Market Lens: Tenant Health 2026

The State of Rent and Tenant Retention

September 2025 to September 2026

MARKETS | Australia, New Zealand United Kingdom

MEASURES | Tenant retention, Rent retention and Rent collection

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Early signs of tenant stress or opportunity across your portfolio.
How your collection and retention performance compares to market benchmarks.
Insights to guide leasing, renewal, and investment decisions.
Clear indicators of portfolio strength to support investor and lender discussions.

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Key Findings Preview

Collection is consistently strong, but retention tells a more varied story.

Average collection rates range from 96% to 98.8% across the nine country–sector combinations, while tenant and rent retention show much greater variation.

Industrial shows the strongest retention in New Zealand and the UK, while Australia is led by office.

New Zealand industrial records the report’s highest rent retention at 91.1%. Industrial also leads both retention measures in the UK. In Australia, office leads both tenant and rent retention.

Retail is the common retention watchpoint, recording the lowest rent retention in all three markets.

UK retail records the lowest rent retention in the report at 79.3%. The pattern holds across three quite different retail leasing markets.

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Collection is strong. Retention tells a different story.

Market Lens Tenant Health is Re-Leased’s annual benchmark of commercial tenant performance across office, industrial and retail property in Australia, New Zealand and the United Kingdom.

This report looks at three related but distinct measures: whether rent due is being collected, how many tenants stay, and how much rent those tenants continue to pay. Collection is consistently high across all nine country– sector combinations; the wider variation is in retention. That shifts the question from “Are tenants paying?” to “Are they staying, and how much rental income is retained when they do?”

Read together, the measures show how rent retention compares with tenant retention. Where rent retention is higher, this can suggest higher rents or more space taken by retained tenants, while the mix of tenants staying or leaving may also play a role.

What you will find inside:

Exclusive Data
Proprietary tenant-performance insights across all major sectors in the UK, Australia, and New Zealand.
Clear Sector Dynamics
See how collection, retention, and rent resilience vary across industrial, office, and retail.
Actionable Strategies
Guidance to strengthen cash flow, improve renewal outcomes, and protect portfolio value.

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Market Lens is Re-Leased’s proprietary research, drawing on anonymised, aggregated data from a platform covering more than 500,000 commercial leases. This report analyses the office, industrial and retail records within that data for Australia, New Zealand and the United Kingdom.

As the platform grows, new leases and historical records expand the dataset’s coverage. At each refresh, current and historical metrics are recalculated using the same dataset version and a consistent methodology, supporting comparable analysis across reporting periods. Individual figures may therefore differ modestly from earlier publications, while the broad direction of the reported trends generally remains consistent. These revisions typically reflect improved data coverage and should not, on their own, be interpreted as changes in market conditions. Each release is reviewed to validate trend consistency, with any material revisions identified and explained.