Industry super fund Rest Super and US global investment manager Barings will this year build a $400 million industrial estate near the Western Sydney airport in what will be a reprieve for companies that need more warehousing space.

According to Colliers, industrial and logistics vacancy rates in Sydney hovered at 1.2 per cent as of the end of last year, a figure well below the national average of 1.6 per cent and the second-lowest in the world behind Toronto in Canada.