Christchurch Figures Q1 2026

Key Points:

• The investment market entered 2026 on a positive momentum, but global trends have started to weigh heavily on sentiment. In this context, during Q1 Prime CBD office yields decreased by 16 bps, whilst Secondary CBD office yields firmed by 4 bps. In addition, Prime industrial yields firmed by 6 bps, but this has been reflected as a Q4 2025 movement, as we believe it occurred during that quarter but was not captured in our previous Figures report.
• The Christchurch office leasing market was active during Q1, with rents increasing in the Prime and Secondary CBD submarkets by 2.3% and 4.7%, respectively. Strong demand also led to suburban strip retail rents increasing by 1.5% in the quarter. By contrast, activity was more subdued in the suburban office and industrial leasing markets with rents remaining stable during the quarter.
• CBRE's Q1 evaluation indicates some yield compression over the quarter, with Prime CBD office yields decreasing by 16 bps and Secondary CBD office yields firming by 4 bps between Q4 2025 and Q1 2026.
• 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. Meanwhile, the industrial vacancy rate declined slightly to 2.1% in the second half of 2025.