New Zealand industrial market dynamics Q1 2024

JLL’s New Zealand Office Market Dynamics provide property insights into how the office market is faring within Auckland, Wellington, and Christchurch.

May 24, 2024
  • Gavin Read
  • Hina Imran

Our real estate market research is based on data from several reputable sources including on-the-ground insights from our own departments. 

The strength of the industrial markets across Auckland, Wellington, and Christchurch continues to follow the 2023 trend, with increases in net prime rents across precincts in Auckland, Wellington, and Christchurch. The continued demand-supply imbalance has been underpinned by strong demand for high-quality industrial space. The Auckland southern market, the strongest performer throughout 2023 with annual growth of 1.9% from March 2023, did not record a change in its average net prime rents this quarter. Auckland’s North-Shore and North-West saw net prime rents increase by 2.0% to reach $206 per square metre.

Average net prime rents in Christchurch’s industrial sector rose by, +4.4% to $155 per square metre, in Q1 2024. In Wellington, average gross prime rents also rose considerably, by 2.8% to $192 per square metre. Consistent occupier demand points to the ongoing strength in the market for well-located, quality stock. 

Early signs of high construction costs easing across the country are being partially offset by the rising levels of rent, and the willingness of occupiers to commit to developments ahead of completion, which is expected to inhibit the pipeline. 

Despite this, several significant developments in Christchurch’s Hornby, Woolston, and Middleton, will add over 115,000 square metres of industrial space by the end of 2025.

Some of the questions answered in the latest report include:

  • What factors are driving demand for prime industrial space in south Auckland?

  • How will easing construction costs impact the industrial development pipeline?

  • What impact will land values have on supply and yields over the remainder of 2024?

Find out more below.

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