Updated Q1 2026

Industrial Lease Rates: US vs Australia vs New Zealand (Q1 2026)

15 cities and 37 submarkets ranked by industrial asking rent, vacancy, and growth rate across three countries.

3markets
Countries compared
15
Cities tracked
Tauranga
↓ 2%
Tightest vacancy
Sydney
↑ AUD 185.00
Highest rate

Key findings

Across all three markets, industrial rents continued rising in Q1 2026 as e-commerce fulfilment, cold-chain expansion, and nearshoring demand outpaced new supply delivery. The U.S. saw the most moderation in growth (4.1% YoY) after two years of elevated construction completions, while Australia (5.2%) and New Zealand (4.8%) maintained stronger momentum due to tighter existing supply.

Sydney leads all tracked cities with the highest nominal rate at AUD 185.00/sqm. Dallas-Fort Worth offers the lowest rate at USD 7.15/sqft. The tightest vacancy is in Tauranga at 2%.

National averages

Average lease rate
US
USD 9.82/sqft
AU
AUD 148/sqm
NZ
NZD 155/sqm
Year-over-year growth
US
+4.1%
AU
+5.2%
NZ
+4.8%
Vacancy rate
US
5.8%
AU
3.2%
NZ
2.8%

All 15 cities ranked by lease rate

All cities ranked by industrial lease rate
#CityRateYoYVacancy
1SydneyAUAUD 185.00+5.7%2.1%
2AucklandNZNZD 175.00+5.4%2.2%
3WellingtonNZNZD 145.00+5.1%3.0%
4BrisbaneAUAUD 138.00+6.2%3.0%
5TaurangaNZNZD 138.00+6.2%2.0%
6HamiltonNZNZD 132.00+5.6%2.5%
7MelbourneAUAUD 128.00+6.7%3.5%
8ChristchurchNZNZD 122.00+6.1%3.5%
9PerthAUAUD 118.00+5.4%3.8%
10AdelaideAUAUD 105.00+7.1%4.2%
11Los AngelesUSUSD 16.85+4.0%3.8%
12HoustonUSUSD 8.35+4.1%6.8%
13ChicagoUSUSD 7.45+4.6%5.9%
14AtlantaUSUSD 7.28+4.7%6.4%
15Dallas-Fort WorthUSUSD 7.15+5.5%7.2%

Cities ranked by vacancy (opportunity markets)

Tauranga NZ
2%
Sydney AU
2.1%
Auckland NZ
2.2%
Hamilton NZ
2.5%
Wellington NZ
3%
Brisbane AU
3%
Melbourne AU
3.5%
Christchurch NZ
3.5%
Perth AU
3.8%
Los Angeles US
3.8%
Adelaide AU
4.2%
Chicago US
5.9%
Atlanta US
6.4%
Houston US
6.8%
Dallas-Fort Worth US
7.2%

Currency and unit note

U.S. rates are in USD per square foot per year (net). Australian rates are in AUD per square metre per year (net). New Zealand rates are in NZD per square metre per year (net). 1 sqm = 10.764 sqft. For approximate cross-country comparison, multiply AU/NZ sqm rates by 0.093 to get a rough $/sqft equivalent, then apply the prevailing exchange rate. This comparison presents local-currency figures throughout.

Methodology

This comparison draws from the same data sources as the individual country pages. All rates are quoted in local currency and local measurement units (USD/sqft for the U.S., AUD/sqm for Australia, NZD/sqm for New Zealand).

Cross-country rate comparisons require caution due to differences in currency, measurement units (sqft vs sqm), lease structures (triple-net vs semi-gross), and market conventions. We present local-currency figures throughout and note approximate USD equivalents where useful for context.

Rankings are based on local-currency nominal rates. A city ranking first in its local currency may not rank first on a purchasing-power-parity basis. This report does not attempt PPP-adjusted comparisons.

Sources

  1. JLL U.S. Industrial Outlook Q1 2026 Link Accessed 2026-05-20.
  2. CBRE U.S. Industrial & Logistics Figures Q1 2026 Link Accessed 2026-05-20.
  3. Cushman & Wakefield U.S. Industrial MarketBeat Q1 2026 Link Accessed 2026-05-20.
  4. CommercialCafe National Industrial Report 2026 Link Accessed 2026-05-20.
  5. JLL Australia Industrial Outlook Q1 2026 Link Accessed 2026-05-20.
  6. CBRE Australia Industrial & Logistics MarketView Q1 2026 Link Accessed 2026-05-20.
  7. Colliers Australia Industrial Research Q1 2026 Link Accessed 2026-05-20.
  8. Property Council of Australia Industrial Benchmarks 2026 Accessed 2026-05-20.
  9. Colliers New Zealand Industrial Market Report Q1 2026 Link Accessed 2026-05-20.
  10. CBRE New Zealand Industrial & Logistics MarketView Q1 2026 Link Accessed 2026-05-20.
  11. Bayleys Industrial Market Pulse Q1 2026 Accessed 2026-05-20.
  12. REINZ Commercial Property Data Report 2026 Accessed 2026-05-20.

Cite this report

SCAYLED (2026). Industrial Lease Rates: US vs Australia vs New Zealand (Q1 2026). Retrieved from https://scayled.com/data/industrial-lease-rates/comparison

Free to quote with attribution. Creative Commons CC BY 4.0.

Related data

Q1 2026
United States Lease Rates

Full city and submarket breakdown for United States

Q1 2026
Australia Lease Rates

Full city and submarket breakdown for Australia

Q1 2026
New Zealand Lease Rates

Full city and submarket breakdown for New Zealand

Frequently asked questions

The U.S. national average is USD $9.82/sqft/yr, Australia averages AUD $148/sqm/yr, and New Zealand averages NZD $155/sqm/yr as of Q1 2026. Direct comparison requires currency and unit conversion. On a like-for-like USD/sqft basis, Australian and New Zealand infill markets (Sydney inner south, Auckland Penrose) approach Los Angeles pricing, while secondary markets in all three countries converge around USD $6-8/sqft equivalent.

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