The vacancy rate for 1H25 stood at 5.2%, which is a 280bps increase from 2H24 as demand has moderated and supply has increased over the past few months. Across the precincts monitored, vacancy rates stand at 5.7% for West (+290bps as compared with 2H24), 2.1% for South (+210bps as compared with 2H24), 6.0% for East (+410bps as compared with 2H24), and 3.5% for Rolleston.

Total industrial stock that we monitor in Christchurch has increased to approximately 4.4 million sqm. Calder Stewart released 30ha for Stage 4 of their Hornby Quadrant development, in October 2024. Hornby Quadrant comprises over 150 ha of prime industrial land in Christchurch, offering great connectivity to transport links. 

There is approximately 180,000 sqm of industrial space under construction. One example is 14 Gallagher Drive, Hornby that is being developed by Calder Stewart for Euro Corporation's Summit Steel & Wire and Tornado Industries Ltd NZ businesses. A 6,000sqm yard adjacent to the Complete Reinforcing business situated on Stage 1 is also being developed.

For the fourth straight quarter, rents across all property grades held steady. This follows growth in a previous quarter (4Q24), where prime average net combined rents rose 3.7% to NZD 169 per sqm p.a., and secondary average net rents climbed 5.1% to NZD 124 per sqm p.a.