Our take on the latest Non-residential building consents (Mon 4 Feb 2019)
Value of non-res consents
$525m
In December 2018
Office consents dropped 21%pa in the December quarter
Storage consent values rose 39%pa in the December quarter
The key numbers...
- Coming in below our estimate, overall non-residential consent growth remains softer, with continued capacity constraints a barrier to further expansion.
- Office building remains a poor performer, and our expectations are for office construction to be weaker than we previously expected throughout the next five years as demand for more space in Auckland and Christchurch softens.
The sectors to watch
Contribution to annual % change, three months ended Dec-18
...and our reaction
- Total non-residential consent values rose 9.0%pa in the year to 2018, driven by an 11% rise in new consent values assisted by 2.0%pa growth in alterations and additions.
- An additional $33m in consented storage projects in Christchurch drove a $58m rise in overall storage consents, sending growth rocketing to 215%pa.
- Office consents were down 50%pa in December, with consent values $63m less than in December 2017. This drop was driven by falls in Tauranga, Albany, and Christchurch (down $27m, $23m, and $12m respectively), even as Palmerston North softened the blow with an additional $14m in office consents.
Latest updates
Premium
Non-residential building consents
Warehouses prevent further non-res falls in June
Mon 3 Aug 2026
Monthly
$701m Value of non-res consents in June 2026
7.4% Total non-res consents from May 2026 (seas adj)
37%pa Warehouse consents from June 2025Premium
Non-residential building consents
Non-res consents weaker still in May
Thu 2 Jul 2026
Monthly
$789m Value of non-res consents in May 2026
19% Monthly consents from May 202549% Public sector consents from May 2025Non-residential building consents
Non-res consents mostly softer in April
Wed 3 Jun 2026
Monthly
$655m Value of non-res consents in April 2026
15% Monthly consents from April 2025
Office and education consents at lowest monthly levels in 5-6 yearsNon-residential building consents
Consents strong in March, but shadow of conflict looms
Fri 1 May 2026
Monthly
$862m Value of non-res consents in March 2026
15% Monthly consents from Mar 2025$119m Hostel consents from Mar 2025