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…and retail has a boom

THE past year saw a number of major new retail developments completed which added over 50,000 square metres of floor space with the largest being the 16,500 square metre extension to Garden City.

Jones Lang LaSalle expects this strong growth to continue in 2001 with between 60,000 and 70,000 square metres of new retail space entering the market.

“Rental growth is expected to be at similar levels in regional/sub regional shopping centres during 2000, which saw around a 3 to 4 per cent increase,” Jones Lang LaSalle research analyst Frank Sorgiovanni said.

“The revitalisation of the CBD with the addition of the 22,750 square metre David Jones development, the 11,300 square metre Woolworths Metro project, Myer Megamart’s 8,500 square metres and plans to refurbish Raine Square will see better than average growth in CBD rents,” Mr Sorgiovanni said.

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