Wellington Creative Markets host 70 to 100 stallholders operating on Saturdays and some Sundays year-round.

An earthquake-prone carpark in Wellington is too risky for an underground market, but motorists can still park their cars there.

The 1989-built carpark, which has been declared earthquake-prone, lies under Frank Kitts Park at Wellington Waterfront, and the Underground Market is moving out due to an engineers' assessment.

Wellington Mayor Andy Foster said it was "really disappointing" the market would have to close.

"The market is a much loved attraction, full of creative enterprises, and acts as a valuable business incubator.

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"I have met some of the stall holders and am already actively looking for alternative venues."

Until then, it's expected to continue to operate as a commercial carpark, and the park space above it would remain open for public use.

Retailers operating in small shops facing the lagoon and harbour are allowed to remain open.

Council chief operating officer Paul Andrews said the decision to declare the building quake-prone, less than 34 per cent of the new building standard, followed a Detailed Seismic Assessment completed by engineers Holmes Consulting.

The engineers identified structural weaknesses in elements of the building, he said.

"Following discussions with the market operators, we have decided we are not comfortable with the level of risk to the several hundred people who can be in the carpark when the market is trading," he said.

"Engineers' advice is that the ground, being reclaimed land, could perform poorly in a quake."

The quake-prone status of the carpark means the Council is legally required to remedy the situation in seven years' time.

However, work to strengthen or demolish the building could be done sooner than that depending on decisions related to the overall site of Frank Kitts Park.

A report on the options and issues relating to the carpark will be prepared for consideration by the council.

The report would recognise that the condition of the carpark would have an impact on the consented proposals for upgrading Frank Kitts Park, Andrews said.

Staff are also discussing with Wellington's Chinese community the impact on the carpark's quake status on plans for the Chinese Garden in Frank Kitts Park.

Foster said Wellington City Council wanted to hear from any property owners who think they might have space for the market, all or part of it.

The market's last day to be held in the carpark will be March 14, after operating there for 10 years.