Christchurch Figures February 2026

Key points:

• The Christchurch CBD office vacancy rate decreased to 7.4% in H2 2025, driven by a decline in Prime CBD office vacancy, despite an increase in vacant stock in Secondary buildings. The decrease in Prime CBD vacancy was attributed to several major leases, the largest at 224 Cashel Street.
• Both the CBD and suburban office markets experienced strong leasing activity during H2 2025, as occupiers seek to optimise premises quality and location.
  The Christchurch industrial vacancy rate declined slightly to 2.1% in the second half of 2025. Vacant stock increased in Grade A buildings, mainly due to uncommitted new supply and the closure of a major manufacturer, whilst it decreased in lower quality assets due to important moves in Sydenham, Bromley, and Sockburn.
• Whilst office rents remained stable in the Prime CBD office submarket and the suburban office market, the Secondary CBD office submarket saw a 1.1% increase in net face rents. Industrial rents have remained steady in the last 18 months.
• The economy is forecast to expand in 2026, driven by increased business investment and consumer spending. Inflation is expected to be on target by year-end. Analysts believe that the RBNZ will hold the OCR at 2.25% at least for the first half of 2026, but potentially until Q2 2027.