March retail vacancy in Melbourne's CBD, Swanston Walk at 2.6 percent
Retail vacancy in Melbourne's CBD Core and Swanston Walk retail precinct was 2.6 percent in March 2016, lower than the 3.8 percent recorded a year ago according to Savills.
The latest Melbourne retail market update from Savills found vacant space is tight in the arcades and laneways with only three of the 181 shops currently available for lease. It said street front shops had the highest vacancy rate with seven of the 247 shops vacant, followed by Shopping Centres with 19 of the 704 shops available for lease.
"Vacancy in the Street Front and Shopping Centres was largely driven by shops in secondary locations," the report noted.
"Prime retail locations are taken-up as soon as they become available. For example, Sketchers will be launching their flagship store at 106 Elizabeth Street, a backfill space vacated by Cotton On."
