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Docklands could challenge the western core as Melbourne's most prominent prime grade office precinct
The Docklands precinct is now larger than Melbourne's Eastern Core and is the second largest office precinct for prime grade stock in the Melbourne CBD. According to Jones Lang LaSalle Research, Melbourne's CBD office market comprises 4.46 million square metres, of which 2.68 million square metres is prime grade.
In context, the 625,200 sqm of prime grade stock in the Docklands precinct is more than all of Adelaide's prime grade stock. The growth of the precinct has been rapid over the past decade and has shifted the geographical heart of Melbourne CBD, to the west.
Jones Lang LaSalle Research shows Docklands is the second largest prime office precinct (by NLA) within the Melbourne CBD and comprises 30 of the 86 prime grade assets.
Research Manager, Kimberley Paterson said, "Comprising 23% of the total prime grade CBD stock, Docklands will continue to grow."
"Today there is 625,000sqm of prime grade stock and a further 93,000sqm under construction. Over the next five years, we anticipate a further 210,000sqm of development could come online (plans approved and proposed schemes)," Ms Paterson said.
"Entering its second phase of development, by 2017 Docklands could challenge the Western core as Melbourne's most prominent prime grade office precinct (by NLA)," Ms Paterson added.
Jones Lang LaSalle Victorian Managing Director, David Bowden said, "Docklands offers a pricing alternative and different building configurations with large campus-style efficient floor plates in comparison with those available in the CBD or city fringe markets. In contrast to the traditional CBD, Docklands provides a solution to new generation business requirements which includes efficient floor plates, high levels of staff amenity and a productive, flexible working environment," Mr Bowden said.
The Docklands office precinct has proved capable of attracting large corporates and has been embraced by a number of leading corporates including domestic banks (ANZ, NAB, Bendigo and Adelaide Bank), finance groups (AXA and Medibank), media and communications firms (Channel 9 and NBN), public sector tenants (ATO and Melbourne Water), IT groups (Fujitsu and Ericsson), and a range of other business services groups.
Mr Bowden said, "Although Docklands is significant in its own right, in true Melbourne form, it has numerous hubs within the precinct. For example, Victoria Harbour is now 80% developed and home to more than 75 retailers."
"The extent of development at Docklands is far greater than many Melburnians appreciate, and locals will agree that the meeting of Collins Street, Bourke Street and the Yarra River is a momentous event."
"We encourage everyone to visit Docklands and witness the living and working environment which is unlike anywhere else in Australia," Mr Bowden added.
Click here to view Docklands white paper: From Concept to Reality
Managing Director, Victoria
+61 3 9672 6603
Research Manager, Victoria
+61 3 9672 6683