BURGEONING ACTIVITY IN MELBOURNE’S SUBURBAN OFFICE PARKS
Tightening vacancy rates in the Melbourne CBD and fringe office markets are driving increased activity in and around suburban office parks, with a flurry of recent leasing and sales transactions. A new CBRE review points to particularly strong activity in Melbourne’s east and south-east corridors, as highlighted by major sales in the Tally-Ho Business Park in Burwood East as one example.
Heightened investor and tenant confidence has also spurred a range of proposed development projects, including a mixed-used development at Burwood East on the China Bar site at 380 Burwood Highway.
The project, which recently received VCAT planning approval, will include office accommodation, several levels of residential apartments, improved retail amenity and a new China Bar restaurant.