Auckland Figures Q4 2026

INSIGHTS:

• Higher interest rates and the delayed economic recovery have been weighing on liquidity and pricing in some segments of the investment market. Office has been affected more heavily than industrial and retail.
• The CBD office leasing market continued to be active in Q3 with some notable deals. In Grade A and B, building specific vacancy factors are driving divergent rental trends with the net outcome being moderately falling rents.  Non-CBD office rents were stable in Q3, but continued weak demand is pointing to downward pressure.
• Industrial owners with vacancy exposure are increasingly prepared to incentivise leasing deals to secure occupiers, leading to softening net effective rents in some suburbs with higher vacancy rates and imminent supply.
• Retail sales and leasing have also been generally soft. Retail rents were stable to decreasing across most centre categories, the CBD retail market’s sentiment has been improving.
• The June vacancy survey showed a turn for the positive in the CBD office market. However, vacancy rates are higher in the non-CBD office and industrial markets, with both experiencing negative net absorption.