JLL's Auckland retail market dynamics provide property insights into shopping centre vacancy rates, brand expansion, and rental trends across the city.
Insight
12 February 2026
Auckland Retail Market Dynamics Q4 2025
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The CBD vacancy rate increased to 13.1% for 4Q25 from 7.5% in 2Q25. Suburban vacancy for 4Q25 stood at 14.3% . This comprises Newmarket at 14.1%, Takapuna at 17.9%, Ponsonby at 8.1% and South at 15.2%. The overall vacancy rate stands at 14.0%.
While CBD vacancy remains elevated in comparison to pre-COVID rates, there continues to be pockets of leasing activity across the CBD. During 2025, this included Sargeant Coffee Bar at The Formery, Oh Acai in Commercial Bay, Chemist Warehouse in Victoria Street West, and Mojo Café in Wakefield Street.
A notable supply addition expected is 131 Queen Street, which is set to become a new department store, a three-level, 3,000sqm store, to open mid-2026, as luxury brand Faradays prepares for its next evolution.
Kiwi Property has signed a (conditional) agreement with Costco Wholesale for 6.4ha at their Drury development, paving the way for New Zealand’s second Costco store, with Costco’s first store, which opened in 2022, being located at Auckland's North-West.
New Zealand Retail Property Group is developing five new buildings at its Westgate site on the city’s northwest fringe, including a 6,700sqm Kmart.
A significant transaction was the sale of Silverdale Centre, located at 61 Silverdale Street, Silverdale, for NZD 114.00 million, at an initial yield of 6.80%. It was sold by Stride Property and was purchased by Investore. Another notable transaction was the sale of 32 Arawa Street, New Lynn for NZD 6.20 million