Skip to main content Skip to footer

Wellington CBD Office Report | First Half 2022

Download Report
Colliers Essentials Wellington CBD Office 1H 2022 1536 x 1040
  • Overall vacancy declined over the six months to December 2021 influenced by the removal of stock for earthquake strengthening, and ongoing leasing activity,  particularly at the prime end of the market. As a result, overall vacancy fell from 6.7% to 6.0%. Total vacancy has fallen to just over 83,000 sqm the second lowest figure recorded since 2010. Prime grade vacancy has held at just 1.1%. Vacancy within the secondary sector stands at 7.5% down from 8.5% six months prior.

  • Development activity is accelerating as developers look to meet the demand for modern, environmentally sustainable offices. There is currently 83,480 sqm of new office space under construction which will lift the quality of the CBD’s inventory currently dominated by secondary quality premises. The proportion of prime grade space will rise from approximately 22% currently to just under 30%. With government and many corporate occupiers now mandating minimum environmental ratings there will be an ongoing incentive for landlords to lift quality ratings.

  • Upward pressure on rentals became increasingly apparent over the second half of 2021 with average prime gross face rents reaching $608 per sqm up from $574 a year earlier. With prime vacancy at such lows, the market is increasingly reliant on the delivery of new space to grow, which will bring higher rents in a high inflation, high construction cost, and gross rental market.

  • High demand for Wellington office assets has driven significant yield compression over recent years with average CBD prime yields, sitting at 5.5%, with a range between 4.5% and 6.75%. While increasing interest rates are likely to see yields easing, the impact will be mitigated by ongoing demand for assets in a market which provides strong fundamentals. Demand is likely to be further bolstered as a relaxation of border restrictions releases pent up demand from overseas entities.

Find the link to download and view the report below, or CLICK HERE to view more Colliers Insights.

Colliers Essentials Wellington CBD Office 1H 2022 1024 x 972

Wellington CBD Office Report | First Half 2022

Download Report
Related Experts

Chris Dibble

Director | Strategic Advisory

Auckland CBD

Chris Dibble is currently a Director of Strategic Advisory and has held a variety of leadership roles at Colliers over the past eight years.

With over 16 years of experience, Chris uses data-driven property insights and pragmatic advice to arm people with the necessary information to make the best possible decisions.

Chris is also a regular presenter at industry events, as well as frequently featuring in New Zealand’s media discussing the latest property market trends.


View expert

Ian Little

Associate Director | Research

Auckland CBD

My Colliers priorities focus on supporting the New Zealand network through the provision of research and thought leadership reports, articles and presentations. I draw on over 30 years of experience in the property market, gained in both the UK and New Zealand to my role enabling me to assist a broad range of clients and internal stakeholders. I am a member of the Royal Institution of Chartered surveyors. I am a regular presenter on current market conditions and future trends to the media, clients and various interest groups.

View expert

Thomas Smeed


Auckland CBD

Thomas's role within Colliers consists of undertaking market research across both the commercial and residential sectors to aid in the preparation of market reports. Being responsible for the handling of a number of core databases, his work is used in providing analytical support for a range of solutions, both within the organisation and externally. As a current student, Thomas's academic studies in Property and Marketing  allow him to bring a well rounded approach  to his role. 

View expert

Filip Ograbek

Research Analyst | Research

Auckland CBD

As a Research Analyst, Filip is responsible for the undertaking of market research across the commercial and residential sectors to aid in the preparation of Colliers market-leading reports. He is responsible for the maintenance and development of core research databases, utilising these databases to provide analytical support to the organisation both internally and externally. Filip is a current student  undertaking  a Bachelor of Property, allowing him to bring a wealth of theoretical knowledge to his role. 

View expert

Richard Findlay

Managing Director

Wellington (Agency)

As an owner of Colliers International Wellington Richard has been involved in all aspects of the business and specialises in high value transactions and development opportunities.

He has over 30 years experience in commercial property and been involved in a large number of Wellington’s biggest sales.

Richard offers his clients a strong understanding of the wider commercial market whilst still delivering specialist advice across different property sectors. With a global breadth of local knowledge at hand, he takes a personal interest in ensuring his clients are kept well informed of the Wellington property market.

Richard began his career with commercial leasing and later sales and spent three years with central London property firm Gooch & Wagstaff. Between his expertise, knowledge base and the networks he maintains, he prides himself on being one of Wellington’s best informed brokers.

Richard was formerly on the Wellington committee for the NZ Property Council and is a past chairman for the Wellington branch of the NZPI.

View expert

Jim Pinson

Executive Director

Wellington (Agency)

Having worked in commercial real estate since 1989, Jim has 30 years experience in the industry and has been involved in many of Wellington’s largest office leasing deals throughout the past decade. As an owner of Colliers International Wellington, his specialisation is providing leasing solutions to corporate and Government tenants.

Before moving to New Zealand from the UK in 1994, Jim specialised in investment sales with the Bristol  commercial property market.

Since 1999 Jim has managed Wellington’s most experienced office leasing team, with a current combined experience of over 90 years to their name. He handles opportunities across the whole office leasing market but his major strengths lie in advising on long-term relocations and lease restructuring projects.

Jim has been a director and shareholder at Colliers since 2004. He prides himself on his professionalism and skill in ensuring that projects are run to the client’s total satisfaction. His focus remains on taking those clients through a process that is cost-effective, enjoyable and as simple as possible.

In addition to his three decades’ experience, Jim’s strengths also lie with the established networks he maintains across the corporate and government sectors, encompassing a variety of complementary professions and skillsets. Jim has the connections and the resources to get the job done.

View expert

Steve Maitland


Wellington (Agency)

Steve has been working for Colliers International for over 20 years as an Associate Director of the company, specialising in office leasing and lease renegotiations for Corporate and Government Tenants predominantly within the Wellington central business area.

Steve Maitland has worked with many of the major occupiers in the City, and has recently transacted deals for Dental and Pharmacy Councils of NZ,  NZ Police, IRD, NZX and Senate Communications.

Steve receives a high amount of referral and repeat work as Tenants grow/restructure or revisit the market leading up to lease expiry.

View expert