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Australia’s Geelong posts small fall in vacancy rates in retail property

The retail sector of Geelong, a city in the state of Victoria, Australia, has recorded a small drop in vacancy, according to property adviser Opteon, but arcades still remain a problem area.

Research manager Richard Jenkins said that since August last year, the CBD retail vacancy had fallen from 8.4 percent to 7.7 percent by lettable area and from 8.7 percent to 8.5 percent by shop number.