Home to half of all jobs in Victoria, Melbourne CBD’s floor space is made up of nearly 40% office space, with the easy grid layout, connection to transport and beautiful architecture making it a popular home for employers.
The latest Melbourne Cityscope report from property data analysts CoreLogic reveals, unsurprisingly, that commercial property sales have increased in the past three months within the city centre. With sales up 13.9 per cent from the previous three months, Melbourne remains a popular destination for businesses and investors searching for their next commercial property.
So, what makes Melbourne’s Inner City so sought after?
Convenience is king
With a plethora of public transport options, getting to and from the city isn’t a problem for employees. The city centre is the perfect location for staff to work in, with good train links and easy driving options along freeways. It’s no wonder business owners are flocking to the area, making it particularly attractive for investors.
A rich history
Encompassing a wide area, from Spencer Street in the west to Spring Street in the east, Melbourne’s city centre was formally established in 1835. It is home to two of the oldest areas of Melbourne, the Hoddle Grid and Queen Victoria Market, as well as many other buildings and locations that are ‘iconically Melbourne’.
From the 1870s to 1920s the city centre was full of medical professionals with practices along Collins Street and Spring Street. The influx of business only started in the 1960s when St Kilda Road was annexed from the Hoddle Grid to stimulate office development.
This interesting heritage adds charm to the Inner City; new designer buildings sit perfectly alongside older, ‘classically Melbourne’ laneways, shiny new office blocks, Flinders Street Station, vibrant cafes and The Forum Theatre.
As businesses have continued to flock to the area, studios and offices hidden away in picturesque streets have become increasingly common. But this hasn’t resulted in a corporate atmosphere taking over – the streets are lined with people relaxing, dining and shopping. Iconic cobblestone laneways are a hive of activity with many underground and hidden bars, restaurants and boutiques to be found, perfect for exploring with friends after work.
Relocating your business to Inner City Melbourne offers a truly cosmopolitan atmosphere and an opportunity to thrive. For further information on how to find the best option for your business, please feel free to call our Sales & Leasing team on 03 9654 2311.