The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
A one-day deep dive on office, retail, healthcare, childcare and alternative sectors
UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
40
print
Print
ResidentialDinah Lewis BoucherFri 07 Sep 18

There are Now More Apartments than Offices in Central Melbourne

4b95f1db-1879-45a5-a892-e99f35281c6b

Residential accommodation has surpassed office space in Melbourne’s municipality as the largest use of floor space, according to the latest data from City of Melbourne.

The report shows there was almost 1.7 million square metres more in residential floorspace than office floorspace last year.

Lord Mayor Sally Capp says the change is noticeable as Melbourne’s municipality increasingly becomes not just a place to work but to live.

“Residential development has been at historic highs and evidence is showing a tapering of activity,” she said.

“This is about getting the balance right as new commercial spaces will be vital to keeping Melbourne’s economy strong.”

The data shows a significant role reversal in comparison to 2007, when there was 200,000sq m more office floorspace than residential in inner Melbourne.

Related: Victoria Unveils $50 Billion Suburban Rail Project

City of Melbourne CLUE Report


Melbourne's municipality, which spans 14 suburbs from Carlton, Docklands, East Melbourne, to South Yarra West and West Melbourne, was home to 83,100 residential dwellings last year.

This figure includes 61,450 residential apartments, according to the City of Melbourne Census of Land Use and Employment (CLUE).

The number of dwellings has increased by almost 34,000 over the decade, with some 28,000 of these residential apartments.

"More than 15,000 new dwellings have been added to the CBD in the last 10 years – that's around the same size as the town of Warrnambool," the Lord Mayor said.

As new developments are completed fewer projects have commenced construction since 2015, reflecting floorspace under construction has dropped off.

Inner Melbourne’s economy is estimated at $94.96 billion, up from $92.1 billion the previous year.

“We've experienced annual average jobs growth of 1.9 per cent over the last decade," the Lord Mayor said.

But perhaps best known for its urban laneways and bustling cafe culture, Melbourne also now boasts 2360 cafés and restaurants across its municipality.

ResidentialAustraliaMelbourneSector
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Queensland Decade of Gigaprojects a Developer’s Goldmine

Phil Bartsch
5 Min
Multiplex Moderna facility
Exclusive

Industrial Subsectors Win Investor Attention as Demand Blossoms

Clare Burnett
7 Min
Bee Bricks hero
Exclusive

Beyond Green: The Rise of Net-Positive Architecture in Australia

Clare Burnett
7 Min
Exclusive

Central Element Hotel Debut Spearheads Oxford Street Renewal

Taryn Paris
8 Min
London skyline near the walkie talkie tower showing the 85 gracechurch street development.
Exclusive

Basilica to Business: London Office Tower’s Historic Rework

Renee McKeown
6 Min
View All >
With new office space becoming unfeasible, Deicorp is pivoting to mixed hotel-residential mid-construction.
Office

Deicorp Plots Offices-to-Hotel Crows Nest Tower Switch

Patrick Lau
Planning

Melbourne Blocks Released Under Small Sites Push

Lindsay Saunders
Affordable Townsville hero
Affordable & Social Housing

Greenfield 258-Unit Affordable Plans Launched for Townsville

Clare Burnett
The latest project in north Queensland seeks to plug the gap for the thousands in need of affordable homes…
LATEST
With new office space becoming unfeasible, Deicorp is pivoting to mixed hotel-residential mid-construction.
Office

Deicorp Plots Offices-to-Hotel Crows Nest Tower Switch

Patrick Lau
5 Min
Planning

Melbourne Blocks Released Under Small Sites Push

Lindsay Saunders
2 Min
Affordable Townsville hero
Affordable & Social Housing

Greenfield 258-Unit Affordable Plans Launched for Townsville

Clare Burnett
2 Min
Fortis tops out 122 Moray Street commercial project HERO
Office

Fortis Tops Out $50m South Melbourne Office Scheme

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/residential-eclipses-office-space-in-central-melbourne