Report | Intelligent Investment
Wellington Figures Q4 2026
October 21, 2026 11 Minute Read
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- Office market conditions continue to favour tenants, with a few indicators, such as incentives, stabilising. Lower OPEX, mainly from a significant fall in insurance premiums had varying market impacts due to the mix of gross and net leases.
- Prime industrial gross rents rose 3.7% in Q3 2026, reflecting demand trends for high-quality assets and an upward revision of Prime warehouse face rents. Secondary gross rents rose 0.7%, solely due to higher outgoings on buildings let on net leases.
- Wellington's retail market stayed subdued in Q3 2026, with thin leasing, highly location-specific demand and gross rents unchanged across all submarkets for the third consecutive period. The western side of Lambton Quay drew stronger interest, whilst lower Cuba Street and Courtenay Place remained notably weak.
- Investor sentiment in Wellington remained subdued compared with Auckland and Christchurch, where steady capital flows have supported more regular transactions despite rising interest rates narrowing the spread between debt costs and property yields. Nonetheless, CBRE's assessment pointed to stable market yields across all Wellington sectors in Q3 2026.