New Zealand retail market snapshot Q2 2023

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

August 28, 2023
  • 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 shift to more online platforms due to the pandemic, many small-scale retailers have moved away from expanding in physical spaces to grow their businesses. On the other end of the scale, luxury retailers are taking up prime sites over 200 square metres, particularly in the CBDs. As a result, the upper end of luxury spaces in Auckland has been pushing over $5,500 per square metre, while in the suburbs, it’s edging closer to $1,000 per square metre. In the capital, following the decrease in average net prime rents at the beginning of 2022, performance has remained steady. Signalling the performance of the sector in Wellington, vacancy in the city significantly decreased in Q2 2023, down 1.5% to 6.7%, driven by a rise in leasing activity on Willis Street and Cuba Street.

Bulk retail continues to build on its strong performance from 2022, where it finished with rent growth in Q4 up 7.69%. Minimal space is in the pipeline in Auckland CBD aside from some smaller retail components in mixed-use developments, due to complete in 2023.

In the Garden City, average net prime CBD rents have increased significantly through H1 of 2023, up $75 per square metre in the last quarter to stand at $625 per square metre. This performance is expected to continue, driving prime rents in the CBD to $845 per square metre by 2027. The development pipeline in Christchurch remains strong following the addition of 5,500 square metres of retail space in Q2 2023, with over 3,500 square metres due to be completed by 2024.

Some of the questions answered in the latest report include: 

  • Where is retail resurgent in Auckland?
  • What’s driving new retail developments in Wellington and Christchurch?
  • How will mixed-use developments continue to provide impetus to retail and hospitality operators? 

Find out more below.

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