The uptick in vacancy offers occupiers more choice

• Vacancy by precinct is now at 4.0% for Auckland City (up 180 bps since H1 2025), 3.6% for Manukau (up 10 bps since H1 2025), 2.3% for North Shore (up 70 bps since H1 2025), 6.5% for North-West (up 180 bps since H1 2025) and 2.5% for Drury (down 30 bps since H1 2025).
• Looking ahead, the region’s vacancy rate is expected to hover below 4.0%, indicating slightly more available space, though still below the long-term average.

Strong delivery and major projects continue to sustain development

• During the second half of 2025, 56,230 sqm of new warehouse space was completed in Auckland, bringing the total inventory to over 13.6 million sqm.
• An example of new additions to the industrial market includes DHL Supply Chain New Zealand launching a 14,100 sqm life sciences and healthcare logistics facility on Te Kapua Drive in Māngere.

Minor increases in prime rents across submarkets

• Prime average net warehouse rents increased from NZD 198 per sqm p.a. to NZD 200 per sqm p.a. over the previous quarter, a rise of 1.0%, while prime average net combined rents edged up from NZD 221 to NZD 222 per sqm p.a., representing a 0.4% increase.
• North Shore prime average net combined rents increased by NZD 3 per sqm p.a., rising to NZD 214 per sqm p.a. in Q1 2026, representing a 1.4% increase over the previous quarter. All other prime submarkets saw no change in rents during this period.

Outlook: Auckland’s industrial sector remains an attractive asset class

• The industrial sector remains an attractive asset class within Auckland’s commercial real estate market, despite the backdrop of economic and financial challenges.
• While demand from logistics and e-commerce continues to grow, the industrial market’s resilience is further supported by its broad mix of uses, including manufacturing, construction services, data centres and storage facilities.