In a city facing unprecedented challenges, Melbourne’s commercial landscape has transformed dramatically since 2020. With CBD vacancy rates hovering around 20% compared to pre-COVID levels below 6%, creating enduring tenancies has become the industry’s pressing challenge. Yet amid this downturn, Riverlee has defied the odds at 179 Queen Street in Melbourne’s commercial and legal precinct, slashing vacancy rates from 33% to just 5.8% over the past year.

Creating Vibrant Communities in Modern Workplaces

To achieve this, Riverlee has carefully studied the needs and preferences of modern tenants, adapting their offerings to provide unique engagement opportunities that meet contemporary workplace demands. Today’s workplace culture has evolved significantly. Gone are the days of single-tenant buildings and isolated office spaces. Modern tenants demand diverse, collaborative environments that foster interaction across different disciplines.

At Riverlee, we’ve embraced this shift wholeheartedly by prioritising community-building initiatives that connect our tenant ecosystem. Our regular community events bring commercial, retail, and hospitality tenants together, creating organic networking opportunities and cross-collaboration potential.

During National Recycling Week, our ‘Bin Ball’ activity engaged building occupiers and visitors in a sustainability challenge that sparked conversations beyond typical workplace interactions. These events humanise the property owner-tenant relationship while fostering valuable business-to-business opportunities that tenants frequently highlight during renewal discussions.

The Power of Hands-On Management

Our approach goes beyond organising events. Riverlee’s management team maintains consistent, personal relationships with tenants, understanding their evolving needs and responding proactively. This hands-on style creates trust and transparency, essential elements in today’s uncertain market conditions.

By regularly connecting with tenants, we identify opportunities for improvement and implement solutions before minor issues become major concerns. Our management philosophy treats each tenant as a valued partner in our collective success, fundamentally changing how they experience their workspace.

Looking Forward

As Melbourne continues its challenging recovery journey, Riverlee’s success at 179 Queen Street offers valuable insights for the commercial real estate sector. Our experience demonstrates that creating meaningful tenant communities and maintaining hands-on management relationships isn’t just good business—it’s essential for thriving in today’s evolving workplace landscape.

By reimagining the property owner-tenant relationship as a true partnership built on community engagement, meaningful interactions, and responsive management, we’ve transformed a struggling property into a thriving business ecosystem. Our journey demonstrates that the future of commercial real estate lies not in the buildings themselves, but in the vibrant communities they foster and the collaborative relationships they nurture. Riverlee’s experience proves that by putting people first, commercial properties can once again become the bustling hubs of innovation and productivity that drive our city’s economic future.