世邦魏理仕（CBRE）：2026年新西兰房地产市场展望报告（英文版）（27页）.pdf

1、REPORTNew ZealandReal EstateMarket OutlookIntelligent Investment2026CBRE RESEARCH2CBRE RESEARCH 2026 CBRE,INC.Intelligent Investment2026 New Zealand Real Estate Market OutlookThe 325bp cut to cash rates over the past 18 months is translating into improving economic dynamics.Business and consumer sen

2、timent is turning more optimistic,but a cautious wait-and-see attitude may delay a broader based upswing until H2 2026.We expect that occupier demand for business space will see a material lift later in 2026,and a stronger absorption rebound should sustain into 2027/2028.In addition to occupancy fun

3、damentals,benchmarking commercial and industrial rental trends against industry revenue and profit trends also paints a positive picture.Our analysis indicates that occupancy costs and rental affordability dont pose structural barriers to rent growth.Amongst investors,buying intentions are improving

4、,reaching a net 17%,their highest level since 2015 apart from the 2021-2022 market peak.Investors view improving occupier demand as the biggest tailwind for investment.Complementing the improving demand outlook is a moderating supply pipeline.Supply pipelines in many markets have peaked already or a

5、re about to peak in 2026/2027.While interest rate moves may not support yield firming in 2026,investors still regard the lowering of debt costs as a major boost for investment.With office leasing picking up in some markets,investors are returning to the sector after a period of inactivity.In our vie

6、w,improvements to office leasing also increasingly reflect the structural changes that drove white collar employment to disconnect from office occupancy finally drawing to a close.As hybrid working modes stabilise and shift toward greater employee presence in the office,future employment increases w