Colliers International says the industrial property market is still being squeezed, with more than 650,000 square metres of empty warehouse and factory space across Auckland.
Colliers says Auckland's industrial vacancy rate has jumped from 4.8% to 6.7% in the past 12 months, but the rate of increase is slowing.
The company says industrial property is normally the first to recover after a downturn and it is seeing signs of that now.
Manakau has the lowest vacancy rate - at 6.3%. North Shore is recording the highest.