JLL's Wellington office market dynamics provide property insights into the capital's commercial real estate trends, vacancy rates, and rental performance.
Insight
12 February 2026
Wellington Office Market Dynamics Q4 2025
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The overall vacancy rate increased to 15.8% for 4Q25 from 13.8% (+200bps) for 2Q25. This comprises a prime vacancy rate of 8.5% (+130bps as compared with 2Q25), and a secondary vacancy rate of 19.8% (+270bps as compared with 2Q25).
Approximately 147,100sqm of office space is under construction, refurbishment, seismic strengthening or in planning stages in the capital’s CBD, with only 18,700sqm of this space known to be pre-committed at this stage.
Prime average gross rents increased marginally by 0.7% to now stand at NZD 756 per sqm p.a. However, there is a difference in the movements of premium and A-grade rents which constitutes this figure. Premium average gross rents increased by 1.8%, while A-grade average gross rents decreased by 0.8%. The former is due to an increase in OPEX driving gross rents up, while the latter is due to a continuing uptick in vacancy in this grade.
Yields have not moved since December 2023, with prime yields stable at 6.35%, and secondary yields at 8.69%, with no major expected during 2026.