One in five spaces vacant: Calls for Toowoomba CBD reform

A REAL estate agent is calling on the next TRC to address the issues with the CBD, after it was revealed one in five retail spaces were empty.

Toowoomba CBD.

TOOWOOMBA real estate agents are calling on the next council to address the serious vacancy issues facing the CBD, after it was revealed one in five retail spaces were empty.

New data from Ray White has highlighted the shrinking market space in the CBD, with vacancy rates climbing by eight percentage points from two years ago to now sit at 20 per cent.

The third edition by Ray White Head of Research Vanessa Rader revealed which areas were suffering the most, with clothing and furniture retailers both shrinking.

Ms Rader's report concluded increasing overheads were putting landlords off investing into their vacant properties, in turn making it harder to attract new tenants.

Ray White sales and leasing agent Mark Wynhoven said the next council needed to find ways to revitalise the CBD and push more people to shops.

"We've had $800 million invested into the CBD in the past 10 years, some of which has been the construction of Grand Central," Mr Wynhoven said.

"The effect it hasn't had is that attraction (for shoppers) to now walk out of Grand Central and go and check out the mum and dad buyers.

"I think there are enough passionate people that genuinely want to support their CBD but don't know how."

Mr Wynhoven said he would like to see regular events moved into the CBD to improve foot traffic.

"There is an event every week that could be moved to the CBD," he said.

"Don't go and promise a big activation program (as a council) - come up with simple but effective ideas where you saturate the CBD with people.

"The council is responsible with the energy of the CBD, and getting people walking past doors, and events offer a different demographic of person."

In more positive news, the professional retail sector showed resilience during the tough commercial period, holding its market share.