Brief
Auckland New Development Pipeline May 2024
Overview of the active pipeline of under construction and building consent issued projects across the office, retail and industrial markets.
May 22, 2024 6 Minute Read
Looking for a PDF of this content?
Key Points:
- The active development pipeline (projects where physical work has commenced or is considered imminent) across the office, retail and industrial sectors currently comprises 58 projects.
- The industrial market dominates, accounting for 64% of the total new pipeline NLA, equivalent to 409,000 sqm. Office developments contribute 19% while retail developments contribute 17% of the total new pipeline NLA.
- Although we encountered some delays in a few large pre-leased industrial projects, the expected industrial completions for 2024 will still comprise the largest pipeline since the GFC, totaling approximately 355,000 sqm.
- Precommitment levels for industrial reach 85%, and sit at 48% for office. The retail precommitment level is higher than office, reaching 64% thanks to occupancy in some of biggest projects.