Christchurch Figures Q4 2026

KEY MARKET CHANGES:

• The Christchurch CBD office market saw modest rental growth in Q3, with Prime face rents up 0.3% whilst Secondary face rents remained stable. Effective rents edged higher on asset-specific incentive shifts. The market is increasingly two-tier, as selective tenants focus on high-quality, move-in-ready space.
• The Christchurch industrial market returned to rental growth in Q3 2026, with Prime net effective rents up 1.2%. Growth was led by the office component of modern buildings in Hornby and Middleton and supported by low vacancy and limited speculative development, while Secondary net effective rents were unchanged.
• Christchurch Prime CBD retail rents rose 0.9% in Q3 2026 after two quarters of stability, driven by strong demand for high-footfall locations such as High Street and Cashel Street. Secondary CBD Fringe and Suburban Strip rents were unchanged amid more selective leasing, while incentives held steady across all submarkets.
• Christchurch CBD office vacancy rose across both Prime and Secondary grades in H1 2026, driven mainly by key tenants vacating space. This contrasts with previous periods, when vacancy fluctuated due to the completion of new or refurbished (committed and uncommitted) developments. No such completions occurred in the CBD during H1.