Canberra's Central Business District - a place brimming with potential, yet plagued by missed opportunities.
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The facts laid bare in the Property Council's July 2023 Office Market Report seem encouraging, with office vacancies in Canberra dropping by 0.7 per cent to 8.2 per cent in the six months leading up to July 2023.
But, as we all know, numbers don't tell the entire story, especially when we take a leisurely stroll down the city's streets.
Gaze upon the vacant shops, the faded signage, and those ubiquitous "for lease" signs lining City Walk.
Take a meandering wander through Garema Place, where you'll find shops amidst a central point that does anything but beckon.
These are the glaring, tangible reminders of the necessity for more significant investments in our city's heart.
Canberra's city centre is not merely another "town centre". It should be regarded as the foremost hub for economic, social, and cultural activities.
It should be a place where Canberrans relish living and where their aspirations come to life.
The ACT government has begun to embrace this vision by investing in our city.
With grand projects like the Canberra Theatre Centre redevelopment and the new Entertainment Pavilion and Convention Centre under way, they aim to infuse vibrancy into our urban core.
Furthermore, their contemplation of the nighttime economy is a good start to breathe life into our city, bring people to its streets, and support our restaurants and bars.
We believe that this can be capitalised on by creating a central campaign that captures all the opportunities existing in our city from street party events, to theatre shows, from dining specials to festivals.
But the nighttime economy is only one piece we mustn't stop here; we can do more.
We can stimulate the hospitality sector by creating opportunities in commercial properties.
Through a lease variation charge remission, it would create the incentive for commercial owners to convert their empty office ground floors into lively spaces like restaurants and wine bars.
This would enable office buildings to transform underutilised ground floors into vibrant dining and entertainment areas.
In parallel, we should foster higher density in our city centre through infill development and expedited planning approvals, thereby attracting the much-needed foot traffic.
Nevertheless, investments and initiatives are only part of the equation.
The lingering effects of COVID-19 have profoundly impacted our workforce.
Many employees are choosing nearly exclusively to work from home creating a drastic change to our city.
Cities have always been the crucible of economic productivity and the epicentre of collaboration, the exchange of ideas, and the realisation of outcomes.
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To thrive, our city needs people to "work from work". Being in a shared space during the week fosters new connections, team building, a sense of purpose, innovation, and productivity.
It cultivates enduring friendships and supports the very essence of our national economic prosperity.
Vibrant and thriving CBDs are not a luxury but an essential component of our economic wellbeing.
When people are in the city it breathes life into our economy, people go to their café around the corner from their office, they have lunch in the CBD, they shop in the Canberra Centre. It creates the vibrant city that we need.
It is high time for both tiers of government and all employees to champion the innumerable benefits that arise from face-to-face teamwork in cities.
This will mark the beginning of our city's revitalisation, benefiting the cafes, restaurants, and the entire economy.
Let's return to work - not just for ourselves but for the very soul of our city.
- Shane Martin is the Property Council's ACT and Capital Region executive director.