In a study conducted by JLL across 7 major streets in Adelaide, Rundle Street came out on top with a 4.2% vacancy drop, thanks in part to an increase in consumer spending activity as well as the high attendance rate at clubs due to easing of COVID-19 restrictions.
Additionally, Rundle Street saw benefits from increased foot traffic as a result of the many hotels located across the strip, includuing the recently-completed Crowne Plaza hotel.
Hindley Street in the CBD, O’Connell Street in North Adelaide, The Parade in Norwood, and King William Street in Hyde Park all experienced decreases of their own, ranging from 15.2% to 4.6% in vacant shopfronts.
The remaining two streets in the study saw slight increases in vacant shopfronts, with Jetty Road in Glenelg and Prospect Road in Prospect seeing rises to 8.8% (from 4.7%) and 4.5% (from 3.0%) respectively.
JLL attributes this to the return back to demands for business in the CBD, which struggled heavily to accommodate flexible work arrangments during the pandemic whilst suburban shopfront space demand flourished.
With the average vacancy rate across the seven streets decreasing from 9.4% to 9%, hopefully issues related to vacant shopfronts within Adelaide are steadily being resolved!