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1、Large Format RetailInsightsCBRE RESEARCHJUNE 2026Intelligent InvestmentREPORT2CBRE RESEARCH 2026 CBRE,INC.Intelligent InvestmentLarge Format RetailLarge Format Retail(LFR)OutlookBooming spend CBRE forecast household goods sales will grow to$94bn by end of the decade,+70%through the 2020s.A triple bo

2、ost of population growth,jobs growth and income growth will help to grow the retail base.In addition,rising home values have seen an acceleration in household goods spend across WA,QLD and SA.Occupier diversityThe Top 20 occupiers have over 3,250 stores nationally.Diversity of occupier is also evide

3、nced by 33%of space take-up by Furniture shops,19%by Hardware/Garden,12%by Electrical and 11%by Homewares.More recently,Pet products and Gyms have opted to take-up space in LFR.We also see scope for ongoing growth in penetration by food&liquor occupiers.Still low penetration LFR GLA per capita is 0.

4、22 sqm,around 1/3rd of levels in the US and Australian shopping centres.Vacancy has already fallen to low single digits and 72%of centres nationally exhibit sub 2%vacancy.For developers,we view Sydney,Canberra and Regional QLD/NSW/VIC amongst markets that are still relatively under-penetrated.Rent g

5、rowth Rents are up 21%nationally since 2020,with Sydney leading at 31%.Vacancy has tightened further,falling to 2.8%.This continues to place upward pressure on rents and CBRE forecast 5%pa to 2030.For context,leading LFR tenants have experienced Sales and EBIT growth of nearly 50%since 2019 while ma

6、rgins are broadly stable at 12%.Supply constrained New supply fell to a 10-year low in 2025.Although we forecast an improvement in 2026,much of the forward pipeline remains stuck in approvals.Elevated construction costs and interest rates are likely to delay or derail projects,keeping completions we