Melbourne’s CBD rebounded so quickly last year that it is within striking distance of outstripping Sydney as Australia’s best-performing retail destination.
in mid-2020,
While Sydney retained its crown as the CBD with the tightest vacancy rate, this expanded 139 basis points over the six month to December to 8.3 per cent partly because of unaffordable rents, with Pitt Street and George Street the retail strips most heavily affected.Nationally, the CBD retail vacancy rate improved almost 2 percentage points to 13.9 per cent with Adelaide another strong improver as its CBD vacancy rate tightening by 371 basis points to 13.3 per cent.
“Takeaway food outlets have also filled many vacancies as international students return, tourism rebounds and office occupancies increase. “There has been a significant increase in retailers across all categories wanting to relocate or enter the Melbourne CBD on the back of the ever-changing retail landscape and customer and foot traffic behaviours. This positive energy has certainly continued into 2023,” Mr Ainsworth said.
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