Extremely high vacancy rate of CBD shops in Tutumba, Queensland (Messenger Post Photo)
Local agents called on authorities to take immediate action after the agency's report detailed a "very high" level of (Toowoomba) CBD vacancy rates in Tutumba, Queensland.
According to the Messenger Post, real estate Brokerage Weaver (Ray White) last month released an Overview report on CBD and Retail Street in Tutumba (Between the Lines Toowoomba CBD and Retail Strip Overview). Showing a vacancy rate of 18.66 percent along (Ruthven Street) and Marguerite Street, CBD Ruthwin Street and Marguerite Street, Tutumba.
Winhoven (Mark Wynhoven), a sales and leasing consultant at Vivot Tutumba, said the disclosure was worrisome.
"if no action is taken now, the vacancy rate will continue to rise rapidly," Winhoven said. This has to do with confidence in CBD business, but unfortunately, no one has confidence right now. Residents may shrink when they think that CBD is a ghost city, but the reality is that there are many such ghost cities around. "
The number of clothing and non-durable goods stores halved in the past year from 12.09 percent to 6.55 percent of the 155 high-quality frontlines surveyed.
Similarly, the number of furniture and household goods retailers declined from 17.92 percent to 10.32 percent in March.
The report points to a number of reasons behind the CBD downturn, including increased competition at Grand Central malls, online shopping and the relocation of large stores in the region.