New figures reveal Melbourne has bounced back from post-Covid slump as vacancy rates fall
According to new data by real estate and property development firm CBRE, retail vacancy rates in the CBD have fallen to 5.5 per cent as businesses come back to the centre of Melbourne.
In 2021, the vacancy figure stood at 30 per cent.
Melbourne Lord Mayor Nicolas Reece welcomed the figures, proclaiming 'Our streets are alive, the retail renaissance is underway and it's a really exciting time for Melbourne."
The CBRE said it was a healthy first quarter of 2025 for Victorian retail, with a 1.9 per cent up tick across the three months from January to May.
It also said household spending is rising again as the interest rate begins to fall.
Landlords are becoming more confident too, according to the report, with an indicator being the near arrival of a large Mecca cosmetics store in Bourke Street.
Not all areas of the city are preforming well, with the Docklands lagging behind. Lord Mayor Nicholas Reece acknowledged this, saying "Docklands has been slower to come back than other parts of the city but the trajectory is really positive."
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