Melbourne real estate firm CBRE says the CBD is “recalibrating” towards the west end.
CBRE director Josh Rutman said about 100,000 commuters entered the city every day via Flinders Street Station, but that Southern Cross would be more prominent in the future.
“Fast-paced growth in the western suburbs, combined with the recent funds spent on the Southern Cross Precinct, has resulted in a dramatic shift in the main access point in the CBD,” Mr Rutman said.
“Whilst Flinders Street will always be the spiritual home of Melbourne’s transport network, there is no doubt that Southern Cross Station, with its regional and inner suburban links, will continue to grow into the true generator of traffic in and out of the Melbourne.”
Of the 17 new suburbs planned for Melbourne over the next five years, Mr Rutman said 14 were planned for the western suburbs.
“This is a positive for business and property owners in the west end of the CBD with more foot traffic being a bi product of the continued growth in the west region of Melbourne,” he said.
“We are starting to see a great deal more of pedestrian activity in the area, which is seeing significant opportunities for property owners to capitalise on new retail and office demand.”