Auckland Figures Q4 2025

Key Market Changes:

• Investors have become more constructive on the back of interest rate trends, and increased investment market activity is aiding the price discovery process. As a result, in Q3 we have firmed yields across 11 property sectors in the Auckland market. This helped the weighted average capital value increase in Q3 after a small drop in Q2.
• Office leasing enquiries and inspections have lifted in Q3.However, the higher activity is very specific and focused on well-located prime assets. Overall, rents remained essentially flat.
• Industrial occupier demand remains weak for larger warehouses as the logistics sector continues to operate with excess capacity, but it is picking up at the smaller end of the market. Overall, there is no evidence pointing to an increase in market rents.
• The retail leasing market is also weak. General occupier sentiment indicates a reluctance to rush into deals but compared to earlier in the year, enquiries from potential tenants have increased in Q3. Given a lower affordability base, in weaker centres, owners need to drop rents to accommodate tenants.