ million Forecast Source: ABS State final demand (left axis) Total approvals (right axis) 32 There is very little by way of new industrial property supply that is either under construction or recently completed in Darwin. Over the last 12 months, we only know of a handful of industrial buildings that were completed, including circa 1,500 square metres at Truck Central, Wishart. Approximately 1,900 square metres was completed or is close to finishing on Raphael Road in Winnelie. The most recent ABS data release indicates the value of industrial approvals lifted through the 2022 financial year but then stalled to November 2022 at $25 million, with this result predominantly made up of warehouse approvals. There is only one major pre-lease or design and construct requirement currently active in Darwin that could underpin new supply, but no decision has been made. One other requirement is for hard stand linked to an LNG project. As a result, the near-term outlook for new supply looks modest. 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 | 1st Half 2023
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