Report

Wellington - New Development Monitor May 2026

June 4, 2026 11 Minute Read

There are currently 13 active commercial developments in Wellington, totalling nearly 90,000 sqm of new stock. These are projects where construction has either begun or is expected to start shortly. They include eight new office developments (around 68,000 sqm), three new industrial projects (circa 9,000 sqm) and two new retail developments (close to 13,000 sqm).
Following the completion of 55 Molesworth Street and 33 Bowen Street, there are five active developments in the Core precinct of Wellington’s CBD, contributing approximately 53,000 sqm of new office space. Te Aro has another two active office projects totalling close to 14,000 sqm (54 Cambridge Terrace and 13-17 Manners
Street). All of the office developments in Wellington CBD's pipeline are refurbishments or redevelopments. In the industrial sector, only three developments are currently in the pipeline, located in Elsdon (Porirua), Trentham (Upper Hutt) and Pipitea (Wellington City), totalling almost 9,000 sqm of new industrial stock. The retail market has two active new developments (The Wellington Pavilion and Courtenay Central).
Regarding pre-commitment, the industrial sector has the highest level (79%), as two of the new developments will be owner-occupied. The retail sector follows at 14%, whilst the office sector has the lowest pre-commitment level at 6%.