Retail turnover increased by 2% in Q4 2024, with this positive trend continuing into 2025. Vacancy rates have also been on a steady decline since H2 2023 and currently sit at 6.9%, signaling a healthier leasing environment.
Additionally, net face rents across Melbourne’s shopping centres and large format retail (LFR) assets have stabilised, with modest growth observed in the second half of 2024.
According to Cam Taranto, Cushman & Wakefield’s Director of Retail Leasing – Victoria “As the retail landscape continues to evolve, landlords are placing a strong focus on enhancing customer experience, leading to a more vibrant and engaging shopping environment.
“This shift has been underscored by significant recent deals, including JD Sports, Kingpin, Waterman, and Hemmes acquiring a site for a major entertainment precinct”.
In light of this resurgence, global real estate services firm Cushman & Wakefield has bolstered its retail leasing team, appointing D’Andra Rao as Retail Leasing Manager.
With over eight years of commercial property experience, Rao brings a wealth of expertise to her new role, particularly in retail leasing across Melbourne’s dynamic market. She will focus on driving leasing strategies for landlords and tenants, leveraging her deep industry knowledge to activate key retail precincts.
Mr Taranto welcomed the appointment, citing D’Andra’s extensive experience and strong industry relationships as key assets to the firm’s growth strategy. “Melbourne’s retail sector is seeing a strong resurgence, and we are committed to driving positive outcomes for our clients.
“D’Andra’s expertise in the leasing market, combined with her passion for connecting retailers with prime locations, makes her an invaluable addition to our team. We are thrilled to have her on board as we continue to shape the future of retail in Victoria.”
Luke Etherington, Cushman & Wakefield’s State Managing Director of Victoria, stated that “Cushman & Wakefield remains confident in the ongoing recovery of Melbourne's commercial real estate market and will continue expanding and strengthening its team across various asset classes and markets”.
