New Zealand retail market snapshot Q4 2021

JLL’s New Zealand Retail Market Snapshots provide property insights into how the retail 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 property insights from the previous quarter will help to guide your property decisions in the quarters ahead.

Despite COVID-19 disruptions due to the recent Delta-related lockdown, the general sentiment in the Auckland retail market is a lot more positive compared to the lockdown supported by retail spending in the last 12 months. With the expectation that the lockdown end is in sight, the term of it will place varying degrees of pressure on different retailers, the market generally expects a recovery in spending and foot traffic as we move down alert levels. There is however a continued divergence between location and quality.

For Auckland CBD retail, occupier demand remains strong for the bottom end of Queen Street and Downtown areas. Leasing demand in these areas mainly came from luxury retailers, fashion retailers and F&B operators. In comparison, the mid-town and upper end of Queen Street continue to struggle with reduced foot traffic, high vacancy and subdued retailer demand.

Christchurch retail has held up well during the recent short-lived lockdown in the City, with rents remaining unchanged across the board for the fifth consecutive quarter. 

Wellington continues facing challenges for its retail property market with vacancy increased by 120 bps over 1H221. Tenants are structuring their businesses to cater for the bricks and mortar footprint in conjunction with their E-commerce strategy to cater for consumer demand. Some tenants have chosen to invest solely in the online platforms. 

Retail Rents

Some of the questions answered in the latest report include: 

  • Which retail market is facing the largest challenges? 
  • How are Q4 retail rents and yields faring?
  • What retail projects are in the pipeline for Auckland, Wellington, and Christchurch? 

Find out more below.

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