Is Docklands sinking Melbourne @ 5 Million?

Docklands has been roundly and rightly criticised for its appalling urban design but it has nevertheless been spectacularly successful in attracting business to locate by the water.

In fact it has been so successful that I wonder what the implications are for office space markets in the rest of Melbourne, not just in the CBD and near-CBD markets, but in particular in the six major suburban activity centres envisaged in Melbourne @ 5 Million i.e. Footscray, Broadmeadows, Box Hill, Ringwood, Dandenong and Frankston.

The recent announcement that the headquarters of the National Broadband Network Company would be located in Docklands merely continues the momentum already established in the area in and around the old docks. Current tenants of this end of town include the National Australia Bank, ANZ, Myer, National Foods, CSC, Fairfax Media, Customs, Channel 7, AFL and the Australian Tax Office.

Other organisations planning to move to the area include Melbourne Water, BP, Channel Nine and Chartis Australia. Even the Demons have been mooted as prospective tenants of a new training park (or stadium) proposed for the precinct. Read the rest of this entry »