New Zealand industrial market snapshot Q4 2023

JLL’s New Zealand Industrial Market Snapshots provide property insights into how the industrial and logistics market is faring within Auckland, Wellington, and Christchurch.

February 16, 2024
  • Gavin Read
  • Hina Imran

JLL’s New Zealand Industrial Market Snapshots provide property insights into how the logistics and industrial market is faring across Auckland, Wellington, and Christchurch.

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 through the end of 2023, with the demand-supply imbalance underpinned by strong demand for high-quality industrial space. The Auckland South market, the strongest performer throughout 2023, did not record a change in its average net prime rents, resulting in a year-on-year increase of 6.9% over 2022, sitting at $218 per square metre. Auckland North-Shore saw net prime rents remain the same for the first time in 2023, resulting in an 8.3% year-on-year increase. The competitiveness of the industrial sector continues due to consistent occupier demand exceeding new available stock. All of these factors point to the ongoing strength in the market for well-located, quality stock.

This trend is driving the development pipeline for industrial markets, despite continued upward pressure on construction costs, though these costs are expected to ease during 2024. Over 570,000 square metres is expected in the Auckland market over the coming three years, including a 70,000 square metre Mainfreight warehouse in Penrose, and a 22,630 square metre warehouse for Fisher & Paykel in East Tāmaki. In Wellington, around 34,000 square metres is in the industrial pipeline, including a custom-built facility for Tesla.

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

*Prime and Secondary data
**Dotted lines represent forecast data

*Average data only
**Dotted lines represent forecast data

Some of the questions answered in the latest report include:

  • What continues to drive demand for industrial developments in south Auckland?

  • How is limited land supply impacting the industrial sector in the capital?

  • How are OCR movements expected to drive yields in 2024?

Find out more below.

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