Research shows Toowoomba CBD needing ‘activation’

RAY White Commercial Toowoomba has called for Council to place emphasis on activating a CBD that has seen vacancy rates rise more than eight per cent in two years.

According to Ray White’s Between the Lines retail strip commercial research, 155 strip properties (which totalled 48,406sq m of space) had a stock vacancy of 20.89 per cent, up from 18.66 per cent recorded last year, and well ahead of the 12.21 per cent recorded in early 2018.

“The fundamentals of retail have been under pressure in all locations, with a move by many retail strips to a hub of services, the largest space user across Toowoomba, in a trend we will likely see continue,” said Ray White Commercial Toowoomba sales and leasing consultant Mr Mark Wynhoven.

“Going forward, many future tenants could relocate out of office assets to a more customer-friendly ground-level location, aiding in growing street level activity and combating retail vacancy.

“We’ll see other retailers such as clothing and soft goods and household retailing continue to compress on their low results with larger options available online or in nearby Grand Central.

“The fact of the matter is Grand Central has pulled tenancies away from the CBD and the mum and dad operators here simply can’t wait two to three years for things to settle down.

“With the bulk of the carparking taken out of the city centre, the days of pulling up out the front of the shop you want to visit has gone – there needs to be an evolution to inject life back into the CBD,” Mr Wynhoven said.

“We have so many events here and an easy way to activate the CBD would be to have these events in the city centre so the retailers here can all benefit.

“You don’t need to inject millions of dollars, but what can be done is subsidise the closing down of roads so the whole place can take advantage of what are excellent and regular events.”