JLL's Auckland office market dynamics provide property insights into vacancy rates, rental trends, and investment activity in New Zealand's largest city.
Insight
12 February 2026
Auckland Office Market Dynamics Q4 2025
Categories:
For 4Q25, the Auckland overall vacancy rate stood at 14.3%, while the CBD vacancy rate decreased by 50bps to 16.0%, representing vacant space of 220,109sqm across all grades. The prime and secondary office vacancy rates decreased to 10.8% (-90bps since 2Q25) and increased to 22.1% (+30bps since 2Q25), respectively. Supply constraints at the top end of the market were evidenced recently by ASB renewing and extending its lease early at 12 Jellicoe Street.
The supply pipeline for 2025 was also active, reinforcing demand for prime assets, with a major development completion during 4Q25. This was 30 Daldy Street by Mansons TCLM, with OneNZ as its anchor tenant.
Longer term supply includes the Mansons TCLM 35 Graham Street project, a significant new central building proposed for Britomart by Cooper and Company, and Precinct Properties’ Pūmanawa Downtown West (Downtown Car Park site).
CBD prime average net rents increased marginally this quarter, by 0.2%, to now stand at NZD 615 per sqm p.a. This constitutes premium average net rents at NZD 718 per sqm p.a. (+NZD3 per sqm p.a.) and A-grade average net rents at NZD 513 per sqm p.a. (unchanged from last quarter). The marginal increase came from an increase in the upper end of premium rents, which now stand at NZD 865 per sqm p.a.
The sale of a large-scale office and retail premises at 22, 24 and 26 Durham Street West and 19 Victoria Street West for NZD 104.60 million in December 2024 highlights underlying demand for well-positioned assets. Another notable transaction during 4Q25 was the sale of 124 Nelson Street for NZD 5.50 million.