Wellington Figures Q3 2026

KEY MARKET CHANGES

• Wellington CBD office vacancy rose to 18.4% in H1 2026, driven by increases in 
  vacant stock in the Core and Thorndon submarkets. Prime vacancy climbed to 
  10.0%, reflecting both CBRE's recent regrading of Prime/Secondary stock and 
  genuine market-driven downsizing by several tenants.
• The Wellington CBD office market saw continued flight-to-quality, with tenants 
  favouring Premium buildings while demand stayed soft across Grade A and 
  Secondary assets, prompting landlords to raise incentives to attract and retain 
  tenants, pulling down Prime and Secondary gross effective despite stable face rents.
• Wellington retail face rents held stable across all submarkets in Q2 2026, with strong 
  Prime CBD demand and steady Secondary demand (led by upper Cuba Street). In 
  contrast, industrial sentiment stayed mixed by grade, with the office component 
  driving Prime and Secondary gross effective rents up 0.7% and 0.3% respectively.
• The renewed Middle East volatility contrasts with Q2 2026's relative calm, when the 
  temporary US–Iran ceasefire lowered oil prices, eased interest rates, and boosted 
  market confidence. Momentum is now at risk of reversing given the RBNZ's July 
  OCR hike and the mid-July resurgence of conflict