A new survey shows commercial property investors have made their first loss for 15 years.
The survey was carried out by Melbourne research company IDP Property for the lobby group Property Council of New Zealand.
The figures show returns for the year to March were -0.8%.
The survey found collapsing property values were the main culprit.
At an average -7.5% they outstripped rental yields.
The worst dropoff was in the retail sector, followed by industrial sectors.
The information was based on a survey of 327 properties.