New Zealand Industrial Lease Rates: Q1 2026 2026
City-level and submarket breakdown of industrial asking rents across New Zealand. Updated quarterly from 4 institutional research sources.
Key findings
New Zealand industrial asking rents averaged NZD 155.00 per sqm in Q1 2026 2026, reflecting 4.8% growth year-over-year. Tauranga recorded the lowest rate among tracked markets at NZD 138.00/sqm, while Auckland led at NZD 175.00/sqm.
Vacancy remains tight at 2.8% nationally. Tauranga is the tightest market at 2% vacancy, signalling continued upward rent pressure in that region.
Lease rates by city ($/sqm/yr)
All cities at a glance
| Market | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| AucklandAuckland | 175.00 | 166.00 | +5.4% | 2.2% | |
| WellingtonWellington | 145.00 | 138.00 | +5.1% | 3.0% | |
| TaurangaBay of Plenty | 138.00 | 130.00 | +6.2% | 2.0% | |
| HamiltonWaikato | 132.00 | 125.00 | +5.6% | 2.5% | |
| ChristchurchCanterbury | 122.00 | 115.00 | +6.1% | 3.5% |
Auckland industrial lease rates
Auckland (Auckland) averages NZD 175.00/sqm, up 5.4% YoY with 2.2% vacancy.
| Submarket | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| Penrose/Mt Wellington | 195.00 | 185.00 | +5.4% | 1.2% | |
| Wiri/Airport Oaks | 170.00 | 162.00 | +4.9% | 2.0% | |
| East Tamaki | 165.00 | 156.00 | +5.8% | 1.8% | |
| West Auckland/Henderson | 148.00 | 140.00 | +5.7% | 2.8% |
Wellington industrial lease rates
Wellington (Wellington) averages NZD 145.00/sqm, up 5.1% YoY with 3% vacancy.
| Submarket | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| Petone/Gracefield | 152.00 | 145.00 | +4.8% | 2.5% | |
| Lower Hutt/Seaview | 135.00 | 128.00 | +5.5% | 3.2% |
Christchurch industrial lease rates
Christchurch (Canterbury) averages NZD 122.00/sqm, up 6.1% YoY with 3.5% vacancy.
| Submarket | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| Woolston/Opawa | 128.00 | 120.00 | +6.7% | 3.0% | |
| Hornby/Sockburn | 115.00 | 108.00 | +6.5% | 3.8% |
Hamilton industrial lease rates
Hamilton (Waikato) averages NZD 132.00/sqm, up 5.6% YoY with 2.5% vacancy.
| Submarket | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| Ruakura Superhub | 140.00 | 132.00 | +6.1% | 1.8% | |
| Te Rapa/Frankton | 128.00 | 120.00 | +6.7% | 2.2% |
Tauranga industrial lease rates
Tauranga (Bay of Plenty) averages NZD 138.00/sqm, up 6.2% YoY with 2% vacancy.
| Submarket | Rate (NZD) | Prior Qtr | YoY | Vacancy | Trend |
|---|---|---|---|---|---|
| Mt Maunganui/Port | 148.00 | 140.00 | +5.7% | 1.5% | |
| Tauriko Business Estate | 130.00 | 122.00 | +6.6% | 2.5% |
Methodology
Rates represent average asking rents for prime and secondary industrial properties above 500 sqm of leasable area. All figures are quoted as net face rents in NZD per square metre per annum, excluding outgoings and GST.
City-level rates are weighted averages across surveyed submarkets, drawn from quarterly reports published by Colliers New Zealand, CBRE New Zealand, and Bayleys Research. Where sources differ, we report the midpoint.
Year-over-year change is calculated against the same quarter of the prior year. Historical trend data covers 8 quarters from Q2 2024 through Q1 2026.
Vacancy rates include direct vacancy and sublease availability. New Zealand industrial inventory is measured in square metres (sqm). Inventory figures for smaller centres are estimated from council building-consent data.
Sources
Cite this report
SCAYLED (2026). New Zealand Industrial Lease Rates: Q1 2026 2026. Retrieved from https://scayled.com/data/industrial-lease-rates/nz
Free to quote with attribution. Creative Commons CC BY 4.0.
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