Wellington Retail Report | Second Half 2019

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Retail spending in the Wellington region increased further over the past year, with quarter two yearon-year growth up 2.6 per cent. Retail spending has grown consistently year on year since 2011.

Wellington CBD prime average gross face retail rents continue to increase modestly, reaching $1,349 per sqm, up from $1,318 per sqm in June 2018. Average Lambton Quay rents are higher than these ranges and increased further, up an average five per cent over the past year.

Approximately five per cent of total retail stock is currently under construction due to seismic strengthening and refurbishment programmes. Limited new supply will assist with the balance between demand and supply in the future.

High levels of tenant demand and a relatively static supply pipeline is pushing down vacancy rates. Wellington’s Golden Mile is experiencing a 9 year low with a vacancy rate of 4.1 per cent, down from 6.8 per cent a year ago.

Competition for prime retail space in Wellington remains high. CBD Prime retail capital values have increased by four per cent over the past year. This is due to a slight increase in rents and firming yields, likely to be the result of lower interest rates.


Wellington Retail Report | Second Half 2019

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Chris Dibble

National Director | Colliers Partnerships, Research & Communications

Auckland CBD

My Colliers Partnership priorities focus on support initiatives that drive collaboration, best practice learning, cost efficiencies and growth opportunities across the wider Colliers International New Zealand franchise network. I also oversee the collaboration and delivery of award-winning research reports and communications for Colliers. With over 13 years of experience and university qualifications in economics, geography, marketing and property. I have a multi-disciplinary approach that assists a broad range of clients and internal stakeholders. I am a regular presenter and market commentator, often discussing the latest insights on current and future property trends. I also work with in-house and external writers to curate an audience-focused content delivery strategy for Colliers.

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He has over 25 years experience in commercial property and been involved in a large number of Wellington’s biggest sales.

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