Melbourne’s commercial property market is enjoying record low vacancy rates, according to CB Richard Ellis.
CBD retail vacancy in Melbourne fell from 2.8 per cent to 2.5 per cent in the September quarter.
Similarly, the vacancy rates in Melbourne’s lanes and arcades dropped from 4.8 per cent to just 1.5 per cent.
Rates also dropped in Hardware Lane, Midtown Plaza and Equitable Place.
CBRE retail agent Max Cookes said the vacancy rates in the laneways were performing particularly well because the culture in Melbourne is such that people are more attracted to the laneways because they offer elements such as personalised baristas.