JLL's Christchurch office market dynamics provide property insights into South Island's primary commercial centre vacancy rates and rental trends.
Insight
12 February 2026
Christchurch Office Market Dynamics Q4 2025
Categories:
The overall vacancy rate decreased to 10.2% in 4Q25 from 12.2% in 2Q25. This comprises a CBD vacancy rate at 10.8% (-250bps as compared with 2Q25), and a Suburban vacancy rate at 8.8% (-60bps as compared with 2Q25).
However, assisting in reducing the vacancy rate for the next survey, a leasing deal finalised after the compilation of the December data is the lease to Seequent of 4,400sqm of space at the newly refurbished ex-IRD building at 224 Cashel Street in the CBD. This is a 13,392sqm building, with leasing efforts underway for the remaining space available here.
The Christchurch CBD office market is expected to have 38,756sqm of new or refurbished office space during the next three years, in addition to approximately 50,000sqm of existing vacant space. This is expected to put upward pressure on vacancy rates, especially for secondary properties.
After a 4.5% increase during the first half of the year, CBD prime average net rents have remained steady, currently at NZD 420 per sqm p.a. However, as momentum starts building, CBD prime average net rents are expected to increase by 3.0% by 4Q26, with the upper ends reaching NZD 475 per sqm p.a., and the lower end remaining at NZD 390 per sqm p.a