JLL's Auckland office market dynamics provide property insights into vacancy rates, rental trends, and investment activity in New Zealand's largest city.
Insight
25 May 2026
Auckland Office Market Dynamics Q1 2026
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The vacancy rate in Auckland’s CBD decreased by 50bps to 16.0% in 2H25, which amounts to 220,109sqm of vacant office space across all building grades. Vacancy rates in the prime office sector (Premium and A-grade) decreased to 10.8%, a drop of 90bps since 1H25. In contrast, the secondary office sector (B-grade and lower) saw vacancy rates rise to 22.1%, an increase of 30bps over the same period.
Currently, prime grade space (Premium and A-grade) makes up about 52% of the CBD’s office stock. This is a notable increase from around a third of total space recorded ten years ago, reflecting a marked improvement in the quality of the CBD’s office inventory.
Major committed new future supply includes the Mansons TCLM 35 Graham Street currently under development and Precinct Properties’ Pūmanawa Downtown West project at the Downtown Car Park location. There are a number of other projects proposed including a major new central building in Britomart by Cooper and Company.
CBD prime average net rents remained unchanged this quarter, holding steady at NZD 615 per sqm p.a. Premium average net rents are NZD 718 per sqm p.a. and A-grade average net rents are NZD 513 per sqm p.a., both unchanged from the previous quarter.
Investment activity in the Auckland CBD office market is gaining momentum, although it remains well below the peaks seen in recent market highs. Renewed interest is evident with the recent conditional sale of ASB North Wharf at 12 Jellicoe Street in Wynyard Quarter. This 21,000sqm office property was sold by Kiwi Property to Precinct Properties for NZD 205 million.
Outlook
The Auckland CBD office market is undergoing a period marked by both cyclical dynamics and longer-term transformations. Despite a more challenging economic outlook, a renewed sense of momentum is evident among investors and occupiers, who are adopting more strategic approaches. There is still a strong emphasis on the ‘flight to quality’, with tenants increasingly seeking top-tier office environments that align with contemporary work trends, sustainability targets, and the well-being of their staff.