Wellington Figures Q4 2025

KEY MARKET CHANGES:

• In Q3, Wellington office rents were impacted by rising outgoings due to higher rates.  Also, the Premium and Grade B submarkets registered higher incentives.
• In Wellington's industrial market, Q3 saw positive occupier demand. Prime gross rents increased by 0.4% due to higher outgoings. Meanwhile, Secondary industrial buildings saw rising face rents in good-quality assets.
• The Wellington CBD retail market showed mixed demand levels in Q3, with some submarkets experiencing robust demand, such as the west side of Lambton Quay and Cuba Street, while others, like the east and northern sides of Lambton Quay, saw lower demand. Gross rents remained stable in most submarkets, except for Courtenay, which saw a 1.2% decline due to softer market conditions.
• Even though New Zealand’s aggregate demand has been contracting, the economy is expected to rebound in 2026 driven by export growth, business investment, and further interest rate cuts.