CBRE: Wellington office vacancy outperforming Auckland, Aus

29th January 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

An increase in the supply of new and refurbished office space entering the Wellington CBD office market in the past two years has resulted in more vacancies, according to CBRE.

The agent’s Wellington CBD Office Supply and Demand Outlook report said reduced tenant demand from hybrid working and public sector redundancies also contributed.

However, Wellington’s office vacancy is low relative to Auckland and most major cities in Australia.

Overall CBD office vacancy in Wellington across all quality grades was 13.4%. That was lower than Auckland at 15.1%, Perth’s 15.5%, Adelaide at 17.5%, and Melbourne’s 18%.