New Zealand office market snapshot Q4 2021

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

November 22, 2021

Our real estate market research is based on data from several reputable sources including on-the-ground insights from our own departments. Reading our office property insights from the previous quarter will help to guide your property decisions in the quarters ahead.

Despite the recent lockdown since 17 August 2021, the general sentiment in the Auckland office market remains positive with leasing enquiries picking up. There is, however, ongoing divergence between grade and location. Rents at the upper end of Premium and A-grade space saw growth this quarter supported by the on-going ‘flight to quality’ trend, as the backfill opportunities have seen occupiers continue to move up the grade spectrum.

Vacancy rate in Wellington office property market remains low, particularly for the upper end of stock. While some corporates have reduced their workspace requirements, which increased the availability of sublease space, much of this accommodation is either being absorbed by private and Government occupiers or have been withdrawn from the market.

With quality investment opportunities in short supply in Auckland and Wellington, we are noticing a growing interest for Christchurch’s best tenanted office assets with longer unexpired terms and strong tenant covenants as investors look at alternative locations.

Office Rents

Some of the questions answered in the latest report include:

  • What office precincts have been impacted the most by new ways of working?
  • Will increased office vacancies cause rents to drop?
  • What office projects are in the pipeline for Auckland, Wellington, and Christchurch?

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