Christchurch Figures Q3 2025

Key Points:

• Ongoing development activity in the office market is creating a broader range of options for occupiers.  Christchurch CBD office vacancy is 8.8%, up from 8.4% six months ago mainly due to the introduction of uncommitted space in a new office building on Cashel Street and a refurbished building on Hereford Street.
• Industrial vacancy increased during H1, reaching 2.2%, the highest in the past three years. The rise was widespread, with all industrial submarkets experiencing an increase.  Prime saw the largest increase in vacancy due to large companies consolidating their space and the introduction of new spec built vacant buildings.
• In a general environment of stable rents, the Prime suburban office submarket was the only one that registered rent growth during Q2.  
• Investment market activity is on the rise in the Christchurch commercial property market.  After some firming in late 2024 early 2025, CBRE's evaluation showed a general pattern of stable market yields over the past quarter.
• After a promising start to the year, economic conditions have softened. A more optimistic outlook for 2026 reflects some of the main economic growth drivers turning positive. The large fall in interest rates, hint of a rise in net migration, a solid rise in export prices and the lower NZD are good reasons to expect a reasonable year-ahead GDP growth.