Industrial land values are heading back to pre-pandemic levels, while the value of secondary assets are also set to tumble, Goodman Group chief executive Greg Goodman warned, as the logistics giant re-affirmed its full-year earnings guidance.

Goodman’s first-quarter trading update nevertheless disappointed investors, who may have expected an early upgrade. Goodman securities fell 3 per cent on Wednesday – and have lost more than a third of their value this calendar year – despite the company reporting surging rents and 100 per cent occupancy rates across the $1.9 billion of new warehousing it completed over the quarter.