Auckland Figures Q3 2026

INSIGHTS

• Investment activity maintained a good level of momentum in the second quarter despite some headwinds. Liquidity is returning to the office sector, and retail has also been dynamic. However, higher vacancy and incentives weigh on investors’ minds on top of a less supportive interest rate environment.
• The CBD office leasing market shows leasing momentum improving off the 2025 slump, but now largely plateauing. Demand remains focused on well-located, high-quality buildings with strong amenities and transport connections.
• Non-CBD office markets continue to be negatively impacted by a centralisation trend and generally soft demand.
• Industrial leasing activity had an uptick in Q2. However, higher vacancy is leading to a more competitive market and incentives are facing upward pressure.
• Retail leasing has been generally soft in Q2. Most retail centres had stable or lower rents. The CBD retail market is improving.
• The June vacancy survey shows a positive sign in the CBD office market. However, vacancy rates are higher in the non-CBD office market and the industrial market, both with negative net absorption.