Research
New Zealand Market Dynamics - Q4 2024
JLL New Zealand’s Market Dynamics report provides property insights into how the office, retail, and industrial sectors are faring across the country.
February 11, 2025
Contributors:
- Chris Dibble
- Hina Imran
- Monish Khan
Our real estate market research is based on data from several reputable sources including on-the-ground insights from our own departments.
Key Highlights:
- Vacancy rates increased for Office markets across the three cities. Auckland CBD vacancy rate increased to 15.2%, with Prime vacancy at 10.3% and Secondary at 20.6%. Wellington’s overall vacancy rate rose to 8.0%, while Christchurch CBD vacancy rate increased to 4.5%.
- There is a growing development pipeline for industrial spaces, with over 650,000 square metres forecast for the three cities before the end of 2027.
- Retail market indicators show signs of stabilisation, with regional centres and large-format retail demonstrating outperformance. International brands continue to show interest in New Zealand's largest cities, particularly in Auckland's retail market.
Our comprehensive report offers an in-depth analysis of demand/supply trends, rental analysis, investment activity, and future outlooks for each sector across New Zealand's major cities. Download the full report to gain valuable insights for your real estate strategy in 2025 and beyond.
