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How COVID-19 could ‘reinvigorate’ Melbourne’s CBD

Ross and Russel
Article image for How COVID-19 could ‘reinvigorate’ Melbourne’s CBD

The COVID-19 pandemic has seen cities turned into ghost towns, but a new report suggests it could usher in a ‘new dawn’ for CBDs across Australia.

A report from consulting firm, PwC, says falling CBD rents will allow small businesses to breathe new life into the hearts of cities.

PwC chief economist, Jeremy Thorpe, says it’s an opportunity for change.

“Over a long period rents have been incredibly high in the CBD. I think this is a resetting that we’re seeing because of COVID,” he told Ross and Russel.

“Smaller businesses, because of rents becoming cheaper, we think this is a real opportunity for the city to reinvigorate in a different way.

“All of those start-ups that have been on the fringe of the city, we think some of them are going to move into the city.”

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Ross and Russel
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