- No change in face rents but Q4 saw some incentives creep higher.
- Tenant decisions continue to be protracted amid economic uncertainty, but there is still plenty of activity in the <500 sqm market.
- Pass through from interest rates starting to put pressure on yields: prime up circa 15 bps and secondary up circa 25 bps
- Very little movement in rents/incentives in H2 but some downwards pressure on B-grade.
- Big story is pending supply wave in 23 & 24 but most of this will depend on securing precom (at this stage looking like it will get pushed back)
- Similar to CBD, yields are moving slightly higher with more pressure on B-grade
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