Toowoomba Regional Council needs to "inject life" back into the city's CBD to drive down rising retail vacancy rates, Ray White Commercial Toowoomba says.

According to Ray White Between the Lines Retail Strip commercial research, of the 155 strip properties surveyed in the city- totalling 48,406 square metres of space- there was a stock vacancy of 20.89 per cent, up from 18.66 per cent recorded last year, and well ahead of the 12.21 per cent recorded in early 2018.

Ray White Commercial Toowoomba Sales and Leasing Consultant Mark Wynhoven said the fundamentals of retail had been under pressure in all locations, due partly to a growing trend of retail strips being transformed into service hubs.

At a glance:

• Ray White Commercial has released a new Between the Lines report on Toowoomba's CBD.
• Of the 155 strip properties surveyed in the city - totalling 48,406 square metres of space- there was a stock vacancy of 20.89 per cent, up from 18.66 per cent recorded last year, and well ahead of the 12.21 per cent recorded in early 2018.
• Ray White Commercial Toowoomba has called on Toowoomba Regional Council to "inject life" back into the CBD.

“Going forward, many future tenants could relocate out of office assets to a more customer-friendly ground-level location, aiding in growing street-level activity and combating retail vacancy," he said.
 
“We'll see other retailers such as clothing and soft goods and household retailing continue to compress on their low results with larger options available online or in nearby Grand Central."

Ray White Commercial Toowoomba Sales and Leasing Consultant Mark Wynhoven. Source: Ray White Commercial Toowoomba

Having first opened more than 20 years ago, Toowoomba's Grand Central has recently undergone a $500 million refurbishment, doubling the size of the centre to approximately 90,000 square metres.  
 
Mr Wynhoven said Grand Central had pulled tenancies away from the CBD, leaving the "mum and dad operators" in need of a way to draw people back.
 
“With the bulk of the car parking taken out of the city centre, the days of pulling up out the front of the shop you want to visit has gone – there needs to be an evolution to inject life back into the CBD.
 
“We have so many events here and an easy way to activate the CBD would be to have these events in the city centre so the retailers here can all benefit. 

"You don’t need an injection of millions of dollars that take years to approve. We subsidize and facilitate events by inviting them into the CBD streets so the whole place can take advantage of what are excellent and regular events."

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