The stubborn work-from-home trend may have created a major headache for CBD landlords as vacancy rates soar, but it’s been a boon for many suburban shopping strips that are reviving as people shop and spend locally.

In Melbourne’s affluent south-eastern suburbs, the vacancy rate on High Street Armadale – famous for its bridal shops, fashion boutiques and cafe culture – has more than halved in two years to just 2.3 per cent, according to Fitzroys’ 2024 Walk the Strip Report.