What's in store for Melbourne commercial real estate
Melbourne’s CBD is changing and 2015 marks a paradigm shift, according to CBRE.
Commercial real estate activity is brisk in Australia’s second-biggest city, with recent developments such as moves to ease planning restrictions at the northern end of the district and big companies moving back to the area contributing to the trend.
The opening of the luxury Wyndham Hotel has sparked new interest in retailing leasing activity on the western side of the CBD, with restaurants, cafes and a hair salon among the retailers planned around the former derelict building on William Street, between Bourke and Lonsdale streets.
While local developers have been snapping up opportunities in middle ring suburbs, offshore investors continue to dominate the acquisition of development sites in the CBD and city fringe.
Last month, the city was ranked the world’s most liveable for the fifth time running.
And as many as 6000 new dwellings will be completed this year in inner-city Melbourne, as apartment supply reaches more than twice the annual average.
“We’ve seen almost enormous growth, almost boom growth,” lord mayor Robert Doyle told The Australian Financial Review in July.
Mr Doyle and Gary Morgan, executive chairman of Roy Morgan Research, are the guest speakers at the next CBRE Quarterly Seminar in Melbourne on September 25.
They will offer insight into Melbourne CBD trends and how they compare with previous years.
The event will be held from 10.45am to 12.30pm at CBRE, Level 34, 8 Exhibition Street, Melbourne.
To RSVP, contact Tiffany Gyft (tiffany.gyft@cbre.com.au) or phone (03) 8621 3580.
