Renamed Entegro, the company has reduced its exposure to 20 per cent, making parts for Ford's global factories, tyre flaps for trucks and most recently, cork flooring.

Mr Hopkins, Entegro's managing director, said: "When we supplied the automotive industry we had good business surety and while we've got new markets we've got no more surety."

The Brooklyn-based Entegro epitomises the shifting fortunes of the car parts supplier market. When it took over Wright Rubber in 2012, the merged entity moved into the bigger Brooklyn facility. Similar property rationalisations are expected to accompany the strategic redirections of other manufacturers that survive the closures of Ford and General Motors Holden next year.

Around 665,000 square metres of property is expected to become vacant as companies shut and thousands lose their jobs. Some space can be converted to logistics, other manufacturing and in some cases, residential or retail.

According to a new report by Colliers International on the future of the sector, there are 161 auto producers in Victoria – in addition to the three major players – and 834 body, parts and components makers. Only 30 per cent are expected to survive.

Colliers International industrial director Tony Iuliano said: "Early indications are that more suppliers are diversifying into other industries than we previously thought."

The burgeoning caravan manufacturing industry is attracting strong interest.

"It doesn't face nearly as many export threats and remains in high demand," Mr Iuliano said.

About 33 per cent of all motor vehicle manufacturing activity takes place in Victoria, with nearly 350,000 square metres in the southeast devoted to the sector where about 245,00 square metres of space is expected to become vacant.

While Denso, one of the largest suppliers, has already announced it will close, others will continue. Futuris has won contracts with Californian electric car maker Tesla, and Venture, Hella Australia and Dana Australia will continue but re-arrange their property requirements. Dana Australia has signed a new lease on a 10,000 square metre factory at Fraser Property's but will leave its 21,000 square metre site at 76-90 Link Road in Campbellfield in September next year.

CBRE and Savills are selling the Campbellfield property which is close to the Ford plant which shuts next year. It includes 10,440 square metre warehouse and office space.

CBRE agent Dean Hunt said he expected owner occupiers to show most interest in the building.

"While manufacturing is in decline there is still active manufacturing going on and buildings designed to cater for them are in short supply."