JLL's Wellington industrial market dynamics provide property insights into warehouse vacancy rates, rental performance, and supply constraints in the capital.
Insight
12 February 2026
Wellington Industrial Market Dynamics Q4 2025
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Demand for industrial properties in Wellington softened over 2025, which has reflected in the latest survey results. The vacancy rate for 4Q25 stood at 4.2%, which is an increase of 240bps from 2Q25.
Across the various precincts monitored, vacancy rates stand at 4.2% for Petone (+100bps as compared with 2Q25), at 2.1% for Seaview (+10bps as compared with 2Q25), at 10.5% for Ngauranga (+280bps as compared with 2Q25), at 7.2% for Grenada North (+10bps as compared with 2Q25), and at 4.7% for Porirua (+90bps as compared with 4Q25).
Wellington’s industrial market development pipeline remains limited, with less than 30,000sqm currently under construction.
Prime and secondary average gross rents stand at NZD 192 per sqm p.a. and NZD 139 per sqm p.a., respectively. Prime warehouse rents range between NZD 152 per sqm p.a. and NZD 216 per sqm p.a., while secondary warehouse rents range between NZD 110 per sqm p.a. and NZD 168 per sqm p.a.
Rental growth is projected to be modest in the coming years. Prime average gross combined rents are anticipated to rise by 2.1% (equivalent to +NZD 4 per sqm p.a. annually) through 4Q26, whereas secondary rents are expected to stay flat until 2026. The upward pressure on prime rents is reportedly being driven by increases in OPEX costs, rather than market demand and supply fundamentals.