CBD business occupancy rate on the rise

Published on 22 August 2023

Mayor Steve Krieg addresses the media on Keen Street

Lismore’s CBD is edging closer to pre-February 2022 occupancy rates, the latest CBD business occupancy audit conducted by Lismore City Council has found.

In a positive sign for the local economy, the audit conducted at the end of June, found an occupancy rate of 70.1% across the inner CBD area, which includes street-front and upstairs premises. This is an increase from 60% in the January audit.

Lismore Mayor Steve Krieg said the strong result showed business confidence was returning to the CBD following the worst natural disaster in Australia’s recorded history.

“There is hardly a week that goes by that I don’t represent Council at a CBD business re-opening or the opening of a new business,” he said.

“It’s clear that these businesses have confidence in the future of Lismore, and I encourage the community to come into the CBD and support them. Now, more so than ever, it’s important to shop local.”

“It’s fair to say that the Lismore CBD is well and truly back in business, and we are on the way to our pre-disaster occupation rate of 90.2%.”

The higher occupancy rate includes businesses returning to the CBD and new business start-ups, with industry types ranging from retail, food and professional services to healthcare and wellbeing, and arts and recreation.

The audit also revealed a significant increase in occupation rates in upstairs premise.

“It is very encouraging to see the increase in upstairs occupation rates, which are primarily professional services that have returned to our CBD,” he said.

“When professional service industries invest in the CBD, it means our community can receive the services they need.”

Council’s Destination and Economy team audited 595 street front and upstairs premises, including businesses, organisations, residencies and pop-ups.

The audited area covered central portions of Keen, Molesworth, Woodlark, Conway, Magellan and Carrington streets.

Below are the street-by-street occupation rates for June 2023 compared with the January audit:

Keen Street occupancy rate – 74.5% (up from 67%)
Molesworth Street occupancy rate – 73.6% (up from 61%)
Conway Street occupancy rate – 69.8% (up from 58%)
Carrington Street occupancy rate – 69.2% (up from 51%)
Magellan Street occupancy rate – 62.7% (up from 56%)
Woodlark Street occupancy rate – 60.2% (up from 59%)

This is the third Lismore CBD Audit following the February 2022 natural disaster, with previous audits undertaken in January 2023 and August 2022 (post-disaster) and February 2022 (immediately prior to the disaster). Council staff have audited the same area annually since 2017.