Small offices and warehouses are in demand in the Murraylands
The rental market for commercial real estate is changing, and our main streets and malls are showing the effects, says the team at Raine and Horne.
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Small offices and public-facing warehouses are the two types of commercial real estate most needed in the Murraylands at the moment, say the local experts.
Emma Weckert and Jo Grosser from Raine and Horne Murraylands are seeing changes in the way both landlords and tenants are thinking about the real estate market in our region.
Here are some of the key trends happening in 2025.
Big shops are out, small offices are in on Bridge Street
In years gone by, Murray Bridge’s main street was a hive of retail activity.
Since COVID-19, though, more and more shops have made way for offices, service providers and the occasional cafe.
Most of the businesses looking for spaces to rent at the moment are new or growing, and looking for exposure on Bridge Street or Adelaide Road, Emma says.
“They’re people who’ve outgrown working from home, they’re wanting that separation of home and work, so they’re coming back to (the CBD),” she says.
“They’re going to one or two staff members, and they need something that’s bigger than a bedroom.”
The properties which tend to remain vacant for longer are those with a single, large space available, of 150 square metres or more.
Retailers and tradies want more storage space and less shop floor
While there are still plenty of retailers coming to Murray Bridge, they typically fall into two categories, Emma says.
The large, national chains more often build or buy their own premises: “It’s still cost-effective to own a building, it’s still affordable to buy commercial and there’s still a return”.
But local businesses, start-ups, are more often looking for mid-sized warehouses with a small shop front or office attached.
If a business is operating in a niche, and a good proportion of its sales are online, it might not need an expensive shopfront: “They just need somewhere to keep their stock”.
The trade businesses springing up to serve the Murraylands’ residential construction boom have similar needs, Emma says – think of the electricians and plumbers on Chris Collins Court.
More properties of that type may need to be built around the region.
Businesses are shifting from centres back out onto the streets
Another trend has been the gradual movement of retailers, especially, out of the big shopping centres and back onto main streets.
Amid the cost-of-living crunch affecting almost all locals in recent years, renting a more expensive space, even in a location with high pedestrian traffic, has proven too much for some businesses.
That’s not the only reason there are empty shops in our shopping centres – the collapse of several national chains over the past year has been a contributing factor, too.
But the flip side, Emma says, is that more main street tenancies are being filled – “it’s nice to see”.
Rents are affordable, but vacancies fill quickly
Unlike the Murraylands’ residential market, where rents have gone up in line with fast-rising property values, commercial rents are still relatively affordable, Jo says.
A period of price stability has followed a post-COVID peak.
What she and Emma are finding is that many landlords prefer to accept a lower monthly return in exchange for finding a tenant more quickly.
Without a tenant, a commercial property owner will be responsible for paying any outgoings – things like council rates and utility bills – themselves.
That’s an incentive to get properties filled as soon as possible.
Often that happens before a property is even advertised.
Need to rent a commercial property? Make sure you’re on the list
The other reason commercial vacancies fill so quickly is that Emma and Jo keep a list of all the businesses which might be looking for new premises, and can match them with properties that become available.
If you’re a landlord, that means they can often fill your vacant property without even needing to advertise.
If you’re a small business owner, they can find a place that’s just right for you, or let you know when one is coming up.
Tenants can typically expect a lead time of perhaps 3-6 months before the right commercial rental property might become available, Emma suggests.
“We’re doing a lot of off-market deals,” she says.
“We know what’s happening, and we know there might be some movement before (a property) gets advertised.
“Our sales and leasing teams work together to try and get the best outcome for everyone.”
- More information: Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into Raine and Horne Murraylands’ office at 4 Seventh Street, Murray Bridge.
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Peri Strathearn
