Docklands Growth Add to Melbourne's 1,000,000sqm Office Space Target

On completion of the current Docklands constructions of the ATO, Marsh Mercer Tower as part of the 185,000 square metre Collins Square project, along with the new headquarters for Melbourne Water, NAB's second Docklands building at 720 Bourke Street and the Aurecon building at 850 Collins Street,

Melbourne's thriving fringe office market is expected to reach 1 million square
metres of A-Grade office space within the next few years.

In addition, MAB Corp, Charter Hall and Flagship new projects will also boost this estimation according to research by Savills.

The Melbourne fringe office market incorporates Docklands, Southbank,
East Melbourne and the St Kilda Road precinct which, according to an article
by Larry Schlesinger, was the busiest office leasing market in the second
quarter of the year.

At the current rate it is anticipated that by 2015, Melbourne will surpass
Sydney with the largest central office market nationally.

Schlesinger quotes Savills Australia national head of research Tony Crabb, who adds the 1 million square metres milestone is a "testament to the attraction that Melbourne's office market generally has for local, interstate and international businesses". Crabb attributes the availability of development sites that have facilitated the construction of "modern, campus style buildings".

"These sites have and continue to assist the growth of the fringe market with
relevant, modern accommodation which is both affordable and accessible. They have also allowed businesses to upgrade and consolidate into a location offering access to the best available amenity, which are, these days, pretty much essential requirements in the quest to attract and retain quality staff."

Melbourne's recently awarded most livable city in the world label along
with the nation's largest container port, accessible airport and solid road
transport infrastructure have contributed to Melbourne CBD and fringe area office space demand.

Docklands accommodates the headquarters for many of the country's largest
corporations including ANZ and NAB.