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Property News

New commercial space expected for Melbourne

October 19, 2011

Plenty of commercial office space is set to enter the Melbourne market during the coming two years, including one major building planned for the city's CBD.

Bourke Street is home to the new CBUS development at 700 Bourke Street. This 61,000 sq m A-grade building will be occupied by the National Australia Bank and is expected to be complete by 2013, according to new research from DTZ.

Other planned CBD office space that will become available next year includes new buildings at 555 Bourke Street (20,443 sq m) and 735 Collins Street (38,000 sq m), as well as a refurbished 30,000 sq m structure at 357 Collins Street.

DTZ also recorded a number of significant leasing deals that took place in the Melbourne office market over the previous quarter, including Griffith Hack's relocation to 161 Collins Street, occupying some 3,200 sq m of space, as well as Servicestream's CBD move, which saw the firm occupy some 9,000 sq m at 357 Collins St.

Many of Melbourne's older commercial properties are set to undergo a major eco-friendly facelift in the coming months and years thanks to a new retrofitting investment partnership spearheaded by the city's council.

According to councillor Cathy Oke, chair of the Future Melbourne (Eco-City) Committee, the partnership between the city, individual building owners and the Sustainable Melbourne Fund, could be the key to unlocking $2 billion in retrofit activity for the city's commercial properties.

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