New Zealand office market snapshot Q4 2023

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

February 16, 2024
  • Gavin Read
  • Hina Imran

JLL’s New Zealand Office Market Snapshots provide property insights into how the office 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.

Occupiers continue to seek properties that are better equipped to attract and retain the best talent, and this translates into prime and A-Grade office properties being the most desirable. Prime rents across the country have been steadily increasing each quarter, widening the divergence between the two classes.

Net prime rents for Auckland’s CBD office market increased by $8 per square metre, marking a total increase through 2023 of 7.5%. While vacancies increased across many grades, premium office vacancy decreased to 1.6% (from 2.4%) due to occupier demand for space at the higher end of the scale.

After increases in the Wellington office rental market in Q3, gross prime and secondary rents remained unchanged through Q4. There are expected to be increases in rents across both classes, by $13 per square metre and $5 per square metre respectively, in 2024. 

The tight office market in the Garden City continued its 2023 narrative with an increase in average net prime rents by 2.6% ($10 per square metre) in Q4 due to inflationary pressures and a lack of available space. Net prime CBD rents are expected to increase by a further 1.9% through 2024.

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

*Average data only
**Dotted lines represent forecast data

  • Where are prime rents increasing at the highest rate across the country?

  • Where did vacancies rise for the first time since 2018?

  • How much space will be added to Christchurch’s office sector by 2025?

Find out more below.

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