Retail in Asia

In Shops

Retail vacancies rise, but Melbourne’s heart still beats strongly

Despite a small rise in vacancies, Melbourne CBD remains a strongly performing retail market, the latest CBRE survey shows.

Vacancy rose by 0.64 percentage points across the city’s retail core in the first quarter, but Melbourne’s current rate of 2.53 percent remains ahead of Sydney at 3 percent and Brisbane at 7.2 percent.

Twenty-two fashion-based retailers vacated premises in the CBD core in the first quarter, CBRE’s March survey found. These were mainly youth-focused discretionary retailers, which had felt the greatest impact from poor shopping sentiment.