City Fringe Retains Pull

Posted on 08th August 2022

Trendy city fringe suburbs are continuing to attract and retain tenants.

Fitzroys’ Hamish Dennis and Stephen Land leased the 104sqm office at 280 Nicholson Street, Fitzroy to Wholesale Promotions Warehouse at $43,500 per annum gross, or $418 per sqm.

Promotional products supplier Wholesale Promotions Warehouse is expanding its business and currently already has an office located in Fitzroy.

“We’ve got a lot of tenants looking to remain on the fringes of the CBD in trendy locations like Carlton, Fitzroy, Collingwood and Abbotsford,” Dennis said.

“Melbourne’s inner north offers an unrivalled cultural and hospitality and lifestyle experience. Particularly at a time of flexible working arrangements, lifestyle amenities have never been as important when it comes to businesses selecting a location for their office.

“We’re seeing the northern city fringe office market developing at a rapid rate, with a spate of new projects going up. The Richmond and Cremorne markets have become ultra-competitive and the hospitality, lifestyle and transport features of Fitzroy and Collingwood are attracting the attention of a growing number of businesses.

“The tenant in this instance already has a presence in the area and wanted to remain local given their experiences. They were also attracted to the creative and well-presented nature of the office, which contained exposed brick walls and concrete flooring - the style of workplace helping attract staff back to the office.”

Dennis said there was an extremely high number of enquiries on this property, predominantly from small boutique media agencies, architects and retailers looking to transform the space.

“The sub-500sqm market has been particularly active across the CBD and city fringe throughout the past two years.”