2 Nov 2018

As Melbourne continues to grow, how do we ensure that the infrastructure keeps up with demand for those who live, work and play in Central Melbourne and the CBD?

A research report undertaken by Urbis for the Property Council of Australia, looks at this issue and highlights pressure points that may limit the city’s capacity to meet future demand. The report also provides practical recommendations for how the CBD can evolve and develop to become a thriving city for residents, workers and visitors.

The below article, originally published in the Australian Financial Review, references this important research.

A looming shortage of office space in Melbourne’s CBD could ultimately cost the state economy as much as $7 billion in lost jobs, according to consultants Urbis.

The 104-page report, commissioned by the Property Council of Australia – which is pushing for reforms to CBD planning rules – analyses expected growth in the city’s working and residential population to 2036.

To accommodate that growth, Melbourne’s CBD will need another 9.1 million square metres in floorspace, including 4.4 million sq m of commercial space.

Under current controls, and taking into the extent of constrained land, the CBD is “theoretically capable of accommodating the required floorspace growth, but only just”, the report found.

“This analysis implies very little growth potential for the CBD beyond 2036, while it should also be recognised it assumes all available sites are developed to their maximum potential; a highly unlikely outcome,” it said.

“Simply put, the CBD is facing an imminent shortage of sites to accommodate the forecast growth.”

The above is an excerpt from an article first published in the Australian Financial ReviewClick here to continue reading.