The overall Auckland retail vacancy rate decreased to 12.0% for 1H25 (-140bps since 2H24). Suburban vacancy rate decreased by 260bps between 2H24 and 1H25, to 15.9% from 18.6%.

Despite the challenging retail conditions and backdrop of closures, assisting with the overall decrease in vacancy has been a positive flow of new store openings in key precincts through the second half of 2025. High-street locations and shopping centres in areas like Ponsonby, Newmarket, and the North Shore are attracting a diverse mix of tenants. Recent leasing activity highlights confidence from retailers across various sectors, including activewear, specialty goods, and food and beverage.

A number of standalone large format retail premises are trading currently, at yields of around high 5.00% to mid-6.00% ranges. Six Woolworths properties have sold during 2025. These include Woolworths Mt Roskill for NZD 25.00 million and Woolworths St Johns for NZD 22.96 million, and more recently, Woolworths Browns Bay for NZD 24.40 million. Woolworths Te Atatū, Westgate and Herne Bay have also sold during 2025 in separate transactions.