Vacancy rate falls in Bendigo CBD


The vacancy rate in Bendigo’s CBD has fallen to 3.5 per cent over the past six months, according to data released today by the City of Greater Bendigo.

City Place Manager, Philip DeAraugo, said that six months ago the commercial floor space vacancy rate was 4.5 per cent. The average vacancy rate across other regional cities is around eight per cent.

“Our falling vacancy rate highlights a significant level of confidence in the CBD as a place to shop, work, eat and enjoy a great coffee,” Mr DeAraugo said.

“While a low vacancy rate is good, it is also healthy to have some vacancies so that a new business can move in easily and it also allows for an existing business to relocate should they want to.

“There are a few examples where existing businesses have relocated within the city centre, such as Shed 7 which has moved from View Street to Hargreaves Street.”

Demand for new commercial floor space is predicted to be very strong in the coming years. The draft Commercial Land and Activity Centre Strategy identifies demand for another 44,000sqm of office floor space and over 100,000sqm of specialty retail and department store floor space between now and 2031.

“We are already seeing significant development occurring with the project at 111 Mitchell Street coming along, and the redevelopment of the former Hopetoun Hotel on the corner of Mitchell and Wills Streets,” Mr DeAraugo said.

“There are also a number of refurbishment projects underway and some new businesses will be opening soon such as the Zambrero restaurant in The Grand complex in Pall Mall.”

For more information visit City of Greater Bendigo