Melbourne’s commercial real estate market is one of the most active in the Asia-Pacific. The city’s CBD has Australia’s largest office market by total stock, while its industrial and logistics market is driven by strong population growth and e-commerce demand. Whether you are leasing your first office, acquiring a warehouse, or seeking retail premises, this guide covers Melbourne’s commercial real estate landscape and the key agents operating in it.

Melbourne’s Commercial Property Market Overview

The Melbourne CBD office market spans approximately 4.8 million square metres of total stock, making it Australia’s largest office precinct. The Docklands fringe market has grown substantially with premium grade buildings attracting major tech, media, and financial services tenants. Vacancy rates fluctuate with economic cycles but Melbourne’s white-collar employment base provides structural demand support.

Melbourne’s industrial and logistics market, particularly in the western and northern corridors, has been one of Australia’s tightest property markets. E-commerce growth, cold chain logistics, and construction material supply chains have driven extraordinary rental growth and near-zero vacancy in established industrial precincts.

Melbourne CBD and Fringe Office Precincts

Collins Street (Financial Core)

Collins Street in the Melbourne CBD is Australia’s financial address. ANZ and NAB headquarters, law firms, investment banks, and top-tier professional services firms cluster on and around Collins Street. Premium Grade A office space on Collins Street commands Melbourne’s highest rents, typically in the range of AUD $650 to $950 per square metre net effective annually.

Docklands (Tech and Media Hub)

The Docklands precinct offers premium modern office stock at a slight discount to Collins Street, with large-floor-plate buildings suited to tech companies, media organisations, and government tenants. Buildings like the ANZ Centre at 833 Collins Street and the surrounding Waterfront City and Digital Harbour precincts are home to some of Melbourne’s most recognisable corporate tenants.

St Kilda Road (Professional Services)

St Kilda Road is Melbourne’s premier southern office precinct, offering A-grade and Premium stock in a tree-lined boulevard environment. Insurance companies, property firms, and professional services businesses dominate. Rents are typically 20 to 30% below equivalent CBD stock, making it excellent value for professional services firms needing a premium address without CBD pricing.

Cremorne and Richmond (Tech Corridor)

Silicon Yarra, centred on Cremorne and Richmond, has transformed from light industrial into Melbourne’s premier tech and startup office precinct. Converted warehouses and modern commercial buildings house companies like Seek, Carsales, REA Group, and hundreds of startups. Rents are competitive, fitouts are collaborative and open-plan, and the precinct culture is entrepreneurial.

Industrial and Logistics Property in Melbourne

Melbourne’s strongest industrial markets are in the west (Altona, Laverton, Truganina) and north (Tullamarine, Campbellfield). Vacancy in these markets has frequently been below 1%, and rents for prime logistics facilities have grown sharply. Development of new speculative industrial estates in outer west Melbourne (Werribee, Point Cook) provides some relief but demand remains elevated.

The Westgate Tunnel completion will further enhance western Melbourne’s industrial appeal by improving freight access to the port and freeway network. For businesses needing port proximity, Laverton North and Altona remain preferred locations.

Melbourne Commercial Real Estate Agents

CBRE Melbourne

CBRE is Melbourne’s largest commercial real estate services firm, offering leasing, sales, property management, and valuation across all asset classes. Their CBD and Fringe office leasing team is the most active in the market and their industrial team has deep coverage of both established and emerging logistics precincts.

JLL Melbourne

Jones Lang LaSalle has a strong Melbourne office with specialist teams across office, industrial, retail, and hotels. JLL’s research publications on Melbourne’s market are among the most cited in the industry and their tenant rep advisory service is valuable for businesses navigating lease negotiations.

Colliers Victoria

Colliers has a substantial Melbourne presence with specialists in industrial, office, residential development sites, and healthcare property. Their industrial sales and leasing team is particularly active in western Melbourne growth corridors.

Knight Frank Melbourne

Knight Frank covers premium commercial, residential, and hotel property across Melbourne. Their expertise in premium and landmark assets and cross-border investment makes them a go-to for international capital seeking Melbourne exposures.

Key Considerations for Melbourne Commercial Leases

Melbourne commercial leases are governed by the Retail Leases Act 2003 (Victoria) for retail premises and general contract law for non-retail commercial leases. Always obtain legal advice before signing and understand fit-out contributions, incentives, rent review mechanisms, and make-good obligations.

For emerging precincts like Fishermans Bend and Arden-Macaulay, review our guide to Melbourne opportunity zones. For funding a property acquisition or fit-out, see our post on small business funding in Melbourne.

Business Victoria provides additional property and location support through business.vic.gov.au, including site selection assistance for businesses considering Victorian locations.

Navigate Melbourne’s Property Market with Confidence

Melbourne’s commercial real estate market rewards businesses that do their homework. Understanding precinct dynamics, engaging specialist agents, and securing proper legal advice on lease terms are the foundations of a sound property strategy. The city’s diverse office, industrial, and retail markets ensure there is a right-fit location for every business at every stage.

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