The Inner-West Precinct includes suburbs from Indooroopilly in Brisbane’s west to Kelvin Grove in Brisbane’s north. The precinct provides a dynamic blend of thriving commercial, industrial and retail spaces. This area continues to experience rapid growth as owner occupiers become aware of the benefits of starting up business in a prime location, only 3 to 10km from the CBD.
In the past year certain transactional trends have appeared throughout the Inner-West Corridor. Urban sprawl directly influenced by a continuing growth in population has seen more and more large companies trade their CBD image for the convenience and price of quality space in the Inner-West. Parking, price and locality to home have emerged as real points of difference that have directly influenced the activity in this precinct.
Quality office space in central suburbs like Milton, Paddington, Toowong and Spring Hill has attracted rental rates of $350/sqm - $475/sqm with significant demand for tenancies offering above average parking ratios.
Health and well-being related companies continue to be an active tenant in the market, ranging from gyms and personal training studios to physiotherapist and podiatry clinics. This trend has seen countless retail and office spaces throughout Inner-Western suburbs occupied on long term leases. This has also seen a lot of small vacant office/ warehouse tenancies throughout Milton and Kelvin Grove being leased for rates from $180/sqm - $280/sqm depending on the break up.
Paddington has continued its evolution as a dynamic business precinct with undeniable character thanks to the lifestyle it offers. Retail and office on the busy Latrobe and Given Terraces are extremely tightly held with buyers and tenants paying a premium price for the success that comes with this location. Prime retail along this strip has seen leases between $650/sqm - $780/sqm, such is the potential for success.
Market signs for the Inner-West Precinct are extremely positive with over 20 transactions negotiated in this area alone by Raine and Horne Commercial in the early months of 2011.