Explore the latest trends in NZ commercial and industrial property. Key stats, hotspots, and property market outlook await in JLL's 2025 Capital Markets Report. Download now.
New Zealand’s commercial and industrial property sales activity is now in a reset and rebound phase. Are you ready for what’s next? Explore JLL’s latest research and gain a clear view into the trends shaping New Zealand’s property landscape in 2025 and beyond.
This is essential reading for anyone buying, selling or holding commercial and industrial property across New Zealand. Our new report takes a data-driven look at the market’s ongoing recovery, and where it’s headed, with in-depth analysis to help inform your property strategy and investment decisions.
Key findings include:
- Market bouncing back: In 2024, commercial property transaction values of NZ$5 million or more reached NZ$4.12 billion. This is a 5.4% increase from the previous year. Sales volumes were also up 13.2%, with 231 transactions completed, showing renewed market confidence. The first half of 2025 has already recorded NZ$1.44 billion in activity.
- Local investors leading, offshore interest on the rise: Kiwi investors accounted for 83% of transaction value in early 2025, but offshore interest is rising rapidly. Global appetite, especially for premium assets, is intensifying.
- Auckland leads, regions gaining ground: Auckland continues to dominate, capturing almost two-thirds of all national transaction volume (with NZ$2.6 billion in deals in 2024), but Wellington and Christchurch are gaining traction, together accounting for over NZ$780 million in transactions in the first half of 2025, and showcasing major new opportunities.
- Industrial powers on, retail and office building: Industrial property remains the backbone, representing 53% of 2024 investment activity and maintaining tight vacancy rates below 6%. Retail and prime office assets are also increasing in demand, with retail and office transaction volumes reaching NZ$1 billion respectively.
- Positive outlook: With the Official Cash Rate now at 2.5%, borrowing conditions are improving, supporting market growth. Persistent supply constraints in key areas and increasing diversity of capital sources are setting strong foundations for further momentum through.
Download the full report to access more insights, explore in-depth trends, and discover how evolving market dynamics could shape your next property decision.