New Zealand retail market snapshot Q4 2023

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

February 16, 2024
  • Gavin Read
  • Hina Imran

JLL’s New Zealand Retail Market Snapshots provide property insights into how the retail 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.

Following the trend of strip retail opportunities bouncing back after online retailing dominated sales in the first half of 2023, Auckland, Wellington, and Christchurch retail markets continue to rebound strongly. Demand in Auckland CBD for luxury space continues to perform well above the average of $2,525 per square metre, with the upper end of rents sitting at $3,850 per square metre. 

While net rents remained unchanged in the capital for the seventh consecutive quarter, retail vacancy rose slightly, by 1.4% to sit at 8.1%. In Christchurch, net rents rose again by 3.8% to result in a year-on-year increase of 17.4%. The expectation is this trend will continue in the Garden City through 2024.

Bulk retail has performed strongly since 2022. Luxury retail and premium CBD space continues to attract strong demand from occupiers seeking the highest footfalls, with new stores opening in Commercial Bay and around both the upper and lower ends of Queen Street in Auckland, including global retailer Christian Louboutin.

The recently completed retail development in Wellington at Cuba Precinct has added over 1,000 square metres of retail space to the market, with several well-known brands having already secured space.

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

*Average data only
**Dotted lines represent forecast data

  • Will demand for strip retail in Auckland’s CBD continue in 2024?

  • Has demand for bulk retail been consistent since it rose sharply in 2022?

  • Where are the biggest developments and how much space is in the pipeline?

Find out more below.

Fill out this form to download report

There was an error submitting the form. Please try again. 


Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of downloading materials you have requested.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.