Local workforce has doubled

Docklands’ workforce has increased by almost 50 per cent since 2012, according to a report released by the City of Melbourne last month.

The Census of Land Use and Employment (CLUE) 2014 report shows last year there were 53,268 jobs in Docklands.

In comparison, the 2012 CLUE report recorded 38,198 jobs in Docklands, equating to an increase of 44.8 per cent over the two-year period between reports.

This increase in employment can partly be attributed to businesses moving CBD-based headquarters to Docklands.

However, the report says half of the employment growth between 2012 and 2014 was due to businesses re-locating from outside of the municipality and new businesses establishing themselves in Docklands.

The report also provides further evidence that Docklands is increasingly becoming Melbourne’s finance and insurance centre.

With the ANZ, Bendigo Bank, NAB and Medibank all setting up headquarters in Docklands, it’s no surprise the finance and insurance industry is the area’s biggest employer.

At the time of the 2014 census 22,731 people working in Docklands were employed in finance or insurance.

This was followed by business services, with 6126 employees and public administration and safety, which provided 5193 jobs.

These three industries have also experienced the biggest employment growth since 2012, according to the report.

Despite the increase in jobs in Docklands, office vacancy rates are also on the rise, with 54,842 square metres, or 7.5 per cent of all office space vacant at the time of the census, up from 2.1 per cent in 2012.

However, the report suggests the higher vacancy rate is the result of the recent completion of a large amount of new offices. According to the report, Docklands’ office vacancy rate is expected to decline as tenants begin to move into the buildings.

While office space is the major use of land in Docklands, the CLUE report also highlights the 200 per cent increase in residences.

According to the report, in 2004 there were 1755 dwellings in Docklands, compared with 5272 dwellings in 2014.