There have been some substantial changes in the vacancy position across Cronulla over the past 12 months, while overall vacancies had seen minor movement, currently 8.31 per cent down from 8.92 per cent in 2020, the change by precinct had been more sizeable.
Ray White Commercial’s Between the Lines research showed there had been a lot of change in the region hampered by the effects of COVID-19 and restrictions imposed regarding dine-in food retailers and social distancing.
“In last year’s report we discussed the retail mix aligning to the specific demographic group for the region, the local, affluent, older consumer known as the ‘grey market’,” said Ray White Commercial NSW Greater Sydney South Director Brad Lord.
“This market had skewed the retail mix across Cronulla differently to major strips in Australia, with a greater weighting to clothing, household goods, and personal goods – yet the onset of COVID-19 in 2020 has initiated some changes.
“Working from home for many residents has resulted in an uptick in daytime vibrancy along these retail strips, with a growing food retailing requirement which has been a trend mirrored in many successful strips across the country.
“A take-up of space for these purposes being borne by a growth in custom for local coffees and lunches which otherwise would be transacted in major CBD locations.
“Similarly, the service sector has grown with an increase in beauty and cosmetic services aligned with the affluent, aging demographic.”
“In late 2020 we saw confidence rebound with the take-up of space, notably in super-prime and prime locations, a combination of new tenancies, pop-up operations and relocating businesses taking advantage of attractive deals,” said Ray White Commercial Head of Research Vanessa Rader.
“As such, we see the super-prime location with just 1.51 per cent vacancies, down from 6.51 per cent last year, while prime fell to 10.75 per cent from 13.21 per cent.
“Despite the COVID-19 restrictions, gyms continue to grow their footprint, with five located across our survey area.
“This also assisted in attracting allied services such as sports, medicine, massage, beauty, and injectables, resulting in this category increasing to 21.01 per cent.”