Latest vacancy rates show Lismore CBD recovering

Wednesday, 18 July 2018

The latest CBD business statistics show Lismore has a current vacancy rate of 10.25% – down 1.25% since November 2017.

In the six-month period, CBD shopfront vacancies have decreased, bringing the total businesses occupied to 446. There are currently 54 shopfront vacancies within the CBD.

“In the last six months Lismore has seen an increase in food services, retail trade, and professional, healthcare and social assistance organisations,” Council’s Manager Economic Development Tina Irish explained.

“We have also seen a number of businesses expanding into adjoining spaces or relocating to new spaces within the CBD.

“The ideal figure for vacancy rates is around 9% as this allows newcomers space to come into the market and existing businesses to move or grow.”

Tina said that vacancy rates before the March 2017 flood were around 8.5%. She said despite the improvement, businesses were still doing it tough and in some cases landlords had decreased lease costs to improve site occupancy.

“We are definitely seeing a slow but steady recovery in our CBD which is great news. New businesses are still keen to invest in Lismore and we have seen several new ventures start up in the first half of 2018,” she said.

“While we are seeing an improvement in our vacancy rate, our CBD is still recovering and I encourage business to business, and community support to help sustain this momentum.

“The best thing we can all do is to support the business community by shopping local and telling our loved ones, friends and employers to do the same.”
 

News Updates