Geelong CBD renewal program enters fifth year with $1.4 billion invested

Geelong's City Deal CBD renewal program has passed $1.4 billion in committed investment across more than 40 development projects since its launch in 2020, making it one of the most successful urban renewal programs of its scale in regional Australia.

Projects completed or under active construction include the Geelong Convention and Event Centre, the Federation University Geelong campus expansion, a new waterfront hotel precinct, and the first stage of the Johnstone Park urban forest upgrade. A further 18 projects are in planning or construction, ensuring the momentum will continue well into the decade.

Greater Geelong City Council mayor Trent Sullivan said the transformation of Geelong's city centre from a declining retail core to a vibrant mixed-use precinct had exceeded the expectations set in the original City Deal business case. "In five years we have gone from worrying about empty shopfronts to worrying about having enough office space for the companies that want to move here," he said.

Office vacancy in the Geelong CBD has fallen from 18 per cent when the renewal program began to just 6.4 per cent, as a combination of new build supply and strong take-up from NDIS agencies, professional services firms, and state government agencies has absorbed the market. Prime rents have increased 22 per cent in real terms over the same period.

Investment attraction agency Committee for Geelong reported that 34 businesses had either established or significantly expanded their Geelong operations since 2020, creating approximately 1,800 jobs in the city centre and inner suburbs.

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